INTRODUCTION
– Against the backdrop of the huge investment jump in Turkey at various levels ,especially in the field of real estate investment ,as it meets the requirements and objectives of Arab and foreign investors alike .
– After many fraud cases that damaged the foreign investors in Turkey ,through scam or sale with an exaggerated price or by providing false information .In other words ,by exploiting the lack of sufficient legal knowledge of foreigners in Turkey .
– Because of the Turkish Government is still keen to provide a safe environment and an appropriate climate for foreign investors in Turkey and as an obligation to follow up the problems and obstacles facing the foreign investor in Turkey.
THE NEW DECISION
Circular No. 2019/1 was issued on 15/02/2019 by the General Directorate of Title Deed offices and Real Estate Records related to the Ministry of Environment and Urbanization of the Republic of Turkey ,which stipulated that a legal evaluation of the real estate is mandatory by an official real estate company or an official expert approved by the Ministry of Environment and Urbanization before carrying out the transfer of ownership “sale or purchase” .
The new measure aims to put an end to the fraud or scam by some untrusted real estate brokers or fake real estate companies ,that lead to the reluctance of the foreign investor to make his investments and push him to go to another safer environment .By controlling the price of the property and solving the problems of exorbitant high prices for some real estate sold for foreigners in Turkey ,in order to protect the rights of the investor and prevent tax evasion in the field of construction and real estate and also to raise the credibility of the Turkish real estate sector in foreign markets.
The real estate evaluation report contains the following information :
- Land Registry Information.
- Location, transportation and neighborhood information.
- Property price
- Legal audits of the property.
- Technical, structural and physical specifications of the property.
- Factors affecting evaluation.
- Approach to assessing specific information.
- Investigating and researching the real estate market.
- Conclusion.
- Limitations and limits.
It should be noted that the validity of the real estate evaluation report is Three months starting from the date of issuance of the report.
CONCLUSION & LEGAL ADVISE
However ,we advise all foreign investors who wish or plan to invest in Turkey to revise and consult with competent lawyers or experienced legal consultants in Turkey before taking any practical step in order to ensure their investments in the safest and most appropriate legal way by protecting their investments -Especially in the Real Estate Sector- to avoid any legal problems in the future due to lack of the due diligence .