Massive support in 2017, For Istanbul Real Estate Sector
Many incentives and facilities in the real estate sector were provided by the Turkish government and the private sector during 2017. Where the state has made many amendments and reforms in this vital and important sector in order to increase the turnout by investors.
The Turkish government has taken several measures to support Istanbul real estate sector, which was affected last year by the failed coup attempt on July 15 last year. In this context, the government has taken many measures in the last year to support this vital sector. The 2017 Annual Report was recently published on these incentives and governmental subsidies to the real estate sector. These facilities include the following:
• Granting Turkish citizenship to foreign investors who purchase real estate in Turkey worth at least $ 1 million, provided that the property is should not be sold within 3 years from the date of purchase.
• Reduction of VAT (KDV) on the apartments between March and September.
• Appling the value added tax (KDV) on the residential housing for which building licenses that were obtained from the first month of this year and reduce this tax to up to 8% on the residential apartments with a tax value of between 1000 Turkish lira and 2000 Turkish lira.
• Exemption of the stamp tax of the contract for prepaid sale with the promise of selling the property.
• In addition to granting foreign investors many facilities at the bureaucratic level, where they are granted residence directly after the ownership, and the possibility of applying for Turkish citizenship if the conditions are met to do so.
• Reducing the amount to be paid in advance for long-term housing loans, from 25% to 20% in favor of the investor.
• The ability to trade real estate stocks in the stock market by the willing of different categories of investors ranging from low income earners to high income. The rights of investors in this field have been guaranteed by the head of the collective housing department affiliated to the Presidency of the Turkish Council of Ministers.
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