In the previous month, the news sources announced that President Recep Tayyip Erdogan and the Presidential Cabinet discussed the property value for citizenship. The changes were according to the rising value of the properties. The amount taken for citizenship had changed and increased. Now it is on the official paper and the decision is signed by Recep Tayyip Erdogan.
Category: Real Estate News
Turkish Statistical Institute recently revealed the rates of housing sales statistics of March. According to the statistics, housing sales increased 20.6% in March when compared to the same month last year. The sales went up to 137 thousand 170 and Istanbul had the highest share with 17.9% as 23 thousand 974 house sales. Ankara and Izmir followed Istanbul on the sale rates. Ankara had 12 thousand 609 housing sales and Izmir followed the list with 8 thousand 51 house sales.
In the previous months, significant informations and rates were revealed about the housing sales. Now there are new decisions on the VAT exemption, related with foreigners being able to sell houses and workplaces. According to the rates revealed in February by the Turkish Statistical Institute, housing sales to foreigners increased about 54.95% and became 4 thousand 591 when compared to last year’s same month. Now, The Grand National Assembly of Turkey and its committee on planning and budget made changes related to foreigners and their sales of housing and workplace.
The VAT rates for housing had some important changes. But how will these changes affect the housing sector and what are the differences? The answers are as below, but first, let’s remember the applied rates in order to make a comparison.
The residences which have 150 m² net usage area used to have an 18% VAT rate and for the ones below 150m², the rate was 1%. Now with the changes; for houses that are above 150 m², there will be a tax reduction. For the ones below 150 m², there will be partial discounts and also partial raises.
Turkish Statistical Institute announced the housing rates for February 2022. The last official reveal was on January 2022. According to the official rates, the house sales to foreigners became 4 thousand 591 when compared to February 2021. Also, the sales to foreigners had it’s share of all house sales as 4.7% on the statistics.
The new statistics of housing sales on the official website show that, when compared with the same month last year house sales to foreigners increased up to 54.9%. In Istanbul, the sales reached up to 1 thousand 958 and made the city first on the list. Antalya, with a thousand 99 houses follows the list and then Ankara with 288 houses.
Moreover, when compared to last year’s January-February period, house sales to foreigners reached 55.6% . In other words, as the official numbers tell, it became 8 thousand 777 this year.
Following the entry of the third month of 2022, the rent increase rate in March has been a subject of curiosity. The institute announces the inflation figures at the beginning of every month. Following the declaration of inflation figures, it announces the rent increase rate every month. So, what is the rent increase rate in March 2022? The rent increase rate is the increase in the rental price of the leased property at certain intervals at a certain rate. It is fair to increase the amount of rent according to inflation figures. However, Turkish laws prevent the unreasonable increase of this rate. In other words, the law interferes with the freedom of contract in a way. In February 2022, Consumer Price Index increased by 4.81% compared to the previous month.
Buying a house for investment purposes is one of the main subjects that people who want to invest in a house often wonder about. Investment houses are the houses that are generally considered to be tenant-guaranteed and provide long-term rental incomes. There are also other properties suitable for investment such as commercial and mixed-use. The location is very important while buying houses for investment purposes. The better the location, the higher the rental income and the higher the rental value of the house. Generally, it will be more advantageous to buy an investment house in regions that are close to transportation networks.
VAT rates in Turkey are changing! Good news for those who want to buy a house in Turkey! There is a recent development about the Turkish real estate sector! Housing prices are falling. In the VAT system in housing, a new model comes into play that will relieve buyers, investors and the sector. According to the new system, there will be a dual VAT system for houses bigger than 150 square meters. Also, 1-8 percent VAT will be applied for up to 150 square meters, and 18 percent VAT will be applied for 5 square meters above.
For example, 80 thousand liras of VAT is paid for a 150 square meter flat of 1 million liras, while 180 thousand liras of VAT is paid for 155 square meters. VAT in housing varies from 1 to 8 percent, depending on the district.
Turkish Statistical Institute has revealed the house sales statistics of Turkey for January 2022. The official institute has announced the figures on its official website. In Turkey, housing sales increased by 25.1% in January 2022 compared to January 2021. Housing sales reached the figure of 88 thousand 306. Istanbul had the highest share with 17.1% and 15 thousand 110 house sales. The second follower city with the most sales was Ankara with 8 thousand 255 house sales with a share of 9.3%. Izmir came after Ankara with 5 thousand 486 house sales with a share of 6.2%. In Turkey, brand-new house sales increased by 22.2% in January 2022 compared to January 2021. It became 27 thousand 203. Besides, brand-new housing sales had a 30.8% share of all house sales in 2022 in Turkey.
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