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How will property purchase tax change in Turkey?

How will property purchase tax change in Turkey?

The prospect of becoming an owner of Turkish property attracts a lot of foreigners. Turkey's real estate price is very often lower than in most European countries. Besides, the government of this country aims to facilitate the process of buying housing by creating simplified laws and enabling financial environment. For example, it is expected that the property purchase tax will be decreased very soon.

This news was announced by Turkey's Minister of Finance Naci Ağbal. The tax rate will be decreased up to 2 times and become only 2% from the property price. This measure is designed to attract buyers of luxury property in Turkey which is presented by apartments, penthouses and villas. This sector of Turkey's real estate market is being actively developed.

Along with tax decrease, some other rules will be changed. For instance, it will be impossible to underprice the property in TAPU to make the tax lower. After the law is adopted, this option will not be available and the price mentioned in the certificate of property right will be the same as the cadastral price.

What changes will Turkey's residence permit owners meet?

Turkey's government is going to adopt a new regulation by the end of the year. This regulation will affect the act on foreigners. This refers primarily to short-term residence permits. And this news is important for ikamet owners. The reasons of obtaining ikamet may be a tourist trip, education, medical treatment, business, buying a property and some other reasons.

After the regulation is adopted, these restrictions on getting a residence permit in Turkey will be lifted. It is worth reminding that ikamet would be invalid if its owner was out of Turkey for more than 120 days in a year. This new regulation is very important because it will give more freedom to foreigners, who are willing to buy an apartment in Alanya, Antalya or any other city not for a permanent residence. Now they will be able to stay freely in their own country without being afraid that their residence permit will be cancelled. These rules will also refer to the owners of family ikamet.

Selecting a villa in Turkey: tips and recommendations

If a house by the sea is what you have been dreaming about, you should consider villas in Turkey for sale which you can buy at a rather affordable price. Alanya and Antalya are one of the most favourite destinations among foreigners. These cities offer highly favourable prices. In order not to get lost in various offers, take into consideration our tips on buying a house in Turkey.

It is better to buy a villa in the secondary market. It can be 5-7 years, and the best time to buy it is winter. Why? We can easily explain it. Winter is the best time to detect all possible defects and problems. During this period there are a lot of rains and it is always very humid and cool. Water leaks, damp patches, mould stains — all these you can find in the house if there are some problems. Besides, within a few years of exploitation, all problems with the building itself and utilities will arise and they will have been eliminated by the time you buy this villa. In addition, you will see how many neighbours live nearby constantly.

You should be careful with villa's location. Of course, sea views are incredible, but you shouldn't forget that the proximity to the sea and mountain rivers can lead to flooding.

You should also check sewage system which is inside and outside. If it is rather difficult to understand how home sewage works at once, you should check if your house is located between two sewage drains. It will be also an advantage if there are gas pipes.

One more advantage is a private pool, but it makes villa more expensive. It will be cheaper to buy a villa in a complex with a pool.

Follow our guide to make a great deal.

The Bogacay Yacht Club project starts in Konyaalti

Very soon, when the high season ends, large construction works will start in Konyaalti. The Bogacay project, the first construction stage of which starts this autumn, will become the second large project with its own recreation area and yacht pier after Kanal İstanbul.

This project is very attractive in terms of investment and tourism as well. Thanks to the project, the town will have 10 thousand jobs and the coastal area of Konyaalti will get wellness centres, recreation zones, new restaurants and cafes. Bogacay is a large canal with fresh water for passing yachts. In addition, a pier for yachts and special recreation areas with restaurants will be constructed there.

The special feature of the canal is that the constructors will separate fresh water from seawater. This system of water separation will be constructed during the first stage of construction works which will be finished in 3 years. Within this period a special system will be constructed. The system will be designed to save from flooding the adjacent areas. Special gates will be installed to protect the river flow from the seawater.

This project is under control of the Environmental protection fund, therefore there is no risk for Konyaalti's environment. So concerns of local people and tourists about pollution are groundless. You can buy property in Turkey by the sea in Konyaalti, as the prices have not increased yet and follow how the coastal area will change.

Should foreigners who bought property in Turkey get insured?

Owners of Turkey's property can get insurance for the duration of their stay in the country in any office of an insurance company according to the general tourism rules. This type of insurance is available for persons who are not going to move to Turkey and do not have a residence permit. This is a very important point, otherwise the insurance is not valid. If the insurance company finds out that you have a residence permit, it has a right not to pay your insurance.

If you are planning to obtain a residence permit and live there, you should get insurance in Turkey. This is a legal and rather cheap option to insure yourself and your family. The insurance costs depends on the age of a person being insured and can vary from 450 TL to 2250 TL. The older a person is, the more expensive insurance is.

There is one more point: medical insurance is obligatory for foreigners who have a residence permit and are not insured in their own country. All other foreign residents are not obliged to get insured, however it is better to get an insurance.

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