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New rules for buying property in Turkey will affect real estate agencies

New rules for buying property in Turkey will affect real estate agencies

The commission created by the Customs and Trade Department of Turkey will be responsible for new rules concerning selling and renting real estate. These innovations will be connected with the law which regulates real estate agencies. It will be strengthened. The changes are aimed to rid the market from one-day firms, protect buyers from fraud and regulate the size of the agency's fee.

After the new set of rules is adopted, rent and sale of real estate in Turkey will be possible only with participation of a real estate agency. Each agency must have a certificate with a unique number which allow them to provide real estate services. Only agencies with certified specialists will be able to get this certificate. And Turkish universities already offer faculties where they educate real estate specialists. This new law will affect both young professionals and those who work in this market for a long time. They will have to pass exams and then they will get a permission allowing to work in this area. Another major change will concern the size of the fee. It is expected that there will be a single fee for all agencies. And all agencies will be responsible for each transaction.

Turkey's retirement system has been changed since January 1. Now it is called Individual pension system and it is mandatory. Since this year pensioners will be able to receive additional income if while working they make savings.

How will retirement savings change in Turkey in 2017?

The new system concerns all working citizens born in 1972 and later. The point of the system is that the employer is no longer responsible for retirement payments. Now this is the responsibility of employees themselves. A unified electronic system which will cover all Turkish enterprises has been developed to calculate pension payments.

First-time workers are included in this system automatically. The change also concerns foreigners who bought property in Turkey, moved to this country and are working here.

The pension tax will depend on the size of the salary and will be 3%. But it won't be less than 53 TL and more than 340 TL. The main advantage of the new system is a state contribution of 25% and additional 1000 TL given after the retirement.

What was the life of foreigners in Turkey in 2016?

According to preliminary estimate, about 18 thousand foreigners bought real estate in Turkey in 2016. What was their life in 2016 and what is expected this year?

If we compare Turkey with other resorts and European countries, life in this country especially on the Mediterranean coast was rather cheaper. In general the cost of living in the republic is on an average level.

Foreigners coming to Turkey for permanent residence feel rather safe and receive good social guarantees.

So, the level of medical services in Turkey is rather high. Foreigners planning to live in Turkey for a long period and not covered by health insurance of the country of arrival are covered by the Act No. 5510. They are the subject of universal basic medical insurance, otherwise they get voluntary health insurance which costs 700 TL.

Foreigners may obtain higher education in Turkey as well. Turkish universities are recognized worldwide because the education system meets European standards. To enter the university, foreigners must pass exams. The education is paid, however it is rather affordable.

Even people with average income can afford it. Transport and other costs are lower than in most European countries.

Besides, foreigners have the same rights with locals in terms of employment, retirement and other social issues.

KoronaPay launches its services in Turkey

Golden Crown Money Transfer is a system for transferring money without an account. And now it is available in Turkey. Transactions in Turkish Lira became available in December 2016.

It offers rather favourable conditions for transferring money within Turkey.

The company developed a special offer for transactions to Turkey with 0% fee. Transactions are to be made in rubles according to the exchange rate of the system.

You can cash your transaction only in two offices of their partners in Antalya and Istanbul.

Solar and wind energy in Turkey: heat, light, and efficiency

Turkey is a country offering various renewable energy sources. Sun, wind, geothermal sources are concentrated in this country, especially in the coastal areas. Development of solar power industry is rather costly. However, Turkish government is intended to develop this industry as it is environmentally friendly, efficient and cost-effective to operate.

Solar power stations are being constructed in many provinces: Antalya, Konya, Malatya. By the end of the first quarter of 2017, the first sector of a new solar power station for 5 MW in Döşemealtı will have been put in operation. Energy produced by this plant will be used for agricultural purposes and needs of the city. Also in the first half of 2017 the world's largest power plant with capacity of 1000 Mw will be launched in Karapinar (Konya).

Along with power plants, solar panels are widely used in construction. They are usually installed on the roofs, mostly on the south side. Solar panels are used for water heating, water and sewage pumps, power supply to electric appliances, lighting. We would like to remind you that Multielektrik solar panels were used in the construction of the Empire Residence.

According to the Energy Minister Beraat Albayrak, in the nearest future Turkey will be able to produce 380 billion kWh per year, which is nearly twice the country's needs at the moment. Today Turkey is the second country in Europe for the potential use of solar energy.


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