Turkish government issued an important resolution on reducing the fees collected during the process of buying the property, which was up to 20 ‰ of the property’s value, after the reduction of 15 ‰ of the property’s value.
Under the same resolution, the VAT (KDV) rate on ownership of the property was also reduced from 18 % to 8 %.
These reductions are valid until the end of October 2018. The decision was published in the Official Gazette.
A similar reduction was applied last year to the land registry fee and was valid until 30 September 2017. The new reduction will be valid until 31 October 2018 in a similar manner.
Real estate workers are expecting the launch of a new package of reforms during 2018, as in the previous year, which witnessed motivational measures by the government and the private sector to facilitate real estate ownership, as well as the facilities and reductions applied to taxes and fees.
Recently, there are a number of amendments and tax reforms, such as the introduction of a unified rate of value-added tax (KDV) on housing, As well as deliberations on the amendment of the decision to grant Turkish citizenship in return for owning a property in Turkey (real estate citizenship) by reducing the value of the property to be purchased until the investor obtains citizenship, from one million to 300 thousand dollars, which will open the door to the flow of more capital in the Turkish real estate sector.
Source: Habar Turk
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