That era in title deeds has ended: Real Estate Valuation Information Center system is coming

The General Directorate of Land Registry and Cadastre has taken action to establish a Real Estate Valuation Information Center in every neighborhood to curb exorbitant housing prices. Property values in title deeds will now be determined by this center.

Real Estate Expert Şule Duman stated that this practice by the General Directorate of Land Registry and Cadastre will prevent citizens from being deceived when purchasing homes or shops.

IT WILL ENABLE THE DETECTION OF TAX EVADERS

Evaluating the new practice, Şule Duman said that this is how prices shown as excessively high or low can be prevented. The Real Estate Valuation Information Center practice will also enable the identification of those who evade taxes by underreporting the value of their properties.

Assessing the bottleneck in the sector, Duman stated that those who take advantage of the economic difficulties in Turkey have caused prices to inflate, especially in the real estate sector. Noting that the real estate sector, which is experiencing credit difficulties with banks, has come to a standstill, Duman stated that authorities have taken action to overcome the bottleneck in the sector.

Duman said that with the Real Estate Valuation Information Center practice, citizens will be able to enter the system and see the average price of the region and district where they intend to buy real estate, and that prices will normalize in this way.

News Source: 12punto