Insurance in Turkey falls into two main categories: compulsory and voluntary. One type of compulsory insurance is DASK, the state-run earthquake insurance, which is mandatory for all property owners in Turkey. This insurance is renewed annually and is well justified given the seismic activity in the regions. DASK – Doğal Afet Sigortaları Kurumu DASK, or Doğal Afet Sigortaları Kurumu, issues...
1. Istanbul's Housing Market Dominated by Old Housing Stock: The rising dollar exchange rate and construction costs hinder new housing supply, shifting demand towards the secondary market. 7 out of 10 apartments sold in Istanbul are second-hand. 2. Housing Prices Remain High: The average price of a residential property in December 2023 exceeded 3 million Turkish Liras. An individual...
Flourishing Residential Sales: Nationwide residential property sales in February 2024 witnessed a 17.3% year-on-year increase, reaching 93,902 units. Istanbul maintained its dominance as the city with the highest number of property sales, accounting for 16,344 units or 17.4% of the total. Ankara followed with an 8.8% share, and Izmir with a 5.5% share. Stabilizing Prices: In line with our 2023...
Key takeaways: Overall property sales in Turkey increased by 17.3% in February 2024 compared to February 2023. Foreign property sales decreased by 44.9% in the same period. Istanbul, Antalya, and Mersin were the top three regions for foreign property sales. Russian citizens were the top buyers of foreign property, followed by Iranian, Iraqi, Ukrainian, and German citizens. Sales Growth...
New regulations reduce supply, pushing owners to long-term rentals Turkey's "Airbnb law," which came into effect on January 1, 2024, has significantly reduced supply in the short-term rental market. According to Emlak Kulisi, the number of apartments rented out for short-term (up to 100 days) has decreased from 13,500 to 3,000 in just two months. For example, in the Esenyurt district of Istanbul, only...
1. Kaputaş Beach: Small but charming: Located in Kaş, this beach is considered one of the most picturesque in Turkey. Turquoise water and golden sand: Perfect for a relaxing swim and sunbathing. Majestic cliffs: Surround the beach, creating a unique atmosphere. 2. Göreme, Cappadocia: Fairytale town: Houses and hotels are carved into the rocks, creating a magical feel....
Buying Property in Turkey: A Guide to Associated Costs Owning a property in Turkey can be a great investment or a perfect holiday getaway. However, besides the property price, there are a number of additional costs to consider when purchasing real estate in Turkey. Here's a breakdown of the expenses you can expect to encounter: One-time expenses: Real estate appraisal: Approximately $440...
This article will guide you through the process of paying taxes on your rental income in Turkey, ensuring you can rest easy knowing you are in compliance with the law. When to file: The declaration is filed with the tax authorities in March of the current year for the previous year. Tax-free threshold: You are exempt from paying tax if your total annual income is no more than 21,000...
February 14, 2024 – Pegasus Airlines, a Turkish low-cost carrier, has announced updates to its fare structure, including new names for existing fares and changes to carry-on baggage allowances. The new rules will apply to tickets purchased on or after February 14, 2024. Changes to Fare Names and Carry-On Allowances The following changes will be made to Pegasus' fare structure: Basic fare is...
Pegasus will now charge economy class passengers extra for hand luggage There have been no official announcements from the low-cost airline about the innovations. The list of tariffs on the official website still shows four of them, as before. But there will be changes. Background As with Transavia, this is an attempt to replicate the rules of European low-cost airlines, where it has long been...