The fair value of the property in Turkey

The fair value of the property in Turkey is one of the bases for calculating real estate tax. Moreover, it is important for investors to be familiar with the concept of “the fair value “. As it is an essential element for completing purchases and sales in Turkey.

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The fair value of the property in Turkey:

Fair value is the estimated price at which an asset is bought or sold when both the buyer and seller freely agree on a price. To determine the fair value of a property:

An individual or real estate agent may look at actual market transactions for similar assets,
Estimate the expected earnings of the asset,
And determine the cost to replace the asset.

The fair value of the property in Turkey and the Title Deed in Turkey:

The title deed is the official and legal document that confirms the right of ownership of the property.

Undoubtedly, the price should be mentioned in the title deed. It is worth noting that the price of the property must be written in Turkish lira.. And be identical to its predetermined fair value through real estate evaluation.

The importance of the fair value of the property in Turkey:

The fair value of the property in Turkey is of great importance because when the investors or customers know the specific prices of real estate in the same area.. They can simply see the real price of the property they want to buy. Thus, you will not be a victim of real estate fraud.

How to calculate the fair value of the property in Turkey:

The fair value of the property in Turkey is calculated based on two things:

The market value of the property in Turkey: It is the value of the property in the market at the present time. This value is affected by several factors such as supply and demand, location and services.
Real estate tax value in Turkey: The real estate tax in Turkey is estimated at 4% of the price of the property. It is paid equally by both the seller and the buyer only once.

Determining the fair market value of a property is to locate recently sold properties in your area that are similar to your property in size, square footage, condition, features and age. Add up the total sale price of each property.. Then divide by the number of properties to find the mean sale price.

Repeat this process again for the square footage of the properties. Moreover, divide the average sale price by the average square footage to calculate the average value of all properties per square foot. Then, multiply this amount by the number of square feet in your property for a very accurate estimate of the fair market value of your property.