Real estate sales in Turkey increased by 5.1 percent in 2017 compared to 2016, with the number of properties sold in 2017 reaching 1,409,000 and 314 properties throughout the country.
Turkey topped the European list after the large increase in sales, which was expected especially after the large legal reforms carried out by the Turkish government, in addition to the facilities provided by the government and the private sector, as the period of installment offered by some private and public real estate companies to 240 months within some real estate offers.
The stamp tax applied to real estate sales in 2017, as well as the reduction in value-added tax (VAT) and land registry documents, have been exempted from the high demand for real estate because of lower selling and purchasing expenses.
These reforms have led to significant gains for owners of more than 10 percent. For example, an investor who has purchased a property of 500 thousand Turkish liras has been able to save 57,000 and 500 Turkish liras in the form of a reduction in the purchase and selling procedures, This generally led to real estate growth of 18.7 percent in the third quarter of 2017, the highest rate in the past three years.
Source: Emlak Haber TV