The real estate valuation and a practice in Eryaman/Ankara

The Real Estate Valuation and A Practice in Eryaman/Ankara, Master's Thesis, Ankara, 2008Communiqué (No: 45) on International Valuation Standards in the Capital Market came into force as from 01.05.2006. Parties performing valuations as per the Capital Market Regulations are obliged to observe this communiqué and implement its scope. This communiqué marks the start of real estate valuation practices in Turkey in line with International Valuation Standards.Thanks to the international practice of real estate valuation, decisions to be taken on and monies payable for real estate investments become more reliable and standardized, and facilitates the interest of foreign investors on the real estate sector from the perspective of real estate valuation.The objective of this thesis is to probe into the Communiqué No:45 aimed at the current practice, and clarify and report real estate valuation within the scope of the practices of this communiqué focusing on valuation methods implemented within the frame of the Capital Market Board Regulations using it a practical real estate valuation study.The first method of this thesis covers the theoretical process of the subject matter, whereas the second method is based on a practical process of on-site inspections and observation, interviews with municipal development directorate and the cooperative administration that has caused the undertaking of construction of these houses to get specific information about the real estate to be valued, data obtained via the internet, analysis of such data by appropriate comparison units and elements, and the valuation of the sales price of the real estate to be valued using an appropriate valuation method.The thesis comes to the conclusion that real estate valuations vary by the range of real estate types and their relationships in other specific situations, that valuating real estates making a good consideration of particularly the types of ownership, data, comparison units, comparison elements, market analysis, analysis of most efficient and best use, most appropriate method or methods is a challenging process requiring attention, patience and a principled-approach, and that it could effectively be implemented by knowledgeable, skillful, highly-moralled and principled valuation experts.