If you’re interested in investing in real estate, there are many reasons to consider. Some of them include low taxes, high income, and a great return on investment. Let’s look at some of them in this article.
When investing in real estate in Turkey, you are advised to know the tax laws of the country. This will help you avoid problems with the Turkish government.
Taxes in Turkey vary according to the type of property, and the city or town where the property is located. The taxes also vary depending on the value of the property. A typical property that costs EUR100,000 will have an assessed value closer to EUR60,000.
Real estate tax in Turkey is calculated over the value of the property. It is generally included in the price of the developer. The first installment starts on March 1 and the second one in November.
First-time homebuyers are exempted from paying VAT. However, if you rent the property, you have to pay tax on the rental income. There are progressive tax rates for income over Lira 40,000.
Buying property in Turkey is a great way to invest. It offers a great return on investment (ROI), a solid rental yield, and the chance to use it as a vacation home. However, you have to do your research before you buy. You should also choose the right real estate company.
There are two main types of property in Turkey. These are commercial and residential. Commercial property includes offices, bars, restaurants, shops, and hotels. Residential properties include apartments and homes.
Investment in real estate is known as the fastest-growing sector of the Turkish economy. In the past decade, it has become increasingly popular with foreigners.
The lira has depreciated and is now a very weak currency. This has prompted investors to take advantage of the opportunity.
High return on investment
Investing in real estate in Turkey offers a number of benefits. You can earn a high return on investment in this country. But, before you do so, you need to know exactly what you are getting into.
First, you should determine your budget. This will help you determine what type of property to invest in. Also, you should consider your financing plan. The financing option you choose will impact your expected return on investment.
For example, it’s easy to obtain a loan for residential property. However, obtaining a loan for commercial property is more difficult. On the other hand, commercial properties have higher rents than other properties.
Commercial property is often rented out for a long period. It’s easier to maintain and manage a commercial property than a residential one.
Full inheritance for The Family
When you decide to invest in real estate in Turkey, you should understand what the inheritance laws are. This law is important because it will determine how you will be able to use the property once you have invested.
As you know, in Turkey, the spouse is given half the inheritance. However, the children of the deceased also share the inheritance. The next in line is the parents, siblings, grandparents, and great-grandchildren.
In addition, the inheritance tax is deducted from the property’s price. It is generally lower than the European Union, though it can vary by the value of the property. You should pay the tax before you inherit the property.
For foreigners investing in real estate in Turkey, the inheritance law is very important. Although you are free to choose the law that you prefer, the Turkish government takes ownership of the property.
Turkey is a beautiful country surrounded by sea on 3 sides. The Mediterranean in the south, the Aegean Sea, and the Black Sea to the north and northwest take place in Turkey’s overland waters, including the Strait of Dardanelles and Bosporus involve the Marmara Sea.
If you are interested to buy real estate in Turkey please visit our latest Turkey property listing.