Education for real estate valuation in Turkey

Abstract

In scientific terms, the real estate valuation is first started in Spain (to recover Castilian treasure from the bad condition) on 10th October 1749 in the world. Later, the "value" concept came to agenda to cadastral legislation of all European countries. For this reason the "value" issue was added cadastral legislation to France in 1808, Germany in 1872 and Holland in 1810. The first study based on the cadastral valuation in the Ottoman Empire mentioned in the Cadastre Law dated on 5th February 1912, but has dealt with the technical and legal aspects of the cadastre without taking of valuation into account. After the Republic of Turkey founded, although some of the Cadastre Laws (10th April 1924, 22nd April 1925, 15th December 1934, 15th March 1950, 21st June1987 and 22nd February 2005) include the term ”valuation” again only the technical and legal aspects were used since they are not exactly evaluative. The first scientific studies on the valuation in Turkey was started to at Yıldız Technical University on graduate training and undergraduate training with the course called Land Valuation in 1978 and Real Estate Valuation in 1988. The studies remained at the academic level. Within the Customs Union agreement in 1st January 1996 between Turkey and European Union, a great deal of foreign capital is started to enter into our country. Since there is no reliable, real time and correct records of the real estate values, some of the foreign capital owners were hesitated to enter our country. As a result, the need for the “honest people who can make valuations according to the scientific criteria” became obvious. Because of the applications of the foreign capital owners to the Turkish Government, the authorization of making licensing exams was given to the Capital Markets Board in order to find out the required valuers for the country. The need is partly satisfied by the licensing exams. However the necessity and importance of the valuation training in Turkey is started with these licensing exams. Today, valuation training is given at many universities (in associate, undergraduate and postgraduate degrees) in our country. The subject of this paper is on the quality and content of the training given in our country.