Real estate appraisal, in other words, appraisal activity, real estate projects belonging to legal or natural persons or public institutions, real estate projects or rights and benefits connected to a real estate, in accordance with the current legislation rules, by selecting the most appropriate valuation method for the real estate / asset, independently and impartially is to make a valuation at a certain date and to prepare a valuation report.


Real persons who are employed full-time by the real estate appraisal firm for real estate appraisal or who provide external appraisal services to the organization by signing a contract, have a minimum 4-year university degree, have at least 3 years of experience in real estate appraisal and have a Real Estate Appraisal License issued by the Board It is called a "Real Estate Appraisers". 

Real estate appraisal who has been employed by a real estate appraiser in order to teach, train and gain experience in the appraisal profession, has a minimum 4-year university degree, has a Real Estate Appraisal License issued by the Board, but does not yet meet the experience requirements to become a real estate appraiser people are called Assistant Real Estate Appraisers. 

Real persons who are employed by the real estate appraisal firm on a full-time basis or who provide housing appraisal services from outside by signing a contract, who have at least 1 year of experience in the field of real estate appraisal and who have a Housing Appraisal License issued by the Board, are called Housing Appraisers. 

Although it continues to be used mostly as an "Expert" in courts or in the public sector in our country, the definition of Real Estate Appraiser, which has been used frequently in parallel with the increasing demand for real estate appraisal and legislation regulations in the last 20 years, has been accepted.

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


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

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


Value is the equivalent of an asset that can be measured in currency. Real Estate Appraisal means the independent and impartial assessment of the possible value of a real estate, real estate project or rights and benefits associated with a real estate at a certain date.

Valuation is done on a basis other than the Market Value or Market Value of an asset. Market, price, cost and value concepts are at the core of all valuations. Another element that has an equivalent importance in terms of valuation is the understandable expression of how the valuation results were 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 achieve value. These three different valuation approaches within the scope of International Valuation Standards areMarket Approach", "Income Approach" and "Cost Approach".

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

Market Approach

The market approach enables the determination of the indicative value in comparison with the same or similar assets whose price information is available with the subject asset.

The first step to take in the market approach is to consider the prices of recent transactions in the market for the same or similar assets. If there have been a small number of transactions, it may be appropriate to consider the prices of similar or identical assets that have been traded or bid, provided that the validity of this information is determined and analyzed critically. It may be necessary to adjust the price information obtained from other transactions in order to reflect the differences between the actual transaction conditions and the basis of value and all assumptions made in the valuation. In addition, there may be differences between the asset being valued and the assets in other transactions in terms of legal, economic or physical characteristics.

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 the actual or estimated revenues actually obtained by the beneficiary.

For an investment property, income can be in the form of rent, while in the building used by the owner it can be a hypothetical rent (or rent saved) based on the cost that the owner would incur to rent an equivalent space. The defined cash flows are then subjected to a capitalization process and used in value determination. Income streams that are expected to remain constant can be capitalized using a single multiplier, often referred to as the capitalization rate. This figure is the return or "yield" for the investor, which is expected to reflect the time cost and ownership risks and returns; it represents a theoretical return for a property owner who uses the property himself/ herself.

Cost Approach

The cost approach allows the indicative value to be determined by applying the economic principle that a buyer will pay no more for a given asset than the cost of obtaining another asset of equal utility, whether acquired through purchase or construction.

This approach is based on the principle that the price a buyer in the market will pay to the asset being valued will not be more than the cost of an equivalent asset either through purchase or construction, unless there are factors such as unnecessary time, inconvenience, and risk. The appeal of the valued assets is often less than the alternatives that can be purchased or built, 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 basis of value that should be used.

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