Valuation Report (Ekspertiz): Why and How to Get One When Buying a Home

Short answer: An ekspertiz is a report in which an independent expert assesses a property's value and condition. When buying a home, two different things are called by that name: the valuation the bank orders for a mortgage, and an optional technical inspection you order yourself. They do not replace each other.

The word "ekspertiz" is used for everything from cars to houses. In home buying, most people meet it when the bank says, "we will order a valuation report." But it is not just a formality for the bank; it can be a source of information for the buyer too. Below we explain what the report is, who prepares it, what it covers and what it does not.

What exactly is it?

An ekspertiz is a written report from an expert who inspects an asset in person. For real estate this work is called property valuation. The Capital Markets Board (SPK) licenses valuation companies, and the experts working there must hold a property valuation licence. On its institutional page the SPK describes valuation as the "independent and impartial estimation" of the probable value of a property on a given date.

An important point: a valuation is an opinion, not a guarantee. The company cannot be held responsible for market changes after the report date. The value is an estimate based on the information available that day.

Two different reports: value and technical condition

1. Valuation for value (ordered by the bank)

If you use a mortgage, the bank has a licensed company value the property. The report is used to calculate the loan amount. It generally includes the property's identity and address, owner and title details, building type, number of floors and age, zoning status, physical condition, surroundings and a value estimated from comparable sales.

The purpose is to show the bank the value of its collateral. So it will not reveal "all the problems" of the home on your behalf. Read it as a document that affects the loan amount and the down payment.

2. Technical inspection (an optional check by the buyer)

As a buyer you may ask a civil engineer or architect to see the home before you buy. This check looks at the general state of the structure, cracks, damp and leaks, plumbing, insulation and common areas. It is not a legal requirement, but it is useful for second-hand homes, especially older buildings.

Earthquake resistance is a separate engineering subject. For a general framework see our article on earthquake safety checks and our guide to the compulsory earthquake insurance, DASK.

Photo: REHBER0770 / CC BY-SA 4.0 / Wikimedia Commons

Getting the report: step by step

1. Application: with a mortgage you apply to the bank, which instructs its licensed valuation company. Without a loan you can approach a valuation company directly.
2. Documents: title deed record, occupancy permit, ID and, if needed, a power of attorney. According to the SPK, the client must provide the information and documents the valuation needs.
3. Site visit: the expert sees the home, notes measurements and condition, and researches the area and comparables.
4. Report: the company issues a written report. In a mortgage it goes to the bank; whether you receive a copy depends on the bank, and you can ask.
5. Review: the value is compared with the sale price.

Fees differ by company and by type of work, so we give no figure. Ask for the fee and scope in writing, and check that the company is on the SPK's list of authorised firms.

How to read the report

• Title details: do block, parcel and unit numbers and the property type match what you know?
• Area: gross and net square metres consistent with the listing and contract? See gross versus net square metres.
• Building age and number of floors: these go straight into the report; mistakes can affect loan eligibility.
• Zoning: does the building have an occupancy permit and comply with zoning?
• Estimated value: if lower than the sale price, how will the gap be covered? Loans are usually based on the value in the report, not the price.
• Notes sections: if the report says "not suitable for a loan" or carries an annotation, ask why.

If you notice an error, you can report it to the company or the bank in writing and request a correction.

What if the value is below the price?

If the valuation is below the price, the bank generally uses the lower figure, and the required down payment may rise. It can also be a negotiating point, though the seller may have comparables of their own. For negotiation strategy see price negotiation in Antalya; for first-time buyers' budgets and loan eligibility see compact homes in Antalya.

For foreign buyers and citizenship purchases a valuation report matters in a different way. In its FAQ document the Land Registry and Cadastre (TKGM) states that sales involving a foreign party require a valuation report from SPK-authorised companies; details may change over time, so confirm the current rules at the land registry office. On the citizenship threshold and valuation risk, read the USD 400,000 threshold and our valuation report guide.

What a valuation does not guarantee

• It does not by itself reveal hidden defects or structural faults.
• It does not predict future price rises or falls.
• It does not replace checking the title deed record, permits or debts; those need separate verification.

Conclusion

Think of it in two parts: the bank's valuation determines the loan amount, while your optional technical inspection helps you understand the home's condition. When you receive the report, compare the title, area, zoning and value lines with the listing and contract. For the whole process see buying a home in Antalya and our projects. You are welcome to write to us with questions.

This content is for general information only and is not legal or financial advice. Consult a qualified professional before making a decision.

Cover photo: Haciaksoy / CC BY-SA 4.0 / Wikimedia Commons