What Is a Valuation Report, Who Prepares It and What Does It Check? A Guide for Foreign Buyers
What the valuation (appraisal) report required for sales to foreigners and for citizenship contains, how long it takes, its cost items, and what happens if it comes out low.
One of the documents we get the most questions about in sales to foreigners in Türkiye and in citizenship-by-property applications is the valuation report. In everyday speech it is called "ekspertiz". In this article we explain what it is for, what is examined, and what to do if it comes out low.
What is a valuation report?
It is an official report that determines the market value of the property, prepared by a valuation firm licensed by the Capital Markets Board (SPK). The report covers the property's location, size, zoning status, building age and construction quality, and a comparison with similar sales.
For a foreign buyer, this report must be prepared for the title deed transfer. In a citizenship application, the report is the main document proving that the investment is at least $400,000.
Who orders the report, when, and at what price?
- Who orders it? Usually the buyer orders it and the buyer pays for it. A different split can be written into the contract with the seller.
- How long does it take? It can be ready within a week, or take longer in busy periods. Plan the timeline around the title deed appointment.
- How much does it cost? The fee varies by firm and property. You can see an estimate in our purchase cost calculator.
What does the valuation expert check?
- Location and surroundings. Neighbourhood, distance to the sea and the centre, infrastructure.
- Building information. Building age, floor, façade, construction quality; condition of the interior.
- Shared facilities. Pool, security, parking, sports area and other facilities within the complex.
- Comparable sales. Similar homes recently sold in the same area.
- Official status. Title deed record, zoning status, any annotations, and the occupancy permit.
If the report comes out lower than the listing price
This is common. Market prices can vary with demand; the report relies on comparables and technical criteria. You have three options:
- Negotiate. If the report value is low, the price can be discussed again with the seller.
- Another firm's opinion. A second report can be requested for the same home, but it has a cost and takes time.
- Walk away. If you sign a deposit or a preliminary contract, put your right to withdraw in writing in case the report comes out low.
Special attention for citizenship
If you are aiming for citizenship and the report value falls below $400,000, the application becomes problematic, even if the sale price is high. The risk is greater for homes close to the threshold. For a detailed example see our article on the $400,000 threshold. Our citizenship guide and residence permit page are useful for current requirements.
How it works with listings on our site
We try to state in advance whether the report is ready. In complex-based homes such as the apartment in a complex in Uncalı, shared facilities reflect positively in the report. Even so, each home's value is determined by its own report; the listing price is no substitute for it.
To see the process from start to finish, see our foreign buyer guide.
Sources: spk.gov.tr · tkgm.gov.tr · goc.gov.tr
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