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New Tax Exemptions on Real Estate in Turkey

: 2018-01-15 Modified date : 2019-04-10

New Tax Exemptions on Real Estate in Turkey
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There is no doubt that the construction and the real estate sectors are among the most important engines of the Turkish economy. Therefore, the Turkish government support for these two sectors continues continuously, and it’s encouraging local and foreign investors to provide these facilities during the real estate acquisition.

The Turkish government has offered exemptions on VAT in 2017 to foreign investors and Turkish expatriate investors wishing to own in Turkey. Some new details have been issued about extending these tax breaks in the New Year as well as providing new facilities that contribute to increasing the demand for real estate.

The aim of these facilities is to increase foreign money to the Turkish economy and encourage the entry of foreign exchange into Turkey through exemptions and facilities offered to investors on the principle of profit in a reciprocal manner. This process also contributes to the revitalization of the construction sector, where the sector is able to sell existing real estate inventory and build new housing to give vitality to this sector and other related sectors.

There is one condition in order to be able to benefit from the tax exemption, which is not to sell the property during the first year of purchase, as you will not be able to transfer ownership to another party. If the landlord insists on selling the property before the end of the period of one year, he will have to pay the value of the VAT deducted, before the sale process.

Source: Emlak Habar TV

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