Real Estate

Turkey’s President has approved a value tracking & confirmation system for properties

With the 2021 Presidential Annual Program approved by President Erdogan, 2 units are established to ensure tax justice and to monitor the changes in the value of the title deed. Value increase of 39.1 million houses will be monitored with the Collective Valuation System and Real Estate Value Information System. Thus, the justice in tax will be strengthened.

According to the 2021 Presidential Annual Program, the Ministry of Environment and Urbanization will monitor the increase and decrease in value of 39.1 million houses, cottages and lodgings registered in the National Address Database, and will establish a fair tax system as of the end of September 2020. In this context, the Ministry of Environment will establish a Collective Valuation System in order to determine the purchase and sale value of real estates. The World Bank financed consultancy service will be used in 2021 for the development of the system. The regulations on the design and implementation of the system and the necessary infrastructure will be established by the ministry.

Real Estate Value Information System

The Ministry will also establish a Real Estate Value Information System integrated into the Land Registry and Cadastre Information System. Data on the values ​​of immovables will be kept together with ownership information. Thus, the values ​​of the immovable properties will be continuously monitored with the new system to be established in order to record the price realized in the title deed transactions, to monitor the changes in value, to monitor the value increases resulting from public investments and regulations, to contribute to location analysis and to create real estate value maps.

Regulation on tax

It was also noted in the program that the Ministry of Treasury and Finance will re-evaluate the taxes collected on real estate by taking into account the taxation of other savings instruments. Accordingly, within the scope of encouraging country-level savings and directing resources to productive areas, the relevant legislation will be scanned and the regulations in this direction will be reviewed in order to make the necessary evaluations.

A coordinated system will be used

Turkey will switch to a single coordinate system. Accordingly, with the completion of the update process of 22.3 million parcels, the Cadastre Modernization Project will be completed by ensuring that a total of 58 million parcels across the country will be switched to a single coordinate system.

source: / translated by Melisa Karayusufoglu

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