Turkey Real Estate

Posted on April 3, 2024 in News

Turkish market is an emerging market. An important and rapidly growing part of the economy is the private sector, it plays an important role in industry, banking, transport industry and in communications. Thanks reforms in the economic sphere, in the last five years, gdp growth reached an average of 7.2% and 6.1% for 2006 a that makes the economic system of Turkey one of the fastest growing systems in the world. Wonderful climate, the presence of many historic sites, beautiful beaches, Turkey is one of the most popular tourist destinations, attracting nearly 20 million tourists annually. Economic growth in Turkey will increase, in the case the likely entry of Turkey into the European Union. Ongoing government reforms and their support of the Turkish businessmen, foreign capital inflows contribute to growth in the real estate market in Turkey. In Turkish law enshrines the principle of reciprocity (de jure or de facto).

This principle means that the Turkish real estate have the right to fly the citizens of those states whose laws allow for the purchase Real Estate Turkish citizens. Moreover, this right should be enshrined in national legislation and in fact feasible. Citizens of Russia and Ukraine have the right to buy housing in Turkey. According to the Turkish tax legislation, foreigners pay the same taxes and fees are paid by the citizens of Turkey, there is no difference even in the interest rates. In Turkey, the following taxes and fees on real estate: tax inheritance of immovable property (in the case of the inheritance) tax (paid by organizations, in the case of a commercial transaction), property tax, income tax on individuals (paid in the event of the Property to rent in the case of a profit from the sale of your property), tax on the purchase and sale of the property, stamp duty, environmental tax, corporate tax (in the case of a company commercial real estate transactions).