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Real Estate

Property Appraisal

Expert determination of a property's market value. Performed by SPK-licensed appraisers; mandatory for bank mortgage approval.

Property appraisal (Turkish: *Ekspertiz* or formally *Gayrimenkul Değerleme*) is the process of determining a property's market value based on location, physical characteristics, zoning status and comparable sales. The activity is regulated under Capital Markets Law 6362 and the tebliğs of the Capital Markets Board (SPK).

Appraiser requirements: Minimum 4-year university degree + passing SPK's Real Estate Appraisal License exams + 3 years of experience at an appraisal firm (1 year for the housing appraiser license). Licence status is tracked through SPL (Capital Markets Licensing Registry Co.) and can be verified at spl.com.tr. The licence requires periodic renewal training.

Mortgage appraisal: When applying for a housing loan, the bank requires an appraisal report from a contracted appraisal firm to determine the collateral value. The fee is typically paid by the buyer; it varies by property type and location. The report determines the loan amount and term the bank will offer.

Report scope: On-site inspection (m², rooms, building age), title and zoning verification, comparable market research, value determination using applicable methods (comparison / income / cost). SPK-format reports comply with International Valuation Standards (IVS) and are typically 13-20 pages. SPK-format reports are mandatory for capital market institutions (public companies, REITs, real estate investment funds).

Examples

  • 1.A buyer in Kadıköy purchased an apartment for TRY 3 million; the bank's appraisal valued it at TRY 2,800,000 → the bank lends only 80% of that (TRY 2,240,000); the buyer covers the TRY 760,000 gap from their own funds.
  • 2.In urban renewal, valuation determines post-demolition rights allocation; each owner's proportional share is finalised through the report.
  • 3.Court appointments — in divorce proceedings a valuation expert is appointed to divide real estate assets between spouses.

Frequently Asked Questions

Who pays the appraisal fee?expand_more
In mortgage transactions the fee is typically paid by the **buyer**, though parties may negotiate for the seller to cover it, or the bank may offer it as a promotion. Each appraisal is subject to the tariff of the bank's contracted appraisal firm; the buyer usually cannot choose a different firm. Current fees vary by property type and location.
What if the appraisal comes in low?expand_more
The bank's loan ceiling is calculated against the appraised value (typically 75-80% of it). If the appraisal is below the sale price, the buyer must cover the gap with their own funds. A second appraisal from the same bank is rarely accepted; for demonstrable errors, an appeal can be filed with SPK or BDDK.
What's the difference between an SPK-licensed appraiser and a freelance 'expert'?expand_more
An **SPK-licensed appraiser** operates under legal regulation, their reports are subject to SPK/BDDK oversight and accepted by banks, courts and tax authorities. A freelance 'expert' without a licence has no official status; their reports are generally not accepted by banks. Any official process requires an SPK-licensed appraiser.
How long is an appraisal report valid?expand_more
Standard validity is **6 months**. Within that period the same report can be reused; past that, a new report is required. If a mortgage process stretches too long the bank may require re-appraisal. Major market or zoning changes (e.g. a large plan amendment) can trigger a renewal request before expiry.

Related Terms

Credit AppraisalMortgage (İpotek)Ownership

Sources

  • • Capital Markets Law 6362
  • • Communiqué III-62.3 on Real Estate Appraisal Firms Active in Capital Markets
  • • SPK Real Estate Appraisal Firms Guide (spk.gov.tr)

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Last updated: 2026-04-24