Turkish Stamp Duty on Property to Increase to 4% in January

Turkish Stamp Duty on Property to Increase to 4% in January
Turkish Stamp Duty on Property to Increase to 4% in January
Written on: 3 December 2019

Property buyers in Turkey should bring purchasing plans forward if they want to take advantage of the current reduced stamp duty incentives that will help them save money. Introduced by the government, to encourage house sales, the incentive will finish on 31st December, and to date, there is no news of an extension. Previously, set at 4%, buyers and sellers currently enjoy a reduced rate of 3% until 1st January 2020, when the 4% rate will return and end incentives introduced in 2018.

What is Turkish Stamp Duty on Property?

By law, whenever a house sale takes place in Turkey, stamp duty is paid. On some occasions, the buyer and seller split this, although negotiations are allowed. Most times, the buyer pays the full percentage. The amount is calculated as a percentage of the selling price.

How Much Money Can Buyers Save?

All houses sales are completed in Turkish lira, but using foreign currency as an example, if the house is valued at £100,000, the buyer will save a staggering £1000, or 7460 Turkish lira at the current exchange rate. In areas, where there is a surplus of properties keeping prices down, this is a lucrative opportunity for buyers looking at a mid to long-term real estate investment.

How is the Turkish Real Estate Market Performing?

Although domestic sales have slowed down because of high-interest rates, house sales to foreigners have been a record-breaking year. The first half of 2019 showed a staggering increase year on year, with areas like Istanbul and Antalya leading the way.

The Antalya region of Mediterranean Turkey, that includes the city centre and smaller beach resorts, is proving to be an all-rounder, attracting many nationalities looking for holiday homes, permanent residences, and long-term real estate investments. While the outskirt areas of European Istanbul attract investors looking to capitalise on current development projects.

As well as reduced stamp duty, another incentive that worked in Turkey’s favour was reducing the entry-level for the citizenship by investment scheme, where house buyers can apply for citizenship upon investing in the Turkish real estate. More information on that here.

Further Information

If you want to buy property in Turkey and would like to talk to a real estate agent about stamp duty and other applicable taxes, call or email using the contact details here. Our app also includes detailed information on the buying process and features a wide range of apartments and villas for sale in many areas of Turkey, including Istanbul, Antalya, Bodrum, Fethiye and more. Download it on Apple, or Google Play.

Other posts

Why Buy Property In Side, Turkey

If you are a house hunter in Turkey and wondering why buy property in Side, there are plenty of excellent reasons. Sitting on the southwest coast, Side has evolved into a multicultural hub favoured by Europeans, Brits, and other nationalities.

Things to Do in Side In the Antalya Region of Turkey

Regardless of whether you want a typical beach holiday, full of water splashing fun, or a more adventurous time full of culture, traditions and insight into Turkish life, Side will not disappoint.

Everyday Turkish Greetings and Expressions to Learn

For language learners of all levels, knowing typical day Turkish greetings and expressions go a long way in daily life. don’t be afraid to put yourself out there. Turks admire people who take a chance when speaking their language and will respond in kind.

Trabzon and Rize: Touring the North East Black Sea of Turkey

When it comes to travel trends in Turkey, Trabzon and Rize peak at the top of the list. Having risen in popularity among Turks, more foreign travellers now seek to get off the beaten track and explore lesser-known destinations.

Living in Turkey During the Coronavirus Spread

Although Turkey was one of the later countries to confirm Coronavirus cases, they implemented swift action before the UK to curb social interaction but still ensure daily life carries on.

Download our Turkey Homes app now

Available Free on App Store and Google Play



mobile screen mobile screen
mobile screen
WhatsApp Us Contact Us