Property Valuation for Foreigners

With the publication of the General Letter 2019/1 dated 15.02.2019 by the General Directorate of Land Registry and Cadastre (TKGM) under the Ministry of Environment and Urbanization of the Republic of Turkey, foreign nationals are now required to submit a “real estate valuation report” not only for citizenship applications but also for all sales transactions in which they are involved as buyers or sellers.

This regulation, effective from 4 March 2019, expands the scope of the valuation sector. According to this general letter, valuation reports prepared by real estate appraisal companies authorized by the Banking Regulation and Supervision Agency (BDDK) will adhere to international valuation standards and other applicable regulations and implementation principles.

Turkish Citizenship:
With the “Regulation on the Amendment of the Regulation on the Implementation of the Turkish Citizenship Law” published in the Official Gazette dated 9.09.2018 and numbered 30540, foreign nationals can acquire Turkish citizenship by purchasing real estate worth at least 250,000 USD. The value of the property as declared in the land registry must be confirmed to be above 250,000 USD through a valuation report prepared by real estate appraisal companies listed by the Capital Markets Board (SPK) or BDDK.