86% of Turkish Home Sales Go Bank‑Free: The Hidden Cost to Buyers

In 2025, 86 out of every 100 homes in Turkey were sold without a bank appraisal, signaling a serious lack of market transparency.

The Shadow of Market Value

■1,688,910 homes were sold, with 1,452,242 transactions occurring without an independent appraisal.

■This 86% figure contrasts sharply with the 14% that involved mortgage-backed sales.

■The absence of appraisal can cause buyers to overpay by 15–25% relative to true market value.

Legal and Physical Gaps

■Critical factors such as title records, zoning, permits, and architectural compliance are overlooked without independent reports.

■In the same neighborhood, comparable units can differ in value by up to 30% due to age, seismic compliance, and view.

Credit Hook: Why Appraisal Is Only Compulsory for Banks?

■Banks require mandatory reports for credit risk control, but no such obligation exists for cash purchases.

■Buyers often see appraisal merely as a procedural step in the loan process, missing the risk of a high‑price, high‑risk investment.

Independent Evaluation: Buyer Protection

■An independent appraisal provides objective data on market value, legal risks, and technical deficiencies.

■A 2024 study found that homes with an appraisal sold at 12% lower prices on average.

Industry Response: Valuation Experts Speak

■Denge Değerleme General Manager Simla Budakoğlu Sönmezler stressed that appraisal is a vital safeguard for buyers, especially in cash sales.

■Experts argue that appraisal should be viewed as protection, not a cost.

Trend Shift: Past vs. Present

■In 2023, the bank appraisal rate was 65%; by 2025 it rose to 86%.

■This surge correlates with a decline in mortgage usage and a rise in cash transactions.

Markets must reassess the risk profile of bank‑free home sales. Independent appraisal is not a cost but a preventive shield against future depreciation.