CRA (Capital Markets Board) Licensed Valuation Reports: Foreign Acquisition and Validity

For foreigners' real estate purchases and applications for Turkish citizenship through investment, it is mandatory to obtain valuation reports prepared by experts licensed by the Capital Markets Board (SPK) to ensure the transparency of the transaction and the determination of the real value.

Process via TADEBİS

Report applications are submitted to TADEBİS (Real Estate Valuation Information System) via the Web-Tapu system. The system automatically assigns the application to a licensed valuation institution — the applicant cannot choose the institution; this is designed to ensure objectivity.

Validity Periods

Report Date	Validity
Before 09/12/2024	3 months
After 09/12/2024 (TTB)	6 months

TTB: Determination of Value Certificate. The new document format that replaces the valuation report as of 09.12.2024, has a validity period of 6 months.

20% Difference Rule

If there is an existing report prepared within the last 6 months from the date of the last sale or promise of sale of the real estate, and if there is a value difference not exceeding 20% between the new report and the existing one, the last report is taken as a basis.

If the difference exceeds 20%, the file is referred to the TKGM Real Estate Valuation Department Presidency for a final decision. This is designed to prevent price manipulation.

Which Transactions Require a Report?

• Acquisition of real estate by foreign natural and legal persons
• Application for Turkish citizenship through foreign investment (400,000 USD equivalent requirement)
• Valuation requested by banks for credit collateral
• Transactions of real estate investment trusts (REITs) subject to SPK regulations
• Certain foundation/capital transactions

Report Content

SPK-licensed reports include the following elements:

• Title deed and cadastre information of the real estate
• Zoning status and plan notes
• Structural features and usage status
• Comparative method of precedent analysis (recent sales in the region)
• Valuation by cost/income method
• Determination of the final market value
• SPK license document and valuation expert's signature

Process and Cost

• The report is delivered within 7–15 days from the application date
• The fee is determined according to the SPK tariff, varying according to the type and value of the real estate
• The fee is paid by the applicant (usually the buyer)
• The report is obtained as a PDF via Web-Tapu

Notes for Turkish Citizenship

Foreigners who want to gain Turkish citizenship through investment:

• Must purchase real estate worth at least 400,000 USD
• A note must be placed in the title deed registry stating that they will not sell it for 3 years
• An SPK valuation report must be obtained before the purchase
• If the value determined in the report is below the 400,000 USD threshold, the citizenship application is rejected
• Payment must come through a Turkish bank with a foreign exchange purchase document

SPK licensed valuation institutions can be viewed from the official SPK list. Correct report + correct amount = smooth transaction.