Turkey has launched investigation into speculation in the real estate sector

14.12.2023 The Association of the Capital Markets Council (SPK) has launched an investigation into the real estate sector and organizations after large-scale facts of speculation were revealed, especially when selling real estate to foreigners wishing to obtain Turkish citizenship.

If a foreigner wants to buy or sell real estate in Turkey, he is obliged to receive an assessment report from organizations licensed by SPK. The report indicates the value based on the characteristics of the property. This is especially important if he intends to obtain Turkish citizenship for investments, which includes, among other things, the purchase of housing in Turkey for a certain cost.

The Turkish Association of Appraisers (TDUB), acting as a regulatory and supervisory professional association under the supervision of SPK, has the authority to set rules, manage discipline and control the evaluation process.

The head of TDUB said that over the past two years, a multibillion-dollar profit pie has formed in the real estate market, especially with sales involving foreign parties. Some evaluation reports were falsified, which led to investigations against many companies and experts.

Link to source: https://www.hurriyetdailynews.com/scrutiny-tightened-over-citizenship-related-estate-sales-188355