Turkish Government Projects are a unique category in the real estate market where, in some cases, a property valuation report is not required. Typically, this report is one of the most important official documents needed during the property ownership transfer process in Turkey, whether the purchase is for residential living, investment, or obtaining Turkish citizenship. However, certain government-backed projects are exempt from this requirement. Let's explore what these projects are and why they present unique investment opportunities.
What Are Turkish Government Projects?
Turkish Government Projects are real estate developments that are either fully or partially backed by government entities. These projects come in several forms:
- Direct Government Developments: Built by public entities such as Turkish municipalities or state ministries.
- Public-Private Partnerships: Joint ventures where a government agency partners with a private construction company.
- Government-Owned Land Projects: If a private developer builds on land owned by the government, the project is considered a government project.
- Government Construction Companies: Projects developed by state-owned construction firms like TOKI (Housing Development Administration) and Emlak Konut (Real Estate Investment Company).
Why Buy Property in Turkish Government Projects?
Purchasing a property within a Turkish government project offers several distinct advantages:
-
Government Guarantee
The Turkish government guarantees the delivery of the property (if under construction) within the timeline stated in the sales contract.
-
Fair Pricing
The property price reflects the true market value based on the square meter price of the area, without inflation or hidden costs. The price calculation considers the property’s size, floor level, view, amenities, and construction quality.
-
Flexible Payment Plans
Many Turkish government projects offer flexible payment options, including both cash purchases and installment plans.
-
High Construction Standards
Developers in these projects must comply with stringent Turkish building regulations, including seismic resistance and adherence to international construction standards.
-
Delivery as Promised
The property is delivered exactly as stated in the contract, including layout, area specifications, and installed appliances or furnishings.
-
Long-Term Value Retention
Properties within government projects generally maintain or even increase their value over time due to the credibility and quality assurance associated with state-backed developments.
[caption id="attachment_24290" align="aligncenter" width="1280"]
Turkish Government Projects That Do Not Require Property Valuation Report[/caption]
What Is a Property Valuation Report in Turkey?
A Property Valuation Report is an official document that indicates the true market value of a property, not the asking price set by the seller. The report is prepared by licensed valuation experts and considers several factors:
- Location and Surroundings
- Quality of Construction
- Floor Level and View
- Amenities and Infrastructure
- Average Price Per Square Meter in the Area
The report can be requested through the "Web Tapu" platform, using services provided by private companies licensed by the Ministry of Environment, Urbanization, and Climate Change, or via a committee from the Land Registry and Cadastre Directorate.
Validity of Property Valuation Report
- The report is valid for 3 months from the date of issuance.
- It can be used twice if the property is resold within this 3-month period.
Turkish Government Projects Without Property Valuation Report
When Is a Property Valuation Report Not Required?
In some scenarios, the Land Registry and Cadastre Directorate does not require a valuation report for the transfer of property ownership. These exceptions include:
1. Government Housing Projects
Properties in social housing projects developed by government agencies, such as TOKI, are often pre-evaluated by state-appointed committees, making an independent valuation report unnecessary.
2. Public-Private Partnership Projects
In projects developed through joint ventures between the public sector and private construction companies, the property’s value may be assessed by the government, eliminating the need for a separate valuation report.
3. Government-Supervised Projects
Projects under the supervision of government entities, like TOKI or Emlak Konut, follow specific standards and valuation procedures, which negate the need for an additional valuation report.
4. GYO-Certified Projects
What Are GYO Projects?
GYO (Gayrimenkul Yatırım Ortaklığı) is a certification granted by the Turkish government to real estate investment companies that adhere to strict regulations and construction standards.
- Properties developed by GYO-certified companies are exempt from requiring a property valuation report.
- Additionally, for those purchasing real estate from GYO-certified companies for the purpose of obtaining Turkish citizenship, the citizenship application does not require the inclusion of a property valuation report.
[caption id="attachment_24288" align="aligncenter" width="1280"]
Turkish Government Projects That Do Not Require Property Valuation Report[/caption]
Important Tips for Buying Property in Government Projects Without Valuation Report
-
Stay Updated on Regulations
Always check the latest regulations on property valuation in Turkey, as they may change over time.
-
Consult a Real Estate Expert
Work with a specialized real estate consultant in Turkey to understand the specific requirements of each project, even when a valuation report is not required.
-
Ensure Transparency and Fairness
Confirm that all aspects of the property transaction are transparent and fair to all parties involved, including pricing, contract terms, and delivery timelines.
Examples of Turkish Government Projects That May Not Require Property Valuation Report
- Social Housing Projects: Developed for low-income Turkish citizens by government agencies.
- TOKI Projects: Projects developed in partnership with the Housing Development Administration of Turkey.
- Municipal and Government Institution Projects: Real estate developments managed by local municipalities or other state institutions.
Final Thoughts
Turkish Government Projects Without Property Valuation Report provide a secure and reliable investment opportunity with several advantages, including government-backed guarantees, fair pricing, flexible payment options, and high construction standards. These projects are particularly appealing for investors seeking long-term value and those interested in obtaining Turkish citizenship.
By understanding which projects are exempt from valuation requirements and consulting with trusted real estate advisors, you can navigate the Turkish property market more confidently and efficiently.
العربية
فارسى
Русский
