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.
A person who acquires a new real estate pursuant to the Property Tax Law does not pay property tax for the year in which he acquired the property. A person who acquires a new real estate pursuant to the Property Tax Law does not pay property tax for the year in which he acquired the property. But until the end of the year, the taxpayer acquiring the property is obliged to notify the municipality where the property is located. If there is less than three months to the end of the year, for example on November 15, if real estate is purchased, the notification must be submitted within three months, ie by February 15.
Property taxpayers are required to notify only when new construction is completed or if a part of the construction is already in use before the end of construction, or as soon as the use of each part is started.
Sellers of real estate may be subject to a follow-up of a past debt such as property and garbage tax related to the property they sell at a later date. It is stated that it is useful to inform the municipality where the real estate is located with a petition that includes the sales information, immediately after real estate sales, in order to avoid a follow-up of the related sales at a later date.