SPK Valuation Report (Ekspertiz) for Foreign Buyers
The SPK valuation report (ekspertiz) is mandatory for foreign buyers in Turkey: how it is issued, how long it is valid and its role in citizenship.
If you are a foreigner who wants to buy property in Turkey, the official property valuation report, known in Turkey as an ekspertiz or değerleme raporu, is a mandatory part of the transaction. Under a circular from Turkey's Land Registry and Cadastre authority (TKGM), whenever at least one party to the transaction is a foreigner, a licensed appraiser approved by the Capital Markets Board (SPK) must assess the property's value before the title deed is transferred. The report matters even more for citizenship-by-investment applicants, because, according to law firms, its value must reach the minimum investment amount. In this article we explain what the report is, how it is issued, how long it is valid and what role it plays in residence and citizenship files.
What Exactly Is a Property Valuation Report (Ekspertiz)?
The valuation report is a document prepared by an SPK-licensed valuation company on the market value of a property. The appraiser inspects the property, reviews its specifications, compares it with similar transactions in the area and finally states a value. The purpose of the requirement is transparency in foreigners' transactions and preventing unrealistic prices from being declared on the deed.
Legal Basis and History
According to Turkish law firms, the requirement originates from TKGM Circular No. 2019/1 dated February 15, 2019 (26 Bahman 1397), and has applied to sales to foreign nationals since March 2019. A later circular in 2021 made the issuing process electronic and centralized. Land registry circulars and practices can change, so before you act, ask the land registry office or your consultant for the latest procedure.
When Is the Report Required?
- In sales, exchanges or transfers of a share in a property, when at least one party is a foreigner.
- It covers both a foreign buyer and a foreign seller, not just the buyer.
- The report is part of the title deed transfer file, and without it the land registry office will not proceed with the transaction.
How Is the Report Issued?
According to legal sources, the steps are as follows:
- Submit the request in the system: The request is filed through the electronic land registry system (TADEBİS inside Web-Tapu).
- Automatic assignment of the appraiser: The parties cannot choose the valuation company. The system assigns one of the SPK-licensed companies.
- Pay the fee: The fee follows a tariff announced each year and is shown by the system when you apply. The applicant usually pays it, although the parties can agree otherwise. Ask the system or your consultant for the exact figure.
- Inspection and issuance of the report: The appraiser visits the property and uploads the report electronically to the system.
- Title deed transfer: The land registry office relies on the uploaded report at the transfer appointment.
Validity of the Report: Three Months
The report is valid for three months from the date of issue. If the title deed is not transferred within that time, you must apply again, pay the fee again, and the system assigns a new appraiser. When planning the timing of a transaction, especially while waiting for a loan or a money transfer, you need to take this into account.
Report Value vs. Sale Price: A Point on Which Sources Disagree
A common question is whether the sale price can be lower than the value stated in the report. Some legal sources say the report value is not binding for the sale price or for the transfer-tax base; some earlier news and expert reports have written that the declared price must not be lower than the report value. Because land registry practice and regulations may differ or may have changed, clarify this with the land registry office and a legal adviser before the transaction, and do not rely on what the seller or an advertisement says. We have explained title deed transfer costs and taxes in Property Tax and Hidden Costs of Buying in Turkey.
The Valuation Report in a Citizenship-by-Property File
According to the Investment Office of the Presidency of the Republic of Türkiye (Invest in Türkiye), foreigners who buy property worth at least US$400,000 or the equivalent can apply for exceptional citizenship, and a note prohibiting sale for three years must be registered on the deed. According to law firms, in practice three figures must each reach this threshold on their own: the sale price on the deed, the value in the valuation report, and the amount transferred through a bank. This means a property whose deed price is $400,000 but whose report value is lower may run into trouble in the file.
Practical takeaways for the buyer:
- Before paying a deposit or signing a contract, assess the property's real market value, and do not rely only on the advertised price or the seller's statement.
- If your property is only slightly above $400,000, take exchange-rate fluctuations and the report value into account.
- Coordinate the bank transfer amount and the reference currency for conversion from the very start.
For the full steps and documents, see Complete Guide to Turkish Citizenship Documents and Steps and Turkish Passport by Property Investment. The final decision on citizenship rests with the Turkish government, and no property guarantees approval.
Residence Through Property Purchase
For ownership-based short-term residence, the minimum property value and the required documents are set by the immigration authority and may change. Update the exact conditions with our consultants before you buy. We have explained the general buying steps for foreigners in Steps to Buy Property in Turkey for Foreigners.
Common Mistakes About the Ekspertiz
- Thinking you can choose the appraiser: the assignment is automatic.
- Letting the report expire: it is valid for three months and affects longer transactions.
- Relying on the price in the advertisement or contract: for citizenship, the report value matters too.
Frequently Asked Questions
Is buying property possible for foreigners without a valuation report?
Under the TKGM circular, a report is required whenever one of the parties is a foreigner. In a transaction where both parties are Turkish citizens, this requirement does not apply.
How many months is the valuation report valid?
Three months from the date of issue. After that you must apply again.
Can I choose the valuation company?
No. The electronic land registry system automatically assigns an SPK-licensed company.
How important is the valuation report for citizenship?
The report value is one of the figures that must reach the $400,000 minimum. Review the details and exact interpretation with a legal adviser before buying.
How much does the report cost?
It follows the annual tariff announced in the system and changes every year. Ask the system or your consultant for the current figure when you apply.
Free Consultation with ALO TURKEY
If you plan to buy property for residence or citizenship, the Persian-speaking consultants at ALO TURKEY can accompany you through the valuation report and title deed transfer process. Message us on WhatsApp or request a consultation via the contact page. You can also see the citizenship options on the citizenship page.
Sources: Investment Office of the Presidency of the Republic of Türkiye (Invest in Türkiye); Turkey's Land Registry and Cadastre authority (TKGM) via Bloomberg HT and NTV reports on the 2019 circular; law firms Rona Legal and Bilge Gayrimenkul Değerleme on the process and validity of the report; legal articles published up to October 2026.