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: The Latest News
The flights to Istanbul are now being resumed by Saudi Arabia after two years of cancelation. The limitations started according to the Covid pandemic procedures almost two years ago. In relation with this, many countries all around the world had their own prevention systems. That inclueded limitations on travelling and cancelations of flights. The only aim was to control it from spreading since it had impact on everything.
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.
South Korea cancels visa limitations towards Turkey after the pandemic started losing its effect day by day. Due to pandemic precautions, every country had some limitations. Some had preventions while entering the country and some didn’t allow any entrance at all. South Korean government had some precautions too. The one that was related to Turkey wanted Turkish citizens to get a visa that is suitable for their purpose of visit. Of course, the numbers were limited and not everyone was able to enter the country. Apart from some particular reasons and people such as diplomatic or service passport owners the limitations were all set and accurate. The people who wish to travel to South Korea needed to obey the restrictions given by the Korean authorities.
1915 Canakkale Bridge which is one of Turkey’s megaprojects is open to traffic. The grand opening was made with an official ceremony on March 18th. The date is also important since it is the 107th anniversary of the Canakkale Naval victory. The ceremony started with the attendance of President Recep Tayyip Erdogan.
The megaproject started on March 18,2017. For this giant structure, over 5,000 workers were employed. It is the world’s longest midspan suspension bridge by it’s 2023 meter span. That’s why we can call it as a record breaker.
The bridge’s roads divide into three lanes in each direction. It’s design and architectural aspects are not coincidences. The artillery shells are an example to that since they are a tribute to the legendary World War I Battle of Gallipoli.
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.
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.