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. 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.
From market data to testable cash flow
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. 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. 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. 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”. 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
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. Turn the review topic into provable facts: identity, date, amount, registry status, document or technical condition. 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. Keep returns, receipts and cost evidence because they affect both verification and resale analysis. 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”. For each fact use a source capable of proving it and link the result to its effect on purchase, ownership or cost.
Payment trail and beneficiary proof
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. Turn the review topic into provable facts: identity, date, amount, registry status, document or technical condition. Preserve the transfer order, bank confirmation, posting evidence and a reference linking the transfer to the exact instalment. Keep a reservation deposit, sale price and brokerage commission separate, and never replace an auditable banking trail with an oral confirmation.
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. 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”. 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. For each fact use a source capable of proving it and link the result to its effect on purchase, ownership or cost.
Building a resale-price assumption without turning it into a promise
Exit value is not an automatic extension of today’s asking price. Start from a documented acquisition value and holding period, then separate three drivers: broad market movement observable in TCMB indices, district/building-type differences that a national index may not capture, and property-specific change from ageing, maintenance, renovation or restrictions. Convert an annual growth assumption into future value with compounding rather than adding annual percentages linearly. Then deduct the exit costs that actually apply to the owner—such as brokerage, transaction expenses and applicable tax—and do not present net sale proceeds as the “market price”. Maintain base, conservative and downside scenarios and refresh the assumption when recent comparable transactions become available instead of locking one appreciation rate for the full investment period.
2026 analytical update — Property Resale Price Assumption Check
A resale-price assumption must start with the actual asset: likely buyer, competing stock and building condition at exit. Do not mechanically compound a historical index rate; use base, downside and upside exit values and deduct selling costs and expected marketing time.
The latest available CBRT Residential Property Price Index and New Tenant Rent Index release is July 2026. Use the indices for market direction, not as a valuation of a specific unit; the asset still requires current like-for-like comparables.
Formula / check: Exit price = defensible future unit value based on comparable evidence, not simply purchase price compounded by one growth rate.