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Launching a digital real estate valuation system in Turkey

Posted by TFBI8090 on 1 June 2024
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Rumors indicate that the General Directorate of Land Registry is working on a model that will re-determine the value of buying and selling property. The goal of this new system, which will be integrated into the real estate registration system and cadastral information, is to match the actual valuation figures.

While there is a highly developed land registration system in Turkey, it is developing day by day. In Turkey, there are more than 200 million ownership documents, including joint and independent ownership documents, of which there are more than 60 million parcels and 35 million independent parts. The General Directorate of Registration and Cadastre, the body that maintains all this information, is working on a real estate valuation system that will re-determine the value of buying and selling real estate.

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Real estate value changes will be tracked

With the creation of the new system, the realized price is recorded in the ownership document transactions. Changes in this price can be tracked. Therefore, it is possible to determine the increase in value due to public investments and some public zoning regulations. An integrated real estate value information center will be created in the real estate and cadastre information system. All information related to the value of real estate is stored in this system. Proprietary information will also be included here.

No tax evasion

With the investigations conducted with the management of the Ministry of Environment, Urban Development and Climate Change, the General Directorate of Real Estate and Cadastre will start using this new system throughout the country from 2023. In this way, it is possible to prevent the disruption of real estate valuation. This issue also has a tax aspect. The increase in value provided by property owners can be tracked from one center. Based on this, the way will be opened to collect the correct tax.

In recent years, the General Directorate of Real Estate Registration has made very important moves to include the real estate registration system in digital systems. As a result of these moves, it is now possible to easily provide many opportunities and in this way, document transactions of citizens can be done more easily. informs that in 2023, very different new systems will be used on the property document system.

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