Article 8: Independent Property Valuation in Turkey – When It Is Required and How to Get It Right
For foreign buyers researching property in Turkey, the valuation report (ekspertiz raporu) is one of the most frequently misunderstood documents. The rules changed in June 2024, and many articles online still describe the old system. This guide explains the current 2026 position clearly.
8a. What changed in june 2024
From 4 March 2019 to 13 June 2024, an SPK-licensed independent valuation report was legally required for every property purchase by a foreign national in Turkey. Under Circular No. 2024/4 dated 3 June 2024, this obligation was removed for standard purchases. As of 13 June 2024, foreigners buying property in Turkey for standard ownership purposes do not need to obtain a valuation report.
However, two significant exceptions remain in force:
- Turkish citizenship by investment: the valuation report remains mandatory and must confirm the property value meets the USD 400,000 threshold. If the appraised value falls even slightly short, the citizenship application is rejected with no exceptions.
- Residence permit by property ownership (properties acquired before 15 January 2025): an appraisal report confirming the USD 200,000 minimum value is required. For title deeds issued after 15 January 2025, the official property value must be stated directly on the tapu — removing the need for a separate report.
8b. Why get a report even when not required
Even when legally optional, a valuation report from an SPK-licensed appraiser provides protection that no other document offers. It independently confirms the price you are paying reflects real market value — critical in a market where foreign buyers are sometimes quoted above-market prices. The report process also checks the property title deed record, building permit, zoning compliance, and physical condition. Any liens, mortgages, or planning restrictions that the seller has not disclosed will appear. The declared value at title deed transfer can be based on the report, which affects both the title deed tax calculation and any future capital gains tax.
8c. The 20 percent accuracy gap
Turkish ekspertiz reports have a well-documented limitation confirmed by multiple professional appraisers operating in Turkey: a deviation of up to 20% from the true market value is common in standard reports. A property with an appraised value of 5 million TL may have a real market value anywhere between 4 million and 6 million TL. For citizenship applications or high-value investments, this gap is significant. The solution is to select an experienced, reputable SPK-licensed appraiser rather than whoever the estate agent or developer recommends. An independent appraiser has no incentive to inflate or deflate the valuation.
8d. The doviz alim belgesi — related requirement
Since January 2022, foreign buyers must convert their purchase funds to Turkish lira via a Turkish bank and obtain a Foreign Currency Purchase Certificate (Doviz Alim Belgesi). This document must be presented at the Land Registry transfer appointment. It is separate from the valuation report but equally important — without it, the title deed transfer cannot proceed.
8e. Cost, validity and how to order
An SPK-licensed residential valuation report in 2025-2026 typically costs 3,500-8,000 TL for standard residential properties. For properties connected to citizenship applications or complex commercial assets, costs can reach 20,000 TL or more. The report is valid for three months from the date of issue — after this period a new report is required. To commission a report, contact an SPK-licensed appraiser directly through the SPK registry at spk.gov.tr. Commission your valuation through an independent SPK-licensed appraiser — one with no connection to the seller or agent.
| Topic | Detail (2026) |
|---|---|
| Mandatory for standard purchase | No — removed 13 June 2024 |
| Mandatory for citizenship application | Yes — USD 400,000 threshold must be confirmed |
| Mandatory for residence permit (pre-Jan 2025 tapu) | Yes — USD 200,000 minimum |
| Validity period | 3 months from issue date |
| Licensed by | SPK (Sermaye Piyasasi Kurulu) |
| Typical cost (residential) | 3,500-8,000 TL |
| Known accuracy gap | Up to 20% deviation from market value |
| Doviz Alim Belgesi required | Yes — separate mandatory document since January 2022 |
8f. How to find a legitimate spk-licensed valuation expert
Turkey’s Capital Markets Board (SPK) maintains a public registry of licensed property valuation experts. Before engaging any valuation firm, verify their licence at the SPK registry (spk.gov.tr/lisanslama). An unlicensed valuation report has no legal standing and cannot be used for Land Registry, mortgage, or tax purposes. In Alanya, several firms offer “cheap ekspertiz” that are not SPK-licensed — they produce a document that looks official but carries no legal weight. The extra few hundred lira for a licensed report is not optional.
8g. Valuation reports — Choosing a reliable appraiser
A documented problem in the Turkish property market: some valuation firms produce reports with inflated values — sometimes at the request of the seller, sometimes at the request of a developer trying to justify a high asking price. Signs of an inflated report: comparable properties cited are in premium locations dissimilar to the subject property; the report is dated more than 3 months ago; the valuator did not physically inspect the property. If your independent valuation comes back significantly higher than you would expect based on comparable listings, commission a second report from a different firm. Two independent reports that agree are far more reliable than one.
Questions buyers ask
Reddit r/Turkey: “My bank ordered a valuation and it came back much lower than the asking price. What does this mean?”
It means the asking price is above what licensed valuators consider the property worth based on comparable market data. This is not uncommon in Turkey — asking prices, particularly from developers, frequently exceed independent valuation. It does not necessarily mean the property is not worth buying, but it does mean you have a strong negotiating position. Use the valuation report to renegotiate the price downward. If the seller refuses to negotiate toward the valuation figure, ask yourself why they are so confident a licensed expert is wrong.
Quora: “Is the mandatory valuation report (ekspertiz) the same as a structural survey?”
No — they are completely different documents. The mandatory ekspertiz is a market valuation: it establishes the property’s monetary value for Land Registry and tax purposes. It does not assess structural condition, identify building defects, check plumbing or electrical systems, or evaluate earthquake resistance. For a structural assessment, you need a separate engineer’s report (yapı denetim raporu or teknik inceleme). For older buildings or any property where you have concerns about physical condition, commission both: the mandatory valuation and an independent structural inspection. They serve different purposes.
Facebook expat group: “An agent offered to arrange the valuation report for me. Should I let them?”
Be cautious. If the agent arranges and pays for the valuation, there is a potential conflict of interest — particularly if the valuation firm has a commercial relationship with the agent or developer. The legally mandated ekspertiz must come from an SPK-licensed firm, but you can choose which firm. Request the SPK licence number of the firm the agent proposes, verify it yourself, and ask whether the agent has a referral arrangement with them. Better yet: find the valuator independently using the SPK registry. The cost is the same either way.
EXPERT ADVICE: The valuation report is no longer legally required for standard purchases — but for any transaction involving citizenship, residence permits, or significant sums, it remains the most important protective document available. The 20% accuracy gap is real — commission your report from an independent SPK-licensed appraiser with no connection to the seller or agent. Never let the agent choose your appraiser. Sources: SPK (Sermaye Piyasasi Kurulu) — https://www.spk.gov.tr | T.C. Tapu ve Kadastro Genel Mudurlugu — https://www.tkgm.gov.tr | Circular No. 2024/4, T.C. Cevre, Sehircilik ve Iklim Degisikligi Bakanligi — https://www.csb.gov.tr
P.S. — Property valuation in Turkey sounds more complicated than it actually is in practice. The valuation companies are independent — they are not controlled by the estate agency or the construction company, and in my experience they operate that way in reality too. For a standard purchase, do not let this step intimidate you or slow you down. It is a routine part of the process. Where it genuinely matters is citizenship and residence permit applications — in those cases, make sure the report is commissioned properly and the numbers are accurate. For everything else, trust the process and focus your energy on the things that actually need your attention.
