Changes in real estate taxation in Turkey

Sky Sakarya North Cyprus Real Estate

Changes in real estate taxation are being prepared.

According to the government proposal, individuals obtaining credit for the purchase of more than one property will be required to pay a 15% tax on transactions with banks and insurance.

Meanwhile, those acquiring their first home will be exempt from the specified tax.

Citizens taking out loans for multiple houses will be subject to a 15% tax on banking and insurance transactions (BSMV).

According to Erdogan Syuzer from Sözcü, first-time homebuyers will be exempt from this tax.

The size of BSMV will be determined based on the interest charged on mortgage loans.

It’s important to note that BSMV is not levied on the principal amount of the loan and is also subject to insurance operations.

The draft law includes several key provisions, including pre-election amnesties.

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