Property taxes in Turkey
What are property taxes?
- Purchase tax
- Annual property tax.
- Tax on the resale of immovable property
1. Purchase tax
When the seller and the buyer finalise the deal, a tax contribution of 4% of the cadastral value stated in the TAPU must be paid. The fee must be paid by the buyer. On average, the tax for a 1+1 apartment starts from 1000 Euro.
2. Annual Property Tax The annual tax fee is 0.3% of the cadastral value. On average, the annual tax does not exceed USD 100.
Income from the sale of property in the Republic of Turkey is subject to tax. If the period of ownership is less than 5 years, the taxable base is the difference between the purchase price of the property in the TAPU and the new price shown in the new TAPU when the property is sold.
The taxable profit from the sale varies between 15% and 35%. If the difference in value exceeds 15 thousand liras, the tax rate is 20%. If the value difference is less than 15 thousand liras, no tax is payable. If the property has been owned by an individual for more than 5 years, the sale is not taxable.
Growth in housing sales to foreigners in Turkey approached 27 per cent
