News
Tuesday 07 May 2024
Following the recent elections, Türkiye is poised for significant changes in real estate taxation, reflecting the nation's economic strategies amidst persistent inflation. Turkish media have extensively discussed potential new taxes and increases, particularly focusing on the real estate sector.
Anticipated Tax Changes
The discussions around new real estate taxes primarily center on high-value properties. The government plans to implement a tax increase specifically targeting luxury housing, aiming to generate an estimated 115 million Turkish Lira in revenue from this category alone in 2024.
Impact on Rental Market
Additionally, the impending summer will mark the end of a two-year moratorium that restricted rental rate increases to no more than 25% on long-term leases. Despite the restrictions, there have been reports of landlords circumventing these caps, which has led to inconsistent rental pricing. As a result, the Turkish National Assembly is considering measures to address unregistered payments that bypass official taxation and regulation channels.
Regulations on Vacant Properties
Another topic under review is the imposition of increased taxes on vacant properties. This move is intended to discourage real estate speculation and encourage the productive use of property, thereby addressing issues related to housing shortages and urban blight.
Regulation of "Free" Living
Discussions are also ongoing regarding the regulation of free accommodation in properties that are not occupied by the owners but are instead used by extended family members. This practice, while common, often leads to complexities in property management and taxation.
The potential real estate tax reforms in Türkiye are part of a broader effort to stabilize the national economy in the face of inflationary pressures while ensuring that the real estate market contributes fairly to the country’s fiscal health. Property owners, investors, and renters should stay informed about these changes as they could significantly impact investment strategies and property management practices.
Life of the region
Saturday 18 May 2024
News
Thursday 16 May 2024
Investment advice
Tuesday 14 May 2024
News
Saturday 11 May 2024
News
Thursday 09 May 2024
News
Saturday 04 May 2024
News
Thursday 02 May 2024
To stay up to date on luxury real estate news in Turkey and internationally, subscribe to our newsletter.