SPK describes real-estate valuation as the professional reporting of the fair value of real estate and related rights and regulates valuation activity in the capital-market context. TCMB describes the House Price Index as an indicator for monitoring price changes in Türkiye’s housing market; it is market context, not a valuation of a specific property.
From market data to testable cash flow
Turn the review topic into provable facts: identity, date, amount, registry status, document or technical condition. For a capitalization rate, use NOI before debt service and distinguish property performance from leveraged equity return. Any rent-growth, resale-price or interest-rate assumption should be stress-tested with alternative scenarios rather than accepted as a single forecast. Property investment analysis must separate market data from the calculation for the specific asset.
TCMB publishes the House Price Index to track housing-market price movements and, in 2026, began publishing the New Tenant Rent Index to capture new-rental price developments more quickly than rent measures that include existing contracts. The financial effect should be expressed in a traceable number—price, cash flow, tax, amount at risk or remediation cost—not in a vague label such as “acceptable”. These indices do not provide the sale price or rent of one unit, so they must be combined with verifiable local comparables. Calculate gross yield from annual rent relative to price, then calculate net yield after vacancy, management, maintenance, insurance, taxes, dues and non-recoverable costs. For each fact use a source capable of proving it and link the result to its effect on purchase, ownership or cost.
Taxes that depend on year and owner status
Rental income is governed separately by GİB rules, so distinguish rent actually received, deductible expenses, the chosen expense method and the resident/non-resident position of the owner. On exit, disposal of certain real property within five years of acquisition can fall under value-increase gain rules of the Income Tax Law, subject to the owner’s circumstances and statutory exceptions. For each fact use a source capable of proving it and link the result to its effect on purchase, ownership or cost. Keep returns, receipts and cost evidence because they affect both verification and resale analysis.
A property tax file is not proved by one receipt. Municipal property tax depends on the tax value, property category and location, and GİB states that values calculated for 2026 are subject to a specific cap relative to 2025 values; obtain the current value and debt position from the competent municipality when it matters rather than carrying an old figure into a new year. The financial effect should be expressed in a traceable number—price, cash flow, tax, amount at risk or remediation cost—not in a vague label such as “acceptable”. Turn the review topic into provable facts: identity, date, amount, registry status, document or technical condition.
Payment trail and beneficiary proof
The payment path is part of transaction due diligence, not a separate bookkeeping step. Match beneficiary name, bank account, currency, amount and transfer reference to the contract and to the seller or properly authorised recipient, and independently verify any change in payment instructions before sending funds. For each fact use a source capable of proving it and link the result to its effect on purchase, ownership or cost. A request to use a new account, a third party or a route outside the agreed structure is a stop signal until authority and reason are resolved.
TKGM also has specific foreign-exchange purchase-document instructions for foreign transactions where they apply, so not every bank receipt serves the same legal purpose. Preserve the transfer order, bank confirmation, posting evidence and a reference linking the transfer to the exact instalment. The financial effect should be expressed in a traceable number—price, cash flow, tax, amount at risk or remediation cost—not in a vague label such as “acceptable”. Keep a reservation deposit, sale price and brokerage commission separate, and never replace an auditable banking trail with an oral confirmation. Turn the review topic into provable facts: identity, date, amount, registry status, document or technical condition.
What belongs in a cap rate—and what does not
Capitalisation rate links stabilised net operating income to the property’s price or value at the measurement date. The critical step is therefore not dividing two numbers but building a defensible NOI: use supportable rent, deduct vacancy and credit loss plus recurring operating expenses, and treat non-recurring capital expenditure consistently with the chosen analysis method. Debt service is not a property operating expense and is normally excluded from NOI because cap rate compares the asset before the investor’s financing structure. Do not equate cap rate with ROI or IRR: cap rate is an annual snapshot tied to asset value, whereas ROI and IRR can reflect equity invested and timing of cash flows. Compare only when NOI definition, period and asset type are consistent, and stress how the rate changes if rent falls, vacancy rises or the target acquisition price changes.
2026 analytical update — Property Capitalization Rate Analysis
Cap rate is meaningful only when NOI is stabilized and the value denominator is defensible. Do not compare a property cap rate mechanically with the 37% policy rate: one is an operating yield on an illiquid asset, the other is a monetary-policy rate with different duration and risk.
Annual CPI inflation was 31.51% in August 2026, while the CBRT kept the policy rate at 37% on 10 September 2026. Separate nominal from real return and do not assume today’s financing conditions will persist through the whole holding period.
Formula / check: Capitalization rate = stabilized annual NOI / current asset value.