Residential Sales Without Vat Will Expand Sales Volume

The Republic of Turkey is trying to attract citizens of foreign countries with the regulations that the government has recently made. With the new regulations, not only foreign nationals but also Turks living in different countries who are Turkish citizens are aiming to invest in their homeland. With this new legislation, housing and business sales are tax-free. With the VAT law applied in Turkey, tax received at 18% was removed in residential sales. At this point, Turkish citizens living abroad and foreign citizens living abroad can buy tax-free housing. The most important point to be noted at this point is that the purchased house will not be sold for 1 year. If you want to sell earlier than 1 year, you will be charged 18% tax, which is not demanded in the first sales period.

The chairmen and bosses of major construction companies serving in Turkey underline that this practice is very positive, because foreign citizens want to buy housing in many cities of Turkey, which have natural beauty, especially in Istanbul. From this point of view, both the investors coming from the Middle East and the investors coming from Europe will have the cultural wealth. Chairman of the Board Ali Ağaoğlu underlines that foreign nationals prefer houses that have succeeded in becoming brands and proved their quality. There is no information about how long sales campaigns without VAT will last. But this application is expected to be valid for a limited time, because the residential stock is almost exhausted.

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    yasemin Written by:

    Yasemin Kılıç yaseminkilic@istanbulinvestments.com

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