Real estate purchase tax is to be cut in half

Real estate purchase tax which is paid by the owners when receiving TAPU will be reduced to half. This was told by the Minister of Finance of Turkey, Naci Agba: "Relatively soon instead of 4% which the owners paid before, it will be necessary to contribute only 2% to the Turkish treasury. The percentage will be deducted from the amount at which the municipal authorities have estimated the cost of an apartment or a villa."

This is done in order to facilitate the real estate purchase by investors. This will be especially beneficial to those people who buy luxury apartments or villas.

However, after the new law comes into force other rules for real estate purchase and sale will also change. Earlier it was possible to indicate in TAPU a price lower than the real value of the real estate in order to respectively reduce the amount of the tax, such a "move" is not possible now. The cadastral value should coincide with the price requested by the seller.

29.09.2016

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