Fen A.Ş.


Valuation Areas

  • Apartments, villas, houses, vineyard cottage, farmhouse

  • Office, offices, shops, stores, buildings, sites

  • Land, farmland

  • Theater, cinema, sports, health and leisure centers.

  • Management and trade centers, markets

  • Plaza, business and shopping centers

  • Hotels, motels, apartment hotels, resorts, hostels

  • University campuses

  • Hospitals

  • Airports

  • Station and station facilities

  • Recreation areas

  • Workshop, factory, mill

  • Integrated production plants, organized industrial sites

  • Fuel stations

  • Ports, storage and loading facilities

  • Minerals, sand and stone quarries, mines

  • Agricultural businesses

  • All kinds of machinery and equipment production and trade

  • Private real estate projects

  • Ships, yachts, cutters

  • Marina

Ethics Of Valuation


Professionals, refrain from practices that harm the valuation expertise to the profession and society and Appraisers Association.


Experts should remain connected to principle of honesty while fulfilling the service users and people who have helped in the formation of opinion and relations with institutions in valuation process.


Expert should obey the privay rules while carrying out their responsibilities to users that benefit form the valuation service.


Experts should deviate from the principle of impartiality developing the valuation work must indiscriminate against the user must supply any prejudice to the parties and must selflessly.


Experts should not give rise to conflicts of interest in fulfilling their mission.


The expert must fulfill their duties in accordance with the Professional Appraisal Practice Standards.


Experts, the knowledge necessary to perform their services must have qualifications and experience. Experts, however, should not be misleading about the qualifications and competence to be adopted suitable jobs.

What is Valuation?

The capital markets, especially in developed countries, widely used financial instruments based on real estate appraisal of properties that constitute the source , is used in real estate appraisal companies.

Real estate valuation is a kind of profession that,

-          Professional ethics requirements by professional organizations and a profession that determines the conditions of both entry and stay in the profession rules,

-          Kept the profession relatively high entry requirements

-          Authorized staff has right of signature

-          The members can be prohibited who have against behavior to the profession ethics

-          Reporting procedures and methods belong to a standard

In our country, there is no professional body that control,the real estate valuation profession, the rules and ethics, practice the profession by setting standards for entry and exit. However,  Capital Markets Board prepares the valuation rules, laws concerning the issues to be considered during the evaluation, regulation or other legal arrangements.

In general valuation and in private real estate valuation terms are indispensable for finance sector  with the help of arrangements of Capital Markets Board and the Banking Regulation and Supervision Board since the year , 2000.

Capital Markets Board has published in formal newspaper with the number and date 12/8/2001, 24491 that,

Firms will give real estate appraisal services within the framework of capital markets legislation Companies on the Basis of these companies to be the establishment of a list of serial: VIII, No. 35  real estate appraisal activities independently communicated and arranged with requirements for companies to be found in these activities. However, the real estate appraisal work is regulated by the Independence and Impartiality precision, valuation companies, as well as binding commitments experts working in these companies, sanctions are imposed.

Only to show specializing in activities in the field of real estate valuation and real estate appraisal companies included in the list by the CMB, companies restricted business sectors in major contracts, especially real estate will overshadow brokerage impartiality and independence of the valuation function as activities are prohibited.

Valuation has become necessary with the acceptance and regulations of  International Valuation Standards and International Accounting Standards by our country.

In daily use "value" word "market value", "rental value", "insurance value", "use value" and "unique value", "investment value", "asset", "determined value" or "tax base value "As and other types of values are encountered in various ways. These terms are all been identified to ordinary investors or users  as “the present value of the future returns to be obtained”. However, each of these have different meanings. It can not be made the standard and the expert's valuation must be very careful when using these expressions. The most important factor during a real estate valuation is “the market value".  "Value" concept can be divided into two general classes:

A)     Subjective Value

B)      Objective Value

Subjective Value is related with the property features on-site, in another words it is about the  “value in use” of property. The objective value of the property is located outside, in fact, the objective value includes factors such as "what is the value of the property to others".

For example, a house designed by a certain person and used with an expensive bedroom in has a significant subjective value for residents. But the objective value of the housing market in the home will probably be lower.  The first of these is called as “value in use” the second one is called “market value”.

So what is it that we achieve the kind used in the above-mentioned values, "Valuation" concept? If we make the simple recipe; An asset or real estate is a real estate project or a real estate rights and benefits attached to a certain date if the potential value of an independent and impartial.  In another aspect; A  property or real estate projects, by experts dominate the market, buying the rights-based real estate at the moment when the subject of sale transactions and concerned with the means to determine objectively the value of the benefit appraisal of the introduction into the report given valuation name.

When the titles are examined , it is seen that the “valuation” term is a part of our not only daily but also commercial life . Property valuation may be necessary in many commercial transactions.

In general, the valuation of the property comes up when purchasing of real estate, mortgage, taxes, insurances , constructions are called.

The main processes that companies (especially construction companies) need about real estate value are;

-          The fair market value of the transfer pricing compliance

-          A possible purchase, sale or rent in the future

-          Provision for long-term loans guaranteed by real estate,

-          Auction, liquidation sales, determination scrap value

-          Insurance, taxes and expropriation for public benefit

-          Mergers, acquisitions and determining the value of properties in the company active in the takeover,

-          Determining the value of properties subject to lease and leasing,

-          About Real estate securities issues and Determining the value of the properties in the portfolio of a collective investment organization that manages the real estate portfolio

-          The determination of the tax base

-          The best and most efficient use of development projects through analysis

-          analysis  of legal status

-          The share of property from inheritance,

The service area with a large real estate appraisal, if we look at How is done by using methods in the world and in Turkey,  there will be three basic mathematical methods. These methods outlined:

Comparison of peers (market) Method:  Firstly its about the comparison about the sales of a real estate between newly sold one and which one has sold before, and also its based on demand of price and bids, so that we can find out the reaction of the market for that real estate. While making adjustments to indicate the diffirences between real estataes , there will be utilized from currency or actual sales costs from the real sale value. The adjusments have to be made with considering the functional and economic deviations with physical variations (changes). For example;  a house with a weak ground or a house next to a gas station and an another house that not have these negative properties can’t be compared equally. The comparing of real estates that have been sold is the best and the smartest way for various adjustments.

Absolutely every real estate is unique. However, the regional, physical and locational factors are effective while idetifying the real estate value accordin to the fair market finance.  Standard deviation in reaching the majority of the fair market price of the property taken precedent draws to a minimum. Counterparts on the basis of comparison methods ; value will be identified in the same area with similar properties in the age of the property and nearby property , maintenance, floor, heating, elevator, parking, views , security, transport, social facilities , etc. such as putting out positive or negative differences to evaluate the effects of fair market prices.

Income Method : It handles the probable net income streams for an investor or a user in the rest of the property 's economic life. This revenue stream compared to income derived from similar properties.  So , potential gains to be derived from investments compared with the gains derived from property or from other types of similar investment. The various techniques are used for

, estimated net revenue stream, the name of a variety of techniques for the real estate and interest charged to the capitalization rate used to be an indicator of the market value . In comparison with these other similar real estate properties, especially with regard to the lease, as the market approaches the same basic physical, functional and economic factors are taken into account.

Income approach is used mostly if not enough to constitute a precedent in the same cost as fair value method.  This approach is detailed mathematical formulas and extensive research over the number of variables used in this formula is based on the detection and accurate.


Cost Method:  In this method,  an existing structure to the present basis for the valuation of the property cost is considered to be rebuilt under the economic conditions.  In this sense, the main principles of the cost approach is explained with the use value.  The value of use is expressed as, " Even though no one has a desire of the property  or no one knows it, it has a real value". In this method, the property is considered to have a significant remaining life expectancy. Therefore, the physical deterioration of real estate values, and is assumed to decline over time due to functional obsolescence economically. In other words, the building of an existing property value is never greater than the cost of rebuilding can not be accepted. A comparison of the income method peers or the market value of the land on which the fair value has been reached, which will be added real value, all costs used in manufacturing, custom manufacturing and installations is calculated by taking into account together with depreciation. By comparing similar properties in addition to an estimate of the value of the said real estate developments increase the current gidertahmin, and requires an estimate of the extent of the depreciation that suffered such improvement. After depreciation charge is deducted from the amount which the reproduction costs related to the addition of the real market value compared with similar real estate is real estate value index obtained by the cost approach. It tends to determine the upper limit of the new cost. Depreciation due to the loss of such value should be taken into account in each of the three approaches. Information provided by an approach can be used in another approach. For example, the price of the real estate market approach, which is provided in comparison with the last sale of similar immovable gives the real cost estimate for the cost approach.  Lease losses derived from the analysis of the income approach and the cost approach is usually even approach the market, constitutes a basis to estimate depreciation. It is this triple approach to the concept of favor, the most important argument: The information in the absence of adequate market information or in more than one of the relevant categories can be found in one another, and these three value indicators for the provision of a reliable value estimate can be associated with each other accordingly.

To be followed in the appraisal process carried out in the market rules process is controlled by a number of technical and legal requirements. Capital Markets Board and the International valuation standards put forth diligence process, the independence-neutrality policy, technical and financial requirements, which operates by following the company are taken to the list of companies to provide valuation service by the establishment. This is done by companies from the scope of professional and technical expertise process responds to the needs of different services.

Which will make the real estate appraisal company, working on the basis of valuation of real property for the person or organization requesting the contract valuation, the property values of independence and impartiality of the plant does not relate to the valuation fee. It will begin to work with a contract in accordance with CMB regulations. In this study, the regional real estate subject to valuation, physical, financial, social, etc. All collected data, the determination of the fair market value of the mathematical method to be applied is appreciated and all the data is transferred correctly, the legal standard report format prepared and archived. Both the analysis of data collected in both data collection and, it is essential not to be missed will affect the value of any variable.

Data collection and reporting processes directly affect the valuation purpose. The capital into the company, making the valuation by the new accounting standards of the property rented or purchased, the operation of the company's real estate portfolio, idle development project for the people of Basel II and Turkish Trade Law of institutionalization required by the new financial regulations changes. The most important pillar of the company towards its financial structure Editing is diversified real estate valuation needs. Except for the determination of fair market value, legal status, productivity analysis and studies requested by the project development objective it is composed of more comprehensive and detailed data collection and analysis process. Prepared these reports, is vital for the future of real estate or real estate projects, especially financial institutions, it is a decision factor often referred to by investment and construction companies.

If we consider that even if the ordinary people are applying to real estate appraisal company about the purchase or leasing of property, it seems unbelievable that the construction firms are not using the valuation about projects . In fact, the per actors of the construction sector will return to the work that we have not yet received from the project and location decisions, valuation experts is to make real estate projects. So the people in construction sector make the true investment by handling the physical and socio-economic structure of the region, sales and planning ,  purchasing process, the feedback of the process,..etc. accurately.

Especially in big cities in Turkey, together with the fall in interest rates, continuing heyday nearly two years of construction industry; Projects carried out without the use of equity capital, has whet everyone's appetite, people from every sector of the construction industry has led to an interest, but this era is now over. Th big construcition companies in Turkey has been tending to Anatolian cities because of the saturation of big cities since 2008. So they have to use real estate valuation and the difference with investment analysis studies ,correctly using scarce resources to appropriate rural buildings.

In terms of this day; will complete the construction of the company that will carry out the project as being of equity, Amasa manufacturing stages envisaged by the project and the sales process is important in terms of applicability expectations. All industry sectors such as construction and real estate valuation in our country at a certain stagnation until 2010 and will be linked more closely with ties to each other.

Methods Used

  • Comparison Method: The easiest and most systematic method used for valuation. Secure version most appropriate value for value with or without the structure is achieved with the help of parcels.

Version values, qualities and attributes of immovable selected for comparison, the same value as a result of an immovable be determined. If you moved to have the different characteristics, make the necessary adjustments to these differences.

Comparison method took place recently, and should be used in cases where no clear precedent values enough. The most important data sources used during the implementation of this method of valuation expert's opinion; the information obtained from public records and other market players.

  • Income Capitalization Method:  If determined to bring only the value of the immovable as possible based on revenue, income capitalization method is used for finding the version costs. In this method, the criteria for determining the value of a property on which construction is net income can be achieved.

This net income, consists of structure, consisting of structural units and other structures on the land share.  Years can monitor how development and change with nominal, by estimating the results necessary work, overheads, operating costs, taxes, after working capital needs and capital expenditures are deducted is reached real income value about the real estate. Version values increase and decrease procedures made necessary in order to be adapted to local market conditions of the property income value is obtained.

  •  Cost Method: The method is generally used in the valuation of unknown real estate as hotels, factories, industrial sites, office blocks, located on the building as administrative structures or residential gardens and rental income.  Costing the basis of, that creates a cost approaching absolute value at the date of determination of the value of real estate. This value; building value, outside plant, equipment, and land values are composed of private enterprises. The land value and the building value by comparing the price structure method, outside plant and equipment of private enterprises, the total value on the valuation date as determined by nature. This value than new physical costs of mitigation value has increased as a result of functional and environmental factors.