Property taxes in Turkey: rates, features, expenses

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Taxes on sale and inheritance of real estate in Turkey

When selling real estate in Turkey by private individuals, the tax system is taken into account, which depends on many factors. One of the main points is the duration of ownership of the property. If a person has owned the property for more than five years, no tax is charged upon sale. However, if the property was purchased and sold within a short period, the tax is applied to the difference between the purchase price and the selling price.

Taxation on real estate sales

The income tax on real estate sales is calculated progressively. For amounts up to TRY 11,000 (€2,818), no tax is charged. For income from real estate sales up to TRY 13,000 (€3,330), the tax rate is 15%. For amounts from TRY 13,000 to TRY 30,000 (€7,685), the tax increases to 20%. Amounts from TRY 30,000 to TRY 70,000 (€18,000) are taxed at 27%, and from TRY 70,000 to TRY 110,000 (€28,175), the tax is 35%.

Inheritance and gift tax

Inheritance and gift tax also depends on the value of the transferred real estate. It is calculated on the value of the real estate indicated in official documents. Russian citizens who receive income from real estate in Turkey are obliged to pay taxes in Turkey.

Transaction processing and additional expenses

To conduct real estate transactions, it is necessary to register the deal with government authorities. Foreign citizens require a notarized translator when formalizing property rights.

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Transactions involving foreigners are subject to official fees and payment for the services of an agency that assists with document processing.

Additional expenses related to property registration include the re-registration of meters to the new owner. Also, all property owners are required to have state earthquake insurance. Before purchasing property in Turkey, it is important to consider all tax obligations and additional payments to avoid unpleasant surprises.

The mysterious and multifaceted Turkey has long occupied one of the top spots on the list of preferred countries for purchasing real estate and vacationing. Its mild climate, rich historical heritage, centuries-old traditions, and hospitality reasonably attract thousands of people to its shores every year. In addition to the country's appeal, Turkey also offers attractive tax conditions for real estate buyers. Optimal tax rates on property acquisition, rental, and sales, as well as the absence of VAT for foreign citizens on their first property—all these factors make Turkey appealing to investors. However, purchasing real estate is a serious step that requires good preparation and a professional approach. It is important to consult a professional realtor to avoid mistakes and save time and money when making a deal. Turkey will never cease to be one of the most attractive countries for investment and leisure. By choosing real estate in this country, you gain the opportunity for year-round relaxation in a warm climate, the gratitude of the local residents for your choice, and a fresh perspective on life and culture.