Written reports on an objective opinion drawn-up by experts having knowledge on the market, following the determination of the value of rights and benefits of a real estate or a real estate project on the time it is subject to purchase-sale is called appraisal.

Impartial, trustworthy, educated persons graduated from at least 4 year graduate programs of fields related with the issue which are engineering, administration, economics, architecture, urban and regional planning, experienced in their fields, having knowledge on the market and legal regulations, performing immovable appraisals, real estates and real estate projects are called Appraisal Experts.

Appraisal Experts shall have at least 3 years professional experience for obtaining the right to be granted with a license and they shall be fully respecting impartiality, objectivity, reliability, independence principles within the legal framework.
As each region has different characteristics regional expertise and appraisal expertise in different immovable fields such as houses, industry, trade, tourism are indispensable.

Once the social structure is considered, it is observed that even though financial tools such as interest, repo were preferred in Turkey, the increase in inflation and interest rates in time resulted with an decrease in demand for deposit and bonds and an increase in the demand for the stock market and real estates.

The expectation that the economic stability reached since the last quarter of 2004 will continue in our country, resulted with a decrease in banks’ housing loan interest rates along with increased maturities which caused a considerable demand for housing loans thereby animated the real estate sector. As supply was insufficient when compared to the demand, large construction companies developed new projects and launched these to the market. The development of the real estate sector enhanced the role of immovable values in the economy. Factors such as real value search, price determination in purchases-sales and transfers, analysis of bank assets with objective criteria within the scope of restructuring increased the importance of reports reflecting the real values of assets, drawn -up by expert, impartial, trustworthy firms and experts.
Capital Markets Board (CMB) published two Communiqués also including appraisal expertise and appraisal companies (Licensing and Appraisal Companies). These Communiqués entered into force in August 2001, upon being published in the Official Gazette.

The Communiqué on Licensing includes the examinations to held for determining the professional adequacies, knowledge and abilities of specialized personnel and managers working in capital markets and of appraisal experts working at appraisal companies, granting of licenses as proof of professional adequacy in their fields, organizing training programs and principles and procedures on keeping registries. CMB carried out licensing examinations pursuant to this Communiqué and started licensing experts of the profession.

The second Communiqué defines “Appraisal Companies”. It defines the operating principles and procedures of appraisal and appraisal companies. It clearly specifies the qualities of appraisal experts that companies will employ, definition of independence concept, duties which appraisal firms can and cannot undertake.