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Old 27th February 2019, 15:33   #11 (permalink)
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Re: New property valuations for foreign buyers

Quote:
Originally Posted by bashful View Post
Any dept against the property would show up on the Belediye valuation.

Also shows up in the TAPU office records.
But you may need solicitor or TAPU office official translator to check .Not too high a charge.
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Old 27th February 2019, 15:45   #12 (permalink)
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Re: New property valuations for foreign buyers

At the outset it does say it is designed to protect foreigners from fraud.
It looks to me that the would be purchaser is paying a fee to have a valuation carried out, nothing unusual in that especially in the UK.
The appraisals will then be collated and provide comparables in order to value other similar properties.
As the tax base is derived from open market sales it should mean that the figures are more akin to the open market value.
The under reporting of property values in Turkey has long been an established practice in order to save on the sales tax ( think of stamp duty in the UK, incidentally HMRC do vet declared values on stamp duty to ensure no under reporting takes place)
The under reporting was, is, all well and good unless you sell in 5 years and your declared purchase price becomes your base price for the calculation of Capital Gains, always pre supposing property values increase over the 5 years.
I think this is the Turkish Government modernising and trying to establish a proper tax base for property, perhaps something the EU required as part of negotiations to join.
Perhaps this will be the start of a long process to stamp out the problems foreigners sometimes have in getting ripped off when buying in Turkey.
Next stage should be to make Turkish solicitors accountable!

Last edited by Bramidan; 27th February 2019 at 15:49..
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Old 27th February 2019, 16:03   #13 (permalink)
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Re: New property valuations for foreign buyers

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Originally Posted by Tenpin View Post
Sorry, but am I reading this right?
The buyer pays the 1000 to 2000 tl for the report.....then if the sale is cancelled the new buyer can use the report the original buyer paid for?

To me there is nothing to stop the seller cancelling the sale and costing the original buyer between 1000 and 2000 tl because they just got a better offer.

And why only 'foreign buyers' getting stung with these costs?
The report states that the valuation is only valid for 3 months, so presumably it will be scrapped after that. But what happens if completion is delayed, also will this apply to a deal between foreigners as well as Turks?
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Old 27th February 2019, 16:05   #14 (permalink)
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Re: New property valuations for foreign buyers

I think you have missed the point Bramidan. The tax is payable in line with the Belediye valuation. It is the same for all properties, I am constantly reading on these forums that is illegal not to declare the sale value.... or should I say the purchase price paid. It is only when a bank mortgage forms part of the deal that the full price is recorded on the tapu, this is to protect the bank only !

Last edited by bashful; 27th February 2019 at 16:07..
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Old 27th February 2019, 16:26   #15 (permalink)
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Re: New property valuations for foreign buyers

Bashful,where do you think the Belediye valuation is supposed to be derived from?
It is supposed to be the open market value at a particular date. It also forms the basis for the Turkish equivalent of "council tax"
This is why I made the point about collating the information from open market sales to provide comparables for valuation purposes. It makes the whole issue more transparent.
There is a legal requirement to state the actual purchase price as the declared value, as I said it looks to me as if the Turkish Government is getting to grips with this tax avoidance.
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Old 27th February 2019, 16:27   #16 (permalink)
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Re: New property valuations for foreign buyers

Is this not similar to the UKs House Buyers/sellers report including a Property survey that was introduced in the UK a few years ago and no-one seems to mind the seller forking out to pay for it as it also saves the buyer money and also helps to seed along the process.
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Old 27th February 2019, 17:41   #17 (permalink)
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Re: New property valuations for foreign buyers

I don't want to labour the point but I will stick to what I have written, anyone who thinks he knows better can go on believing their version.
This legislation will be aimed at new builds and million dollar properties, you may notice this is aimed at foreigners and not Turks.
If you are thinking of buying here I would suggest you make enquiries at the Tapu office and not emlaks. I would wait until after April to see where this goes.

Last edited by bashful; 27th February 2019 at 17:49..
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Old 27th February 2019, 18:53   #18 (permalink)
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Re: New property valuations for foreign buyers

Fine by me, I retired some years ago but the laws are still available if you want to do the research.
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Old 27th February 2019, 21:07   #19 (permalink)
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Re: New property valuations for foreign buyers

Anywhere in Turkey where monies are handed over re property is open to corruption from buyer, seller, emlak Belediye, Tapu Office.
So from what's being posted, how does it work for off-plan buyers/builders, a valuation from the drawings? If I was a builder/emlak I might consider getting the appraiser(s) in my pocket, just like they do with the Belediye.
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Old 27th February 2019, 22:48   #20 (permalink)
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Re: New property valuations for foreign buyers

Chips, as a retired Chartered Surveyor formerly specialising in valuation let me assure that the UK property market is not immune, the bigger the numbers etc etc
Valuations for proposed developments, be it a residential development or commercial development, by their very nature, are based on the plans in order to raise the finance in order to actually build out the project.
In the UK to raise finance on property a valuation has to be made by a qualified Chartered Surveyor, there have been bent ones, usually sued by the banks when it goes wrong and if fraud they end up facing the penalties.
The Turkish property market is, as those of us who have purchased know, largely unregulated.
When I first purchased I regularly had the 3 a.m sweats!
As I said before it looks like the Government are taking steps to try and regulate the industry and to be fair they need to start somewhere.
Incidentally, an outline of what is now proposed was published back in 2013, I still have it somewhere!

Last edited by Bramidan; 27th February 2019 at 22:50.. Reason: Fat fingers
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