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Property taxes in Turkey

Property taxes in Turkey

In the interest of our company to enhance the trust of its customers and to inform them about all the details related to buying and selling real estate in Turkey, we will explain in this article the types of real estate taxes, that some of them are paid only for one time, some paid annually, and some paid monthly, and we will correct the wrong ideas promoted by some people or fraudulent companies to exploit the ignorance of foreigners about Turkish laws as they do not have sufficient information about Turkish tax system. For instance, the state does not impose any additional taxes on foreigners when buy real estate in Turkey, only those property taxes that paid by Turkish citizens and foreigners alike. Turkish government provides these facilitations in order to attract investors and encourage them to invest in real estate, which is one of the most vital sectors that has a great impact on Turkey's economy. Thus, the government is working now on many reforms to reduce these taxes.     So, all that is rumored about taxes imposed only on foreigners is not true. It should be noted that property taxes in Turkey is reasonable compared to other countries competing in real estate sector. To learn about the law of obtaining Turkish citizenship through real estate investment: press here       One-time paid taxes: 1- Value Added Tax (VAT): The value of this tax is calculated according to the value of the property, ranging from 1% to 18%, since the type of the property, its area, the level of construction and the price per square meter of the land on which the property has based affect the tax's value. It is not calculated from the total area of the property but from the net area, and it is paid only once, when you buy the property. In this context, Turkey Parliament has announced a new law since late February 2017 regarding the exemption of foreign investor who buy a property for the first time from VAT, which states: "VAT is canceled for foreign investors who buy property for the first time when buying a property in Turkey, where this tax exemption applies when they pay in foreign currencies". It is worth mentioning that more than 160 countries around the world impose VAT on real estate, and Turkey is the only country where you can be exempted from VAT in the way that described above. 2- Property Title (TAPU SENEDI) Tax: This tax is imposed when you register the property in your name and start issuing the title deed for your home, and its value is 4% of the price of the property as agreed in the contract, and the amount is divided into both, the seller and the buyer, 2% per party. This applied for small properties such as homes, apartments and villas. To learn more about Property Title in Turkey: read here Take a look on some of our projects in Turkey: IHOME80 , IHOME134     Taxes and fees that paid annually: 1- Annual Property Tax: It is a property tax that must be paid once-a-year since you own a real estate in Turkey, whether you are a foreigner or a Turkish citizen. It worths only 0.002% of the value of the property as registered in the title deed, and it is paid to the local municipality in the beginning of each year. 2- Seismic and natural disaster insurance fees: Seismic insurance is mandatory for real estate owners, and the fees usually does not exceed 0.1% of the value of the property, and it is paid to an insurance company. Fees that paid monthly: 1- Aidat: These fees are paid by the owners to the company supervising the residence due to the services that are available, such as swimming pools, playgrounds, gardens, surveillance and camera system, in addition to the maintenance and services of cleaning. The value of these fees varies from one residence to another depends on the quality of the services provided, and it is ranging between $1.0 - $1.5 per square meter, a maximum. Find out about our special project in Beylikduzu with the best services available: IHOME118   In order not to be a victim of fraud, the buyer must deal with well-known companies with extensive experience in real estate sector, and be aware of all the details related to buying properties in Turkey. To read more about the future of real estate investment in Turkey: The future of real estate investment in Turkey     

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Esenyurt district .. between claims and facts

Esenyurt district .. between claims and facts

Have you ever heard of the famous Marmara Park Mall in European Istanbul? If you have not read about it, you must recognize it after seeing this picture. Marmara Park Mall is one of the largest shopping malls in Istanbul. It contains a lot of international brands and many restaurants of different types of cuisines, and it is the main destination for tourists who are seeking the latest fashion trends with special offers. Now you may ask how the famous Marmara Park Mall is related to our article, which is about Esenyurt, that known as an overcrowded and low-class district? The answer is, Marmara Park Mall is located in Esenyurt. Yes, it is true! Esenyurt is a very large district and some of it are actually popular and crowded neighborhoods, which known for their cheap prices either in buying or renting. On the other side, Esenyurt includes the famous Marmara Park Mall, many residential compounds and a lot of public places, in addition to surveillance and security services . If you interested to see our nearest project to Marmara Park Mall, with these incredible features: - The project is ready for immediate move, with first payment of 40% and installment up to 24 months, and you can get a 10% discount on cash payment. - The dynamic location of the project, that it is located in Beylikduzu, near to the E5 highway and the educational, entertainment and other services that makes it very distinctive and special. - Integrated recreational facilities with high quality materials and large green areas. - The project is located in Beylikduzu, which represents the modern center of Istanbul, and it is promising for a high return on investments. For more information: click here Now, if you want to know more about the development in real estate sector in Istanbul and to recognize Esenyurt district correctly, we would tell you that real estate sector is one of the most powerful sectors that have a great impact on Turkey's economy. This comes in line with the boom in real estate that happened in 2017 and 2018, which expected to continue in 2019 because of what Turkish government provides to facilitate the procedures of buying and selling, and because of its effort to motivate foreign investors to invest in Turkey. In the last two years almost 23,000 houses were sold and the GDP rose by about 5%. To read more about the future of real estate investment in Turkey: The future of real estate investment in Turkey Istanbul is the first destination for investors who want to buy a property, because of its ideal and developing projects, and one of Istanbul's most desirable district is Esenyurt. Find out some of our projects in Esenyurt:  IHOME 59 , IHOME 123     Esenyurt located in the European side of Istanbul. It is one of the largest areas in Istanbul with an area of 2,770 hectares. It is divided into popular districts and modern neighborhoods, each has its own beauty. Its municipality was founded in 1989, and it is also part of Istanbul municipality, which is responsible for managing services and developing all aspects of urban life in the city. It is close to Avcilar district, which is directly overlook the Sea of Marmara, and it is also close to Beylikduzu, which considered as one of the best and most vetal districts in Istanbul, that it is located in the center of the city, where the main services and all transportation are availabile (it passes through the E5 highway, the main road in Istanbul).  Learn about our unique project in Beylikduzu : IHOME 118   Esenyurt is one of the most dynamic districts where real estate sector has flourished recently, and it has attracted the attention of foreign investors because of the fast growth of towers and prestigious residential compounds, which is affordable and cheap compared to other districts in Istanbul. In Esenyurt, there are four cultural centers: Esenyurt kultur merkezi, Saadetdere kultur merkezi, Yenikent kultur merkezi, Yunus balta kultur merkezi. Also, it is bordered by Kucukcekmece lake from the east and Buyukcekmece lake from the west, and it is characterized by its beautiful green gardens, such as the famous Recep Tayyip Erdogan Park. There are also many large and important universities nearby Esenyurt, such as Esenyurt University, Beykent University, Istanbul university and Istanbul Gelisim University.   Esenyurt also close to the International Exhibition & Convention Center (TUYAP Istanbul Fair Center), just 5 km away, and Ataturk International Airport is only 26 km away. There are also many restaurants, cafes, shops and large shopping malls with international brands such as Torium Shopping Mall and Marmara Park Mall. To read more about Esenyurt: Esenyurt Area in Istanbul Turkey

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The future of real estate investment in Turkey

The future of real estate investment in Turkey

Real estate sector is one of the largest and most important sectors that has a great impact on Turkey's economy. This is due to several factors, such as its strategic location, that it is located in the middle of the world and connects the two continents of Asia and Europe and the East with the West civilization. In addition to its history, its large area and being a tourist destination throughout the year. Turkish government has adopted enormous efforts to support and promote real estate sector, in order to attract investors and businessmen from all over the world.   The recent changes happened in Turkish lira have affecte the real estate in Turkey and led to some questions that concern Arab and foreign investors regarding to the future of real estate and investing in Turkey. Read more: What is the impact of the recent decline of the Turkish lira on the real estate market Turkey's economy is expected to witness the largest growth of 5% this year, with plans to increase domestic market independency and to reduce the imports, which create an optimistic vision about overcoming Turkey’s internal and external crisis last year. Turkey's government has signed a huge number of trade agreements and international investment treaties in recent years, reducing the impact of political risks and threats on the state, which reflect a positive effects on most economic sectors, especially the real estate sector during the year. Despite the high rates of inflation and deficit experienced by Turkish economy, there are still many reasons and factors that led to the continued growth of the real estate sector, including: 1- The state of chaos and confusion that the international policy are suffering from, and the increasing restrictions on Muslims in foreign countries, making Turkey the first destination for Arab investors. 2- The instability in Middle East and the decreasing of oil prices, prompting Gulf and Arab investors to expend their money in Turkey's property market, as it has a low risk, and due to the large facilities provided by Turkish government. 3- The rapid economic growth and the continuous increasing in income achieved by tourism sector, that Turkey is considered as the first destination for Arab and foreigners tourists. 4- The agreements and treaties worth billions of dollars conducted by the government, that support and contribute to achieve the vision of the state, which creates a state of reassurance to investors. 5- Turkey president Recep Tayyip Erdogan's standing on his opinion about the non-raising of interest rates, which increases the attractiveness of investors and strengthen the purchasing power. 6- The real estate sector is rarely affected by frequent economic crises. Real estate investment is generally characterized as a long-term investment. Real estate sector is the fuel of Turkish economy, especially in the last decade. It came in the 17th rank among the world's largest economies. It is also the sixth largest economy in Europe with a domestic GDP of over $ 785 billion, the real estate sector representing 19.5% of it. Turkey's economy is among the most promising economies, driven by its desire to generate solid economic development by establishing a significant projects such as the Third Airport in Istanbul, the world's largest airport, the Third Bridge (the Sultan Yawoz Selim Bridge), and Azmeet's Gulf Bridge that considered as the fourth big bridge in the world. There are also many similar projects that Turkey's government intends to establish in other cities and provinces in the coming years during the next phase, which increases the value of investments next to these projects and makes real estate investments very profitable. To read more: Learn about Istanbul's third largest airport worldwide and its impact on Turkey's economy and real estate investment sector     There is a relative relationship between the flow of tourists to Turkey and their ownership of real estate, where tourism is a gateway to look closely at the opportunities for trade and invest and to have a knowledge about the governmental regulations that are convenient for investment, in addition to touching life on the cultural, historical and natural side. To know more about tourism in Turkey: Find out about tourism revenues in Turkey during 2018   According to the Statistics Authority of Turkey, Istanbul is the most attractive city for Arab and foreign buyers, especially the prestigious areas that are overlooking the Bosporus, such as kandilli, bebek, yeniköy and kartal, where real estate prices could reach $100 million. There is also a high demand for private villas near to Sapanca Lake and Kartebe, as well as the beautiful city of Trabzon, which attracts tourists from Arab countries. Take a look on some of our projects in these areas: IHOME 133,  IHOME 111, IHOME 88 For more information on other areas of Istanbul, you can read this article: Best places of residence in Istanbul

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The best residential districts in Istanbul

The best residential districts in Istanbul

Turkey is one of the most favorite destinations for people in the recent years. It has become the focus of attention for investors and businessmen around the world due to its strategic location, that it is located in the center of the world, connecting the continents of Asia and Europe, the eastern with the western culture, and because of its varied landscape, cool weather, beautiful culture and art. In addition to its ancient history and authentic civilization, as well as its rapid development in trading, manufacturing and urbanization. At the present time, people are investing in residential projects in Istanbul, one of the most prestigious cities in Turkey and the first choice for tourists and visitors, especially families. This is because of the variety of attractions and entertainment activities that is available in Istanbul. In this article we are outlining the best 7 residential districts in Istanbul: 1- bahcesehir district: The city of gardens or bahcesehir in Turkish. It’s aptly named, that it is dominated by green areas and beautiful landscape, it also characterized by its fresh air away from the overcrowding and the pollution of the city. Moreover, it is considered as a luxurious district inhabited by high-class families and it is marked by rapid urban development. It is 20 km from Ataturk International Airport and 25 km from the center of the city. Its nature characterized with many hills, small plateaus and valleys, adding more beauty to the place and giving you a sense of calmness and the feeling of living in the heart of nature. It is worth mentioning that although the district is famous for its natural life, it does not mean that the services available are not good, that there are a lot of shops of local and international brands as well as popular markets, cafes and restaurants. The district is generally known for its peaceful atmosphere, which will provide you and your family with a joyful and healthy life. Read more about the most important features and facilities in bahcesehir: Bahcesehir area in Istanbul     2- Esenyurt district: Esenyurt district is located on the European side of Istanbul, and it is one of the largest and most densely populated districts (2,770 sq. km) with a population density of 750,000 people. In general, it is a vital district where you can find a job and where people of several nationalities are living. Esenyurt has two very different patterns of districts: The first type is the overcrowded informal slums, that characterized by its active lifestyle, where properties are cheap in terms of purchasing or rent. Also, the transportation and public services are available near those neighborhoods.        The second type is the residential complexes that are known for its high security and the luxurious services. Those residential complexes come at different levels on demand, including cheap and affordable services, and the average price of VIP services. Esenyurt is recognized by its rapid growth, where foreign investors are keen to buy their homes or launch their businesses, which makes it a promising district for investments. Also, the metro line will pass through the district by next year, making the transportation and movement so easy and comfortable. To learn more about Esenyurt: Esenyurt Area in Istanbul Turkey     3- Sultanahmet area: Sultanahmet is located in the heart of Istanbul. This area reflects the historical and tourist face of the city, where there is the Sultanahmet Mosque (known as The Blue Mosque) and many other attractions sush as Hagia Sophia, Topkapi Palace, Gulhane Park, the Grand Pazar and the Egyptian Market, as well as restaurants, cafes and many shops with international brands. This area is easily accessible and affordable for everyone.     4- Taksim Square: Taksim Square is one of the most important tourist sites in Istanbul. It is a major center for many activities and it is the main destination for tourists from all over the world. It is so close to Istiklal Street which contains shops, antique buildings, libraries, banks, cinemas, restaurants and cafes, in addition to many embassies and consulates such as the US Consulate, French Consulate, Greek Consulate and British Consulate. One of the most important landmarks in Taksim Square is the Republic Monument and the Nostalgic tramways. Take a look on our projects near to Taksim: IHOME 36   5- Nisantasi area: Nisantasi is an upscale residental area that located on the European side of Istanbul in the famous Sisli distrect, and it is one of the most beautiful and vibrant areas in Istanbul. It contains many shopping malls, fashion boutiques and international high brands. It is one of the most luxurious and fancy residential districts in Istanbul and it is the perfect choice for many families, visitors and tourists for an enjoyable holiday. Take a look on our projects near to Nisantasi: IHOME 85     6- Kadidoy neighbourhood: Kadikoy is one of the important, significant and most visited areas in Istanbul. It also considered as a residential and commercial neighbourhood. In addition to that, the port of Kadikoy is an important transportation hub in the city that it connects the Asian and European sides across the Bosporus Strait, and it is easy to move from and to Kadikoy that all convenient transportation are available such as metro, rail and bus lines.     7- Tarabya neighbourhood: Tarabya neighbourhood is located on the European side of Istanbul, overlooking the charming view of the Bosporus Strait, and it has a pleasant atmosphere and plenty of greenery. It is a quiet neighbourhood which is suitable for those who are seeking for comfort and desiring to relax. Tarabya neighbourhood is close to Belgrade Forest, which is frequently visited by many tourists throughout the year. It also contains five stars hotels, shopping malls and different markets, as well as healthcare services and the availability of transportation.

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