Turkey, noting significant progress with its developing economy in recent years, investments in construction and real estate sectors, is becoming a center of attraction for institutional and individual investors. In this process, the country offers significant opportunities to foreign investors who need to master local dynamics to make successful investment decisions. As Trem Global team, we are closely following developments in order to provide support to investors in real estate acquisition and investment issues, which are highly dependent on internal and external factors and have unique problems, with our experienced and industry-dominated staff. In order to meet the needs of our customers in Turkey, and to help them achieve successful results in investment decisions we present Real Estate Acquisition and Investment Guide in Turkey to the investors, where we provide sector-specific knowledge. The information in this guide is general, not social, tax or legal advice.
The following information needs to be known when calculating building tax:
· The square meter unit value of the land on which the house or workplace is built and the number of square meters of the land share,
· Cost of square meters determined according to the status of concrete and carcass, masonry or wood of the houses and buildings and construction class,
· Tax rates of residences and businesses within or outside the metropolitan municipality,
· Exterior measurement of the building,
· Wear allowance reduction,
· Heater and elevator difference.
There are a number of ways to calculate the building tax value. These ways are:
· The average figure in the scale showing the normal construction cost of square meters will be multiplied by the surface area of the building.
· The difference that will arise as a result of the multiplication mentioned above shall be added to the difference of the elevator, heating or air conditioning installation if any. This additional figure will be 6% for the elevator and 8% for the heating or air conditioning.
· Thus, the depreciation share corresponding to years and construction type is deducted from the total value found.
· After deducting the depreciation share, the amount of the land or the share of the land determined according to the minimum measurements is added to the remaining amount.