Real Estate

Association of Licensed Appraisal Companies made a statement about the sale of houses to foreigners

Licensed Appraisal Companies Association (LIDEBIR) made a statement regarding the news regarding the housing sales made to foreigners.

LIDEBIR (Association of Licensed Valuation Companies Association) made statements regarding the sale of real estate to foreigners, which is the most important topic of the last few days. Recently, within the scope of the ‘Procedures and Principles Regarding the Valuation Reports to be Prepared in Transactions in which Foreigners are a Party’ of the General Directorate of Land Registry and Cadastre, Emlak Pencerem/Real Estate News Center – November 22, 2021 – Istanbul, with the regulation that came into effect on September 20, 2021, it was said “We prudently and responsibly monitor the implementation process of “automatic assignment of valuation companies by artificial intelligence through the TADEBIS-WEB TAPU system” and the unjustified attrition through the press in the coming period.”

However, on 19.11.2021, valuable valuation experts in the written and visual media and those who lack information about our companies, do not reflect the truth and almost serve defamation campaigns. Due to groundless statements and allegations such as “that citizenship is taken for a small amount by inflating the value for bribery”, “so-called valuation companies, mockery of them”, and “it is getting a license from the Capital Markets Board as if it is buying from the market”, the obligation to respond to the aforementioned explanations and inform the public has arisen.

First of all, Appraisal companies affiliated to the Capital Markets Board (SPK), Banking Regulation and Supervision Agency (BDDK) and the Valuation Experts Association of Turkey (TDUB), are independent and impartial organizations that have both an official title and are audited annually by Licensed Independent Audit Companies.

At least 51% of the partnership structures of Licensed Real Estate Companies consist of Responsible Valuation Experts with 5 years of experience. Real Estate Appraisers, where interdisciplinary professional groups come together, is the professional organization that has the most knowledge in the field of real estate, mostly consisting of architects and engineers, graduated from a 4-year university, obtained a license by passing a difficult exam organized by SPL, meeting the requirement of having at least 1 and 3 years of professional experience.

We also sadly follow the statements of valuation experts and valuation companies that house sales are canceled due to their reports and that the entry of dollars into the country is prevented, aimed at “devaluing”, ‘low value’ valuation reports on social media, written and visual media of contractors, intermediary institutions and non-governmental organizations selling to foreigners who want to acquire citizenship by paying 250 thousand dollars as of September 20, 2021.

Our Association, which has strict rules and sanctions to keep the valuation sector away from malicious behavior, is operated in a very sensitive and continuous manner in this direction. In this context, complaints made to the institution/s to which we are affiliated are followed up by the Association of Turkish Appraisal Experts (TDUB), disciplinary penalties are imposed on experts and companies that violate our “Professional Ethics” rules, our “impartiality” and “independence” principles. In this context, the licenses of 3 valuation companies were canceled by TDUB in 2020.

We carry out our activities in an impartial and independent manner under the leadership of the Valuation Experts Association of Turkey, with its qualified expert staff, on the path that the Capital Markets Board has opened for our sector in this direction, which points to our sector with the goals in international norms that we value very much. We will continue to expand our service, which we have developed and increased by showing all our determination and belief, in all areas affected by real estate, as it has been until now. In line with our goal of contributing to a transparent and strong Turkey, we would like to remind once again of this commitment we have made to all our stakeholders.

While underlining that we maintain our belief that the aforementioned regulations will reach the right axis, we would like to state that our search for solutions with our stakeholders and our efforts to speak the truth will continue. On this occasion, we respectfully submit to the information and evaluation of all the public that we will continue our efforts and seek rights to prepare the valuation process in accordance with the principles of “professional care, diligence, independence and impartiality”, while monitoring the erroneous reflections of the amended regulation.

Source: EmlakPencerem / Translated by Irem Yildiz

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