Turkish Real Estate Market: Changes on the Horizon

Turkish Real Estate Market: Changes on the Horizon

The Central Bank of Turkey (CBRT) has presented the Government with a series of proposals aimed at regulating the real estate market, according to Sözcü.

New Tax on Second Homes:

  • The CBRT proposes introducing an additional tax for owners of more than one residential property.
  • The aim is to stimulate the rental market and curb price growth.

Stimulating Construction and Rental:

  • The CBRT proposes support measures for companies involved in the construction and rental of housing.
  • This could become an alternative to private landlords and increase supply on the market.

Centralized Online Platform:

  • The CBRT calls for the creation of a system for tracking rental payments.
  • This will make the market more transparent and increase its efficiency.

Shared Ownership Model:

  • The CBRT proposes introducing a “shared ownership” model, successfully applied in several countries.
  • It will allow low-income people to gradually buy out housing by paying part of the cost as part of the rent.

Market Outlook:

  • The CBRT’s proposals are still under discussion.
  • However, they give an idea of how the Turkish real estate market may develop in the near future.
  • Owners of two or more properties should be prepared for the possible introduction of a new tax.

Other Factors:

  • In addition to the CBRT’s proposals, the Turkish real estate market will also be influenced by other factors, such as:
    • The economic situation in the country
    • Inflation rate
    • Demand from foreign buyers

Conclusion:

  • The Turkish real estate market is in a dynamic development phase.
  • The CBRT’s proposals could lead to significant changes.
  • Interested parties should follow the news and be prepared to adapt to new conditions.

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