Real estate ownership taxes in 2023 Turkey
Analysis of the latest changes in real estate taxes in Turkey for 2023,what’s new
Real estate ownership taxes in 2023 Turkey are a set of fees and taxes that owners, buyers and tenants have to pay on real estate located in Turkey
These taxes are an important source of revenue for the Turkish government and are used to finance public services and government projects
Real estate ownership taxes in Turkey vary depending on the factors they cover, as different taxes are applied to residential and commercial real estate
Real estate taxes are also calculated based on the rental value of the property. This value is determined by the real estate tax department in Turkey
Real estate tax laws can vary from one province to another in Turkey. Tax costs may also change depending on the nature of the transaction. Taxes are usually collected when buying property or transferring ownership of it
Payment of taxes can be made once when making a transaction or periodically depending on the agreement and the type of taxation. Real estate tax laws in Turkey are also changing over time, and changes in tax regimes may occur
Real estate ownership taxes in 2023 Turkey include real estate tax and fame tax (Emlak Vergisi and Harç) these taxes are estimated based on the rental value of the property, location and type of property
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Real estate taxes in Turkey 2023
Real estate taxes in Turkey for 2023 vary depending on the type of property and its location, and include the following
Ordinary real estate in major cities and their surroundings
A real estate tax of 0.2% is levied on ordinary real estate such as apartments and buildings located in major cities and their surroundings
Real estate in major cities
For property and real estate owned in major cities, the real estate tax rate in Turkey is 0.4% per annum
Real estate in the surroundings of major cities
For real estate in the surroundings of megacities, a tax of 0.1% is charged per annum
Commercial real estate
A real estate tax of 0.4% is levied on commercial real estate, while the tax rate on land is 0.6%. These prices are calculated based on the value of the property
Please keep in mind that these rates and rates are for general information purpose and may change over time and changing government legislation
It is always preferable to consult the relevant authorities or tax experts in Turkey to get accurate information about real estate taxes in Turkey and how to apply them
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VAT on the purchase of real estate in Turkey
Buying real estate in Turkey requires paying VAT at different rates depending on the type of property and its area. Here is a summary of the real estate VAT in Turkey
Apartments with an area larger than 150 square meters
Vat of 18% must be paid on apartments with an area of more than 150 square meters
Apartments with an area of less than 150 square meters
1% VAT must be paid on apartments with an area of less than 150 square meters
Commercial real estate
VAT is levied at a rate of 18% on commercial real estate
Rental properties
Rental properties are exempt from VAT in Turkey
Properties that have been sold by real estate agencies
In the case of the sale of real estate with the help of real estate agencies, a 1% VAT is applied
Please note that these ratios and laws represent a general tax situation in Turkey and can change with the change of government legislation
It is always preferable to consult a lawyer or a local tax consultant in Turkey to understand the specific taxes of your case and comply with the laws in force
How is VAT calculated in Turkey
To calculate VAT is as follows: multiply the product price by the tax percentage and then add the output to the price of the original product
For example, if we have a vacuum cleaner with a price of 500 TL and the percentage of VAT on the product is 18%, we can calculate the tax as follows
Tax = (0.18 × 500) = 90 TL
Then we add the tax value to the original product price
The price of the finished product = 500 + 90 = 590 TL
So, the price of a vacuum cleaner after adding tax is 590 TL
How to buy a property in Turkey
Foreigners can buy real estate in Turkey under the current legislation. To facilitate the process of buying a property, the following steps can be followed
Contact the Turkish Land Registry Office
The land registry office is responsible for the registration of real estate in Turkey. You should contact the land registry office to find out more about the property you want to buy and the legal requirements
Earthquake insurance
When buying a commercial property in Turkey, there may be requirements for earthquake insurance. A legal representative can perform these actions on your behalf
Pre-sale approval
Before purchasing the property, you are required to obtain pre-sale approval from the land registry office Such consent is issued based on the submission of the necessary documents and information
Approval from the Council of ministers
To purchase land in Turkey, you may also need to obtain approval from the Turkish cabinet of ministers
Power of attorney
You can hire a real estate lawyer in Turkey to help you with the purchase procedures. A legal lawyer can act on your behalf and guide you through the process
Property tax
There may be real estate taxes imposed on real estate in Turkey, depending on the type of property and its location. A lawyer or real estate expert can provide you with information about these taxes and the applicable rates
These are some of the basic steps to buying a property in Turkey. The buyer must comply with the laws and regulations in force in the country to ensure a smooth purchase process
Investing in Turkey
Some statistics that shed light on the economic situation in Turkey
Turkey received about 165 billion US dollars in foreign direct investments in 2019
Turkey ranks 33rd out of 190 global economies according to the Doing Business 2020 report issued by the World Bank
A significant proportion of foreign direct investment is concentrated in such prolific sectors as Energy, Finance and manufacturing, absorbing about 60% of these investments
The main investors in Turkey include the Netherlands, Qatar and the United States
Services provided by Kate turk company
At “Kate Turk”, we realize that the best real estate investment lies in choosing the best areas, so we work hard to provide the best Real Estate Consulting to our clients. When we searched for an investment opportunity, we found that this was a unique investment opportunity that deserved everyone’s attention. We understand that you are looking for a property that will give you a safe investment
The company “kit Turk” is a consulting company specializing in real estate consulting, development and implementation of large and medium-sized projects. We are looking for real estate investment opportunities by managing gatherings of investors seeking to invest in real estate or reside in Turkey by buying a property. We manage and develop these opportunities to ensure the highest profit rate for investors
We also provide investment management and participation services in real estate projects based on thorough and comprehensive studies of each project. We take care of all economic aspects and carry out a thorough feasibility study to ensure the success of projects
To contact customer service you can visit the following link
