Mülkiyet hakkına konu olmayan gayrimenkullerde gayrimenkule bağlı devredilebilen hakların değer tespiti
Appraisal of transferable partial property ownership rights
Yazar: ZEYNEP POYRAZ
Danışman: PROF. DR. FUNDA YİRMİBEŞOĞLU
İstanbul Teknik Üniversitesi / Fen Bilimleri Enstitüsü / Gayrimenkul Geliştirme Ana Bilim Dalı / Gayrimenkul Geliştirme Bilim Dalı
Derece: Yüksek Lisans, 2018
Konu: Şehircilik ve Bölge Planlama = Urban and Regional Planning

Özet:
Gayrimenkul, pazarda el değiştirmeye konu olan varlık olarak değerlendirildiğinde, devre konu işlemin gayrimenkulün fiziksel varlığından ziyade mülkiyet hakları üzerinden gerçekleştiği; dolayısıyla değerin de gayrimenkule bağlı hakları ifade ettiği söylenebilir. Gayrimenkul sahipliğinden doğan tüm kullanma, yararlanma ve tasarruf hakları bir bütün olarak değerlendirildiğinde; haklar bütününün tamamı mülkiyet hakkı, bileşenlerinden biri ya da bir bölümü ise kısmi haklar olarak ifade edilmektedir. Temel gayrimenul değerleme esaslarına uygun olarak gayrimenkule bağlı hakların değerlemesi yapılırken; hak sahibinin gayrimenkul üzerindeki yetkileri ve kısıtları dikkate alınmalıdır. Bir gayrimenkul üzerinde tanımlanan farklı haklara ait değerlerin toplamı, genellikle aynı gayrimenkulün mülkiyet hakkının değerinden farklıdır.
Tez kapsamında; gayrimenkul değerleme süreçlerinde değerlemeye konu gayrimenkule bağlı hakların dikkate alınması gerekliliğine odaklanılmıştır. Tezin konusunu oluşturan devredilebilen sınırlı ayni hakka sahip gayrimenkuller için lisanslı gayrimenkul değerleme uzmanlarınca hazırlanan raporlarda sorunlu görülen kısımlara dikkat çekilerek; temel değerleme yaklaşımlarının doğru uygulama teknikleri üzerinden örneklenmesi amaçlanmıştır. 
İlk aşamada, gayrimenkul ve mülkiyet hakkı öncelikle teorik kapsamda açıklanmış, sonrasında T.C. hukuk sistemi kapsamında eşya hukuku, borçlar hukuku ve imar hukuku açısından incelenmiştir. Ek olarak, sermaye piyasası mevzuatı kapsamında gerçekleştirilen değerleme çalışmalarında uyulması zorunlu kılınan Uluslararası Değerleme Standartları çerçevesindeki düzenlemelere yer verilmiştir.
Temel gayrimenkul değerleme yaklaşımlarının, değerleme esaslarına göre uygulanma yöntemleri üzerinde durulmuş; değerlemeye konu gayrimenkulün devredilebilen sınırlı ayni hak sahipliğine dayandığı durumlarda dikkat edilmesi gereken hususlar belirtilmiştir. Ayrıca, Türkiye'de devredilebilen sınırlı ayni hak vakalarının gayrimenkul değerleme çalışmalarına yaygın olarak konu olmaması nedeniyle pratikte oluşan sorunlar örnekler üzerinden değerlendirilmiştir.  
Uygulama bölümünde; devredilebilen sınırlı ayni hakka sahip gayrimenkul değerlemesi, değişik kullanımlı üç farklı örnek üzerinden çalışılmıştır. Değerleme yaklaşımları uygulanırken gayrimenkul mevzuatı ve değerleme esasları dikkate alınmıştır. Çalışma sonucu ulaşılan değerler; devredilebilen sınırlı ayni hak değeri ile bu gayrimenkulün mülkiyet hakkı değeri arasında matematiksel bir ilişki bulunmadığını göstermiştir. 
Son bölümde; devredilebilir sınırlı ayni hak değerlemesi sürecinde uygulanan, birbirini tekrar ederek yaygınlaşan ve genel teamül olarak kabul edilen; ancak, değerleme ilke ve esasları ile çelişen tekniklerin yerine; değerleme standartları açısından geçerli değerleme süreçlerinin uygulanması önerilmiştir.

Abstract:
The value of a property is related to the legal rights rather than the physical land and appurtenances affixed to it. Real property consists of the interests, benefits and rights inherent in the ownership of physical real estate. When the property is subjected to the transaction on market, real property interests are aimed to be transferred. So that, in valuation process, it is essential to identify the nature of the property rights. 
Real property appraisal does not only involve the identification and valuation of those rights, but also includes analyzing benefits and limitations arising from legal framework with considering their effect on value.
The complete range of interests, benefits and rights related to property ownership is the fee simple interest. This is also called as absolute ownership subjected only to the limitations of governmental powers such as taxation, eminent domain, police power and escheat. On the other hand, partial interest is one or group of individual interests that is less than the entire rights which simple fee interest includes. These interests may be separated from the entire bundle of rights and traded in the market; so that, each individual interest has a value.
Partial interests can be created economically (i.e.- leased fee, leasehold and subleasehold interests), legally (i.e.-easements), physically (i.e.-subsurface and air rights) or financially (i.e.-equity or mortgage interests). The legal framework for all these property ownership structures may be defined different in each country. 
Within the thesis; appraisal techniques of transferable partial property rights legalized in the Turkish Civil Code, which constitutes the foundation of the property law, has been emphasized. These rights are the easements provided by a contract or an official deed signed by the parties. They could be registered as a real property in case the right is independent and permanent given for indefinite period or at least for a period of thirty years. 
It is important to be careful and to comply with valuation principles while appraising the transferable partial property ownership rights, which are generally entitled to large-scale and revenue-generating properties. The ownership structure of such properties is quite different from the fee simple interest which includes all the interests, benefits and rights related to property within the limits of the legal order. Therefore; it is important to examine the legal framework of rights defined by the contract or an official deed and to analyze the benefits and limitations of these rights. 
The property rights appraised are the fundamental element of valuation studies and the misunderstanding of what precisely is being valued could cause critical error in appraisal results.
The thesis study, which focuses on the necessity of considering the property rights in appraisal, is composed of five parts. 
In the first section; the subject of the thesis is explained in general, and the purpose, scope and method of the thesis are stated.
At the beginning of second section, the meaning of real estate is physically expressed, and the concept of property right is examined on a global scale. Afterwards, real estate and property rights in Turkish legal system are detailed in the context of property, obligation and zoning laws. In addition; International Valuation Standards, which is regulated as compulsory in the appraisal study carried out within the scope of the Turkish capital markets legislation, is examined in order to understand regulations related to property rights.
In third section, three main approaches used in real estate valuation – sales comparison approach, cost approach and income approach – and their systematic application procedures are explained in the context of general scope and in terms of transferable partial property ownership rights. In addition, several examples of misleading statements about the valuation methods of partial rights made by licensed valuation companies have been evaluated.
Probably due to the lack of application frequency; it is observed that appraisal studies containing transferable partial property ownership rights do not reach the expected level of competence in Turkey. Commonly, value of fee simple interest and partial interest are confused and value of partial interest are calculated depend on fee simple interest. 
Almost all the reviewed articles and reports related to appraisal of partial interests include a formula assuming that the value of a partial interest is a portion of fee simple interest. However, it is mentioned in the International Valuation Standards that the sum of the individual values of partial interests in the same property will frequently differ from the value of the unencumbered fee simple interest. In this context; it is not possible to assume that the value of a partial interest is a portion of fee simple interest. Each partial interest has its own legal framework and special conditions specified by the contract or official deed that affect the value of property rights.
In addition to that, in some of these reviewed articles and reports, limited period of partial interests is not taken into consideration while estimating the economic life of improvements in cost approach and determining the projection period in income approach. However, partial interests give the holder rights of exclusive possession and control of a defined area of land and improvements for a defined period. Therefore; at the end of the defined period of partial interests, all the benefits that the right holder provides from the land and improvements are terminated. 
As a result of reviewing the articles and reports related to appraisal of partial interests, the importance of having a solid grasp of real estate valuation principles and the real property legislation is understood. Although educational sources published by Capital Markets Licensing Registry and Training Agency Inc. are adequate for having a full knowledge of real estate valuation principles and the real property legislation; one example of misleading application could be adopted as a common practice and become prevalent by being taken as an example repeatedly. Due to appraisal of partial interests have a low ratio in the entire business volume, there are also not so many practiced assignments that may be taken as an example.
In this regard; appraisal study related to transferable partial property ownership rights was carried out with three different samples having different scopes and results. During the appraisal process, the real property legislation was taken into consideration and the application was made according to the valuation principles.
The first example is a resort hotel with a golf facility which is subjected to usufruct right. Belek region, where the subject property is located in, was declared as a tourism center in 1984. Forest area registered under the name of State Treasury was divided into land plots which were subjected to usufruct right to develop hotel and golf facilities within the scope of tourism incentives. This example aims to show the value created by usufruct right on forest land, which was not developable and had no value related to real property rights before. 
Second example is an industrial port which is subjected to easement and berth occupancy rights. Ports are not bound to any cadastral parcels; their boundaries are determined by zoning plans and they are developed by filling the sea. Since the seas are under the jurisdiction of the State, the contract is signed with Treasury. This example aims to show the value created by easement and berth occupancy rights on port area, which had no value related to real estate before because it does not have a land component. 
Last example is a first-class restaurant which is subjected to usufruct right. The land plot, which is approximately 22,000 sqm, is allocated for residential use with the site coverage ratio of 0.25 and 7.5 m maximum height. Although the zoning status allow for developing a housing project which is more valuable than current use; usufruct right owner could not take the advantage since the usufruct right contract will be canceled if the right owner uses the land plot for any purpose other than the permitted use. This example aims to show that value of the subject property is not the same for property owner and usufruct right owner.
As a result, each example presents that there is no certain mathematical relationship between the values of fee simple interest and partial interest. In this context; it is recommended to apply the main valuation procedures in terms of valuation principles, instead of the misleading methods which has been applied in the valuation process of transferable partial property ownership rights.