Revealing The Differences Between The Value Of Land And Market Value According To The Expropriation Law Numbered 2942: Gã–Lbaåži Example

Land acquisition and determination of real estate values are of great importance for infrastructure investments (railways, dams, highways, energy transmission lines, natural gas and oil pipelines) made by the public and private sectors. In Turkey, the main problem in the full and partial expropriation or easement expropriation transactions of the administrations within the scope of the procurement of real estate for investment projects to be carried out by the public and private sectors is in the determination of land values. Valuation of immovable properties located in the area or route where investment projects are built is carried out in accordance with the relevant articles of the Expropriation Law No. 2942, as amended by Law No. 4650 of 2001. Three different valuation methods are used depending on the nature of the real estate subject to expropriation; if it is land, the value is determined based on the equivalent value, if it is land, the income value is determined, and if there is a building on the real estate, the value is determined based on cost and accumulated depreciation. Since the investments in question generally pass through agricultural lands, the value of the real estate is determined according to the Net Income Method according to the relevant Law. However, the valuation made is often not accepted by the owner of the property because it is below the market value and does not reflect the truth.The aim of the research is; to reveal the shortcomings of the net income method used in land acquisition in determining the value. In this context, a total of 125 parcels of dry agricultural land were examined, 34 in Halaçlı Neighbourhood of Gölbaşı District of Ankara Province, 24 in Tulumtaş Neighbourhood, 12 in Topaklı Neighbourhood and 55 in Velihimmetli Neighbourhood. The values of the real estates were determined according to the Net Income Method and Comparative Sales Analysis by distinguishing between dry agricultural land and irrigated agricultural land, and the differences between the values were determined. As a result, it has been emphasised that the values found according to the net income method do not reflect the market value of the real estate and the changes that can be made in the legal framework and solution suggestions.