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Turkey is a popular destination for comfortable and versatile recreation among citizens of Russia and other countries. Also, most people are considering the Eastern country for a change of residence. That is why the question of buying a home in Turkey is relevant for a large number of citizens of the Russian Federation.
Of course, when deciding to buy real estate in another state, it is important to know the current situation on the market, as well as to have an idea of taxation and further money spent for the maintenance of square meters.
The specifics of the Turkish real estate market
To date, there are many reasons why Russian citizens prefer Turkey:
- favorable environmental conditions;
- warm climatic conditions;
- inexpensive cost of living;
- multifaceted culture and so on.
As practice shows, the increased demand can be traced to real estate, which is located in large cities of the colorful state and resort areas. The housing market is diverse and satisfies the tastes of even discerning customers.
The increased demand for real estate in Turkey is due to several reasons:
- Cancellation of VAT payment on the first purchase of real estate, subject to the purchase and sale transaction in euros / dollars, and it is also impossible to sell square meters within one year.
- Reducing the investment rate for citizenship – up to 250 thousand dollars.
The amount of annual tax when owning real estate
In addition to the tax on real estate of individuals when buying square meters, payment for ownership of real estate is provided. Real estate tax in Turkey for Russians in 2020 is 3.3% of the price of the property. This rate is paid at the time of purchase and is equally distributed between the seller and the buyer.
When purchasing a home, there may be additional expenses for translation services, notary, insurance, and so on. Every property owner in Turkey pays tax every year at the following rates:
|
The property |
Interest rate for provinces |
Interest rate for metropolitan areas |
| Apartments, houses, suburban real estate |
0,1% |
02% |
| Commercial premises |
0,2% |
0,4% |
| Land areas with a building permit |
0,3% |
0,6% |
| Plots without a building permit |
0,1% |
0,2% |
The amount of tax payment is calculated based on the cadastral value. As a rule, property tax for foreigners and locals is paid in 2 stages:
- Until June 01.
- Until December 1 of the current year.
It is possible to make a one-time tax payment, but for this you will need to write an application to the administration of the appropriate sample. Income tax in Turkey from individuals in 2020 is no more than 40%, the minimum rate is 15%.
In general, it is worth noting that tax rates in Turkey are at an average level. It is for this reason that the purchase of real estate for various purposes should be considered not only for personal use, but primarily for profitable investment.
What is the penalty for non-payment of property tax in 2020?
Some people ask the question: “What is the amount of the penalty in case of non-payment of property tax?”. Penalties for non-payment of tax on apartments, houses , commercial premises and other real estate in Turkey are 6-8%.
The company “Expertproperty” recommends paying tax payments on time and enjoying your vacation and living in the Eastern country as much as possible. Need more advice? Please contact us at the contacts provided and our qualified specialists will provide extensive advice.