A property valuation report in Turkey is an official document that states the fair market value of a property, prepared by an appraisal company licensed by the Capital Markets Board of Turkey (Sermaye Piyasalari Kurulu, or SPK). If you are a foreign buyer, this report is not optional. Since 2019, every property purchase by a foreign national requires a valuation report before the title deed can be transferred at the Land Registry. This guide explains what the report is, who prepares it, how to get a property valuation in Turkey, what it usually costs, and how long it stays valid.
What Is an SPK Property Valuation Report?
An SPK property valuation report is an independent, standardised assessment of a property's market value, carried out by a licensed appraiser and accepted by the Turkish Land Registry (Tapu ve Kadastro). The report is often called the SPK appraisal report because the appraisal companies and the individual valuers who sign it are licensed and supervised by the Capital Markets Board. It is a formal document, usually thirty to fifty pages long, that describes the property in detail and concludes with a single figure: the appraised market value in Turkish lira, with the equivalent in a reference currency such as the US dollar.
The report protects both the buyer and the state. It gives the buyer an objective, third-party view of what the property is genuinely worth, and it gives the authorities a reliable value for tax and citizenship purposes. Because the valuer is independent of the seller, it is one of the few points in a Turkish property purchase where you get a neutral opinion on price.
Why a Property Valuation Report in Turkey Is Mandatory for Foreigners
A property valuation report in Turkey has been mandatory for all foreign buyers since early 2019, when the General Directorate of Land Registry and Cadastre introduced the requirement to standardise property values and curb over-invoicing. Before that date the report was only needed in specific cases. Today, no foreign national can complete a title deed (TAPU) transfer without one, whether the purchase is a small holiday flat or a large commercial unit. In other words, property valuation for foreign buyers is now a standard registry requirement, not a formality anyone can skip.
The requirement matters most in two situations. The first is any ordinary purchase by a foreigner, where the Land Registry will not process the transfer without a valid report. The second is a Turkish citizenship by investment application, where the appraised value, not the sales-contract price, is what counts toward the qualifying threshold. A property valuation report for Turkish citizenship must therefore show an appraised value at or above the qualifying figure. As of the time this article is written, that threshold is 400,000 US dollars, and the SPK appraisal report is the document that proves the property meets it. Because these rules change, confirm the current figure and requirements with an advisor before you commit.
Who Prepares the SPK Appraisal Report
Only appraisal companies licensed by the Capital Markets Board of Turkey may prepare a valid SPK appraisal report. You cannot value the property yourself, and a figure from an estate agent or the seller has no official standing. The valuer must be a company authorised by the SPK and, for citizenship files, also on the list of firms whose reports the authorities accept.
In practice, the buyer rarely contacts the appraisal company directly. Your broker usually orders the report on your behalf, because the appraiser needs coordinated access to the property, the title deed records and the building documents. In our experience advising foreign investors, letting an experienced broker manage the appraiser saves days, since the valuer often needs the floor plan, the occupancy permit and the land registry extract gathered in one place before the site visit.
How to Choose a Licensed Appraiser
Choose an appraisal company that is currently licensed by the SPK and, if you are buying for citizenship, one whose reports are accepted for those applications. Ask to see the company's licence, confirm it is active, and make sure the individual valuer signing the report is authorised. A report from an unlicensed party will be rejected at the Land Registry, costing you both the fee and the time.
What the Valuation Report Contains
An SPK appraisal report contains a full technical and title description of the property alongside the final value. Understanding what goes into it helps you read the document and spot any error before it reaches the Land Registry. A typical report includes the following.
- The exact property identity: the province, district, neighbourhood, block (ada) and parcel numbers, and the independent section (bagimsiz bolum) details from the title deed.
- A physical description: the floor area, layout, age of the building, construction quality, and the condition of the unit.
- The ownership status: the current owner on record, any mortgages, liens or annotations, and confirmation that the occupancy permit (iskan) exists.
- The valuation method: usually the comparable-sales approach, supported by recent transactions of similar properties nearby, and sometimes an income or cost approach for commercial units.
- Photographs of the property and the surrounding area, plus location and zoning information.
- The concluding market value, stated in Turkish lira with a reference-currency equivalent on the report date.
How to Get a Property Valuation Report in Turkey Step by Step
Getting this report follows a clear sequence that usually takes only a few working days once the appraiser has the documents. If you are wondering how to get a property valuation in Turkey, the steps below reflect how the process normally runs for a foreign buyer.
- Agree the purchase and order the report. Once you have selected a property and agreed terms, you or your broker instruct a licensed appraisal company to begin. The earlier this happens, the smoother the transfer.
- Gather the documents. The appraiser needs the title deed or a land registry extract, the building's occupancy permit and floor plan, the owner's identity details, and access for a site visit.
- Site inspection. A licensed valuer visits the property, measures and photographs it, and checks its condition and surroundings. This visit is usually short.
- Analysis and drafting. The appraiser compares recent sales of similar properties, applies the valuation method, and writes the report. This is where most of the time is spent.
- Delivery and upload. The finished report is issued with a unique report number and uploaded to the electronic system that the Land Registry reads, so the office can see it during the transfer.
From order to delivery, the process usually takes around two to five working days, faster for a straightforward flat and slower for a commercial property. Plan for a week to be safe, and start early so the appraisal never holds up your title deed appointment.
How Much Does an SPK Appraisal Report Cost and How Long Is It Valid?
An SPK appraisal report usually costs in the region of a few thousand Turkish lira, and it is valid for three months from the date it is issued. The exact fee depends on the property type, its value and its location, with larger or commercial properties costing more because they take more work to value. Because fees and currency values shift, treat any figure here as indicative, accurate only as of the time this article is written, and confirm the current cost with the appraisal company or your advisor.
The three-month validity window matters. If your purchase drags on past three months, the report expires and you may need a fresh one before the title deed can transfer. This is a common and avoidable expense: order the appraisal close enough to your planned transfer date that it will still be valid on the day you sign.
Appraised Value Versus the Sale Price
The appraised value and the agreed sale price are two different figures, and it helps to know how they relate before you see the report.
- Who sets it: the appraised value is set independently by the licensed SPK appraiser, while the agreed sale price is set by the buyer and seller through negotiation.
- Basis: the appraised value rests on comparable sales and the property's condition, whereas the sale price is simply what the two parties accept.
- What it is used for: the appraised value feeds the Land Registry, the tax base and the citizenship threshold, while the sale price is the actual payment made between the parties.
- Can they differ: yes, the appraised value may come in higher or lower than the price you agreed.
For a citizenship application, the appraised value is what must meet the qualifying threshold, so if the appraisal comes in below the price you paid, the property may not qualify even though you spent enough. This is one of the most important reasons to have the appraisal done before you commit fully.
Common Reasons a Valuation Report Is Delayed or Rejected
Most delays with the valuation report come from missing documents rather than the valuation itself. In our experience advising foreign investors, the most frequent hold-up is a property without a registered occupancy permit, or a discrepancy between the title deed and the physical unit. The appraiser must flag and resolve this before signing. A report can also be rejected if it was prepared by a company that is not properly licensed, or if it has simply passed its three-month validity by the time of the transfer. Ordering early, using a genuinely licensed appraiser, and having your documents ready in advance removes almost all of these problems.
Summary
A property valuation report in Turkey is a mandatory, SPK-licensed appraisal that every foreign buyer needs before the title deed can transfer. Property valuation for foreign buyers is now a routine part of the purchase, and a property valuation report for Turkish citizenship carries extra weight, because the appraised value must meet the qualifying threshold. Order it from a licensed appraisal company early, gather your documents, expect two to five working days and a fee of a few thousand lira, and remember the report is valid for only three months. Getting the property valuation report in Turkey right, and on time, keeps your purchase moving and protects you from overpaying.
Looking to Buy, Rent, or Invest in Property in Turkey?
Bosphorus Brokers is an Istanbul-based licensed real estate brokerage that has helped foreigners buy, rent, manage and invest in property across Turkey. To discuss your own plans, reach us by phone or WhatsApp at +90 539 415 31 39, or visit us at Merkez Mahallesi Hasat Sokak No:12A, 34384 Sisli, Istanbul. Contact us for more information.
Frequently Asked Questions
Is a property valuation report in Turkey mandatory for foreign buyers?
Yes. Since 2019 a property valuation report in Turkey has been mandatory for every property purchase by a foreign national, and the Land Registry will not complete the title deed transfer without a valid report on file.
How long does it take to get an SPK appraisal report?
An SPK appraisal report usually takes around two to five working days from the moment the licensed appraiser has all the documents and has completed the site visit. Straightforward flats are faster; larger or commercial properties take longer.
How much does a property valuation report cost in Turkey?
An SPK appraisal report commonly costs in the region of a few thousand Turkish lira, depending on the property type, value and location. Because fees change, confirm the current cost with the appraisal company or your advisor before ordering.
How long is the valuation report valid?
The report is valid for three months from its issue date. If your title deed transfer has not happened within that window, the report expires and you will usually need a fresh appraisal before you can complete the transfer.
Who is allowed to prepare the SPK appraisal report?
Only appraisal companies licensed by the Capital Markets Board of Turkey may prepare a valid report. A value from an estate agent, the seller or the buyer has no official standing and will be rejected at the Land Registry.
What happens if the appraised value is lower than the price I agreed?
The appraised value can be higher or lower than the price you negotiated, because it is an independent assessment. For a citizenship application this matters greatly, as the appraised value, not the price paid, must meet the qualifying threshold.
Do I need a new report for a Turkish citizenship application?
Yes, a property valuation report for Turkish citizenship must come from an accepted, SPK-licensed company, and the appraised value must meet the qualifying investment threshold in force at the time. As of the time this article is written that threshold is 400,000 US dollars, but confirm the current figure with an advisor.
Can I order the valuation report myself?
You can, but most foreign buyers let their broker coordinate it, because the appraiser needs the title deed records, building documents and site access gathered together. A broker managing the process usually gets the report issued faster and with fewer errors.
About Bosphorus Brokers
Bosphorus Brokers is an Istanbul-based licensed real estate brokerage specialising in property sales, rentals, management and investment for foreigners in Turkey. Our multilingual team guides international clients through property search, negotiation, title deed transfer, notary procedures and after-sale management, working across Istanbul, Antalya, Bodrum, Fethiye, Izmir and Ankara. The firm is led by Burak Unal, its founder and a licensed real estate broker in Turkey (Tasinmaz Ticareti Bilgi Sistemi, Real Estate License No. 3408704), who holds an MSc in Finance from the London School of Economics and a BBA from Bogazici University. We focus on clear, responsive and professional guidance at every step.
Disclaimer: This article is for general informational purposes only and you are strongly advised to consult a professional to evaluate your personal situation. No liability is accepted that may arise from the use of the information in this article.
