TurkeyDownload Full Scorecard
Goal – A well developed and transparent financial system that includes strong supporting institutions and highly trained and ethical professionals that contribute to effective financial intermediation and deep and broad access to capital and financial services
Core Question: Are market risks sufficiently transparent and diversified so that efficient capital allocation can occur? Yes, Strong, the financial sector has gained competitiveness.
5.1.1 What is the strength of the country’s auditing and reporting standards? Strong – 63rd out of 144; Score 4.7 out of 7
Financial Services5.1.2 Does the financial sector provide a wide variety of services to businesses? Very Strong – 29th out of 144; Score 5.4 out of 7
Source: The Global Competitiveness Report 2012-2013, World Economic Forum
Weak – Ranking – 124th out of 183
5.1.3 What is the average time to complete bankruptcy proceedings? 3.3
5.1.4 What is the cost of bankruptcy proceedings as a percentage of the estate? 15
5.1.5 What is the recovery rate of bankruptcy proceedings? 23.6 cents on the dollar
Source: Doing Business 2013 – Resolving Insolvency –http://www.doingbusiness.org/data/exploreeconomies/turkey#resolving-insolvency
Core Question: Do trained, independent and ethical asset valuers exist for all types of assets? Yes Strong – the Captial Markets Board of Turkey sets requirements for practicing valuation.
SQ 21 How easy is it to find a valuer who implements International Valuation Standards?
Strong – Turkey has several appraisers who hold international credentials.
SQ 22 What is the level of training of valuers? Strong – several universities offer training programs.
Civil Society Resource: http://www.cmb.gov.tr/
SQ 23 Are opinions offered by valuers free of influence from parties to the transaction? Unknown
Civil Society Resource: International Valuation Standards Council www.ivsc.org
Core Question: Is accurate property information available electronically in formats that are consistent with international standards? No – Weak, but growth in the market should see improvement.
Sales & Operating Data
SQ 24 A multiple listing service is an electronic exchange system where brokers and agents can widely share contracted real estate listings of properties that are for sale. Do multiple listing type services exist? Yes – Weak, numerous internet sites have developed but are not standardized.
Civil Society Resource: International Consortium of Real Estate Associations www.worldproperties.com
SQ 25 Do resources exist for obtaining building income and expense estimates? No.
Civil Society Resource: Institute of Real Estate Management www.irem.org
SQ 26 Do electronic data interchange formats conform to international standards (ebXML – electronic business using extensive markup language)? Yes. Strong
Civil Society Resource: Open Standards Consortium for Real Estate International www.oscre.org
SQ 27 Do building codes and office building measurement standards (ANSI/BOMA Z65.1) conform to international standards? Yes, but enforcement is lacking – Weak.
FQ 9. How stable has the property market been over the last several years?The property market in Turkey has been stable for the past ten years and the economy is doing much better than its neighbors, especially Greece.
FQ 10. How many independent valuers exist in the market?
FQ 11. How many companies exist and what is the average size of valuation companies?
There are 86 companies chartered by the Capital Markets Board.
FQ 12. What are the valuation standards and do they conform to international and regional standards?
Turkish valuation standards conform to IVSC.
FQ 13. What valuation methods and techniques are used in the market?
FQ 14. Are there valuer associations in the market? What number and percentage of practitioners belong?
FQ 15. What training programs are available to upgrade the quality of valuers?
FQ 16. Are peer review mechanisms in place to assist in enforcing ethical behavior?
FQ 17. What is the quality of valuation reports?
FQ 18. What is the status of proprietary data bases that include property information?
Data is not available but not accurate
FQ 19. What is the status of existing data sharing mechanisms for properties that are for sale?
FQ 20. Do valuers have an established data sharing mechanisms?