Imtilak Properties

A report published in the Official Gazette in Turkey, on taxes and fees applicable adjustments from the first day of the year 2018, with an increase imposed on some real estate taxes and fees, while fees did not change the real estate records. The real estate tax and the cleanliness of the surrounding environment saw an increase in the applied rate. Similarly, real estate tax also increased by 50%.

While the rate of real estate records remained the same, 20‰ of the sold property continued to be applied to the seller and the buyer separately, and the stamp tax applicable to lease and rental contracts was set at 1.89‰.

Meanwhile the real estate sector, financial penalties applied increased noise and disturbing other irregularities, where determining the amount of a fine of making noise at home by a thousand and 450 Turkish liras, the noise fine in shops and workshops was raised from 4,000 Turkish liras to 9,000 and 179 Turkish lira, the value of the noise fine on factories and plants has been raised to 29,173 Turkish liars.

The Turkish government is currently working on the application of cuts and tax exemptions on the real estate sector, similar to what has been applied in 2017, in order to activate this vitally important sector.

Source: Amlak Koalaisono.