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Real estate appraisal, also known as appraisal activity is the evaluation of real estate and real estate projects or rights and benefits related to real estate by selecting the most appropriate valuation method for real estate/asset independently and impartially at a certain date and preparing a valuation report in accordance with the rules of legislation in force.


Real Estate Appraiser

The real estate appraiser assistant is the person employed by the real estate valuation institution to perform valuation activities with the accompaniment of real estate appraiser in order to teach the valuation profession and to gain experience and have at least 4-year university graduates are also real persons who have the Real Estate Appraisal License given by the Board but do not yet meet the experience requirements required to become a real estate appraiser.

A housing appraiser is a person who is employed full-time by a real estate valuation institution to perform a housing valuation or who provides an outside housing valuation service to the organization by signing a contract and is a real persons who have at least 1 year experience in real estate valuation and have Housing Valuation License given by the Board.

Although it continues to be used as an “expert” in the courts or the public in our country, the definition of Real Estate Appraiser, which has been used frequently in parallel with the increasing real estate appraisal demand and legislative regulations, has been accepted in the last 20 years.

Appraisers must be a member of TDUB and attend renewal trainings at certain periods in order to perform their profession.



The valuation activity in our country is carried out by Licensed Real Estate Valuation Companies authorized by the communiqués issued by the Capital Markets Board. These companies, which have a legal personality with their incorporated company structure, are under the authority and control of the Capital Markets Board. In addition, these companies may have a Banking Regulation and Supervision Agency (BRSA) license provided that they have the necessary conditions to provide valuation services to Financial Institutions.

If the companies authorized by CMB (Capital Markets Board), BRSA (Banking Regulation and Supervision Agency) and TDUB (Turkey Appraisers Association) meet the necessary conditions with the status of “Regulated by RICS” by the UK-based Royal Institution of Chartered Surveyors (RICS), a professional institution that promotes and applies the highest international standards in valuation, management and development of international land, real estate, construction and infrastructure, can be accepted to the list of Companies in Europe.


Value is the equivalent of an asset that can be measured in money. Real Estate Appraisal is an independent and impartial appreciation of the probable value of a real estate, real estate project or real estate-related rights and benefits at a given date.

The valuation is made on the basis of principles other than the Market Value or Market Value of an asset. The concepts of market, price, cost and value are at the core of all valuations. Another factor that has an equivalent significance in terms of valuation is the understandable expression of how the valuation results are achieved.

In the real estate valuation process, reporting is made within the framework of the International Valuation Standards published by the International Valuation Standards Council (IVSC). Three different approaches are used to reach value. These three different valuation approaches within the scope of International Valuation Standards are “Market Approach”, “Income Approach” and “Cost Approach”.

The definitions of the three approaches according to International Valuation Standards are as follows;

Market Approach

The market approach ensures that the indicative value is determined in comparison with the asset subject to the appraisal with the same or similar assets whose price information is available.

The first step to take in the market approach is to consider the prices of transactions that have recently occurred in the market for the same or similar assets. If there are few transactions, it may be appropriate to consider the quoted or quoted prices of similar or identical assets, provided that this information is validated and critically analyzed. In order to reflect the differences between the actual trading conditions and the value basis and all assumptions made in the valuation, it may be necessary to adjust the price information provided from other transactions. There may also be differences in legal, economic or physical characteristics between the asset being valued and the assets in other transactions.

Income Approach

Different methods are used to determine the value under the main heading of the income approach, and the common feature of all of them is that the value is based on actual or predictable revenues actually obtained by the beneficiary.

Revenue for an investment property can be in the form of a lease, while it can be a hypothetical lease (or saved lease) based on the cost that the property owner will pay to rent an equivalent space in the building used by the owner. The defined cash flows are then subjected to a capitalization process and used to determine the value. Income streams that are expected to remain constant can be capitalized using a single multiplier, often called the rate of capitalization. This figure represents a return for the investor, or a theoretical return for a property owner using the property itself, which is expected to reflect the time cost of money and property risks and returns.

Cost Approach

The cost approach ensures that the indicative value is determined by applying the economic principle that a buyer will not pay more for a given asset than the cost of obtaining another asset of equal value, whether acquired through purchase or production.

This approach is based on the principle that the price that a buyer in the market will pay to the appraised asset will not be more than the cost of an equivalent asset, either through purchase or construction, unless there are factors such as time, inconvenience, and risk that cause unnecessary burden. The appeal of the appraised assets is generally lower than the alternatives that can be bought or made, because they are worn or outdated. Where this applies, it may be necessary to make adjustments to the cost of the alternative asset, depending on the value basis that should be used.