Increase in the real estate valuation fee

The 2023 fee for real estate valuation services to be provided by members of the Turkish Association of Appraisers has been updated and rearranged.

With the decision published today in the Official Gazette, the Capital Markets Board (CMB) increased the real estate valuation minimum wage fee amounts by approximately 50 percent by 2023.

For a residence, office or office, this amount increased from TL 1,412 to TL 4,736 at the beginning of the year to between TL 2,500 and TL 8,419.

In the new rate effective as of today, the minimum real estate valuation fees are based on the square meter; increased from TL 2,662 to TL 8,419 for residences, offices or offices, to TL 3,993 and TL 12,629.

MANUFACTURING, WAREHOUSES AND FACTORIES

At the beginning of the year, these amounts increased from TL 1,386 to TL 11,590 for workshops, factories, warehouses and farms, to TL 2,454 to TL 20,514.

As of today, minimum real estate valuation rates apply, based on the square meter; increased to amounts ranging from TL 3,681 to TL 30,771 for workshops, factories, warehouses and farms.

Source: Official Gazette

SQUARE, SHOPPING CENTER AND STORES

For stores, plazas, shopping malls, accommodation facilities, movie theaters, sports facilities, and parking lots, the amounts ranging from TL 2,719 to TL 40,569 have been updated to TL 4,079 and TL 60,854.

MAINLY USED FOR HOUSING CREDIT TRANSACTIONS, ETC.

On the other hand, real estate valuation is used primarily in home loan transactions and purchases of foreclosed homes.

With the decision announced by the WBC at the end of December 2022, it was indicated that the minimum real estate valuation fees for 2023 were increased by approximately 77 percent.