Companies Exempt from Property Valuation in Türkiye: Your 2025 Guide

Thousands of Arab and foreign investors consider the Turkish real estate market, but they often face an administrative step that can seem complicated: the mandatory property valuation report. Although essential, this report adds time and cost to the purchase process. But what if there were a legal and safe way to bypass this step? The direct answer: yes—there is a way to bypass the valuation requirement by purchasing from companies exempt from real estate valuation in Türkiye, namely Real Estate Investment Companies/Trusts (GYO—Gayrimenkul Yatırım Ortaklığı) listed on Borsa İstanbul and supervised by the Capital Markets Board of Türkiye (SPK).

In this practical, updated 2025 guide, we explain everything you need to know about this exemption and how to benefit from it to accelerate and safeguard your investment, including a clear list of companies, conditions, and steps.

Why did valuation become mandatory for foreigners in Türkiye?

Since 2019, the General Directorate of Land Registry and Cadastre (TKGM) has required all foreigners to submit a property valuation report (Ekspertiz Raporu) when purchasing real estate in Türkiye. The purpose of this law is clear and straightforward:

1. Protecting the foreign investor: Preventing fraud and price manipulation and ensuring the paid price reflects true market value.
2. Ensuring citizenship requirements: Verifying that the value of a property used to apply for Turkish citizenship by investment meets the minimum legal threshold.

This report is issued exclusively by valuation companies licensed by the Capital Markets Board (SPK), ensuring neutrality and accuracy.

Which companies are exempt from property valuation?

Here lies the opportunity for the savvy investor. The valuation exemption is not a “legal loophole” but a built-in feature of a highly regulated investment framework. The exemption applies primarily to properties purchased directly from Real Estate Investment Companies/Trusts (GYO—Gayrimenkul Yatırım Ortaklığı).

Why are these companies exempt? The reason is simple and logical: these are publicly listed joint-stock companies on Borsa İstanbul under strict, ongoing SPK oversight. Their projects and financials are subject to public scrutiny and full transparency. In other words, the government already trusts the pricing and valuations of these companies due to existing supervision, eliminating the need for an individual valuation report for each sale.

A list of notable exempt Real Estate Investment Companies (GYO) in Türkiye

To simplify your search, we’ve compiled a table of some of the largest and most prominent GYOs in Türkiye. Buying directly from these companies entitles you to the valuation exemption:

Company Name	BIST Symbol	Primary Focus
Emlak Konut GYO	EKGYO	Large-scale, government-backed residential projects
Torunlar GYO	TRGYO	High-end residential and retail/office centers
İş GYO	ISGYO	Diversified commercial and residential projects
Akfen GYO	AKFGY	Hotels and commercial developments
Vakıf GYO	VKGYO	Mixed projects affiliated with VakıfBank

Note: This is only a sample list. You can verify the full roster of listed companies on the official Borsa İstanbul website.

Benefits vs. risks: Is buying from an exempt company the best option for you?

Making a sound decision requires weighing pros and cons. Here’s a clear comparison to help you:

Benefits:

• Faster closing: Save about a week to 10 days otherwise spent waiting for the valuation report.
• Price certainty: The contract price is final—no surprises from a third-party valuation.
• Quality and reliability: Public companies adhere to strict construction and oversight standards.
• Simplified title procedures: A developer’s exemption letter streamlines the land registry (tapu) transfer.

Potential risks:

• Firm pricing: Developer prices are often less negotiable than those from private sellers.
• Limited choices: You’re limited to projects developed by GYO companies.
• Possible price premium: Developers may price slightly above market to secure margins.

Steps to buy an exempt property and obtain your tapu

If this route suits you, the process is clear and straightforward. Follow these steps:

1. Verify the developer: Confirm the company you’re buying from is a formally listed GYO. Your trusted real estate advisor can help verify this.
2. Sign the purchase agreement: Conclude the sale contract directly with the developer, ensuring all terms and prices are explicit.
3. Obtain the exemption letter: The developer provides an official letter to TKGM confirming the company’s exemption from the valuation requirement.
4. Complete title transfer (tapu): Submit the exemption letter with your application to transfer the title deed; the process typically becomes smoother and faster.

A crucial point: Does the exemption affect a Turkish citizenship file?

This is the most important question for investors seeking Turkish citizenship. Rest assured: purchasing from an exempt GYO fully complies with the citizenship-by-investment regulations.

In such cases, the authorities rely on the official sales invoice issued by the GYO and bank transfer receipts as proof of value. As long as the paid amount meets the minimum citizenship threshold (USD 400,000), your file will be fully valid and compliant.

FAQs about the property valuation exemption

1. How much time can I save by buying an exempt property?

Valuation reports typically take 3–7 business days to issue, so you can save around one week in the overall purchase process.

2. Does this exemption apply to off-plan properties?

Yes. As long as you buy directly from a GYO developer, the exemption covers on-plan and under-construction properties.

3. Can I still request a valuation report even if I buy from an exempt company?

Absolutely. If you want an independent second opinion, you can hire a licensed valuation firm at your own expense.

4. How can I be sure a GYO’s price is fair?

Compare its project prices with similar developments in the same area. A Skyline Real Estate expert can also provide precise market analyses to support your decision.

5. Are all major construction firms in Türkiye GYO companies?

No. Not every large developer is a GYO. The defining feature is being a publicly listed company under SPK supervision.

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Disclaimer: This article provides general information for guidance only and does not constitute legal or financial advice. Laws and regulations may change. Please consult a qualified advisor before making investment decisions.

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