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Reducing the Istanbul Real Estate Prices in the Industrial Areas

The Minister of Finance, "Naji Igbal," giving a statement to journalists about the new regulations carried out by the government in regard to the industrial areas, the minister said that the facilities within these industrial areas will not pay the municipal tax from now on or later...

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2017-06-12 Last update 2020-02-11

Reducing the Istanbul Real Estate Prices in the Industrial Areas

Reducing the Istanbul Real Estate Prices in the Industrial Areas
The Minister of Finance, "Naji Igbal," giving a statement to journalists about the new regulations carried out by the government in regard to the industrial areas, the minister said that the facilities within these industrial areas will not pay the municipal tax from now on or later.

The minister said that the Turkish economic sector has witnessed a remarkable growth despite many negative developments in the region in the past period, adding that the average economic growth in Turkey has reached about 6% despite these negative developments in the last period.

He stressed the necessity for continuous economic growth in Turkey at the same speed, and said that there are many duties on the government to ensure the continuation of economic development rapidly at the same pace.

He also said that the government was seeking to implement several reform packages and added that economic growth would grow rapidly through amendments to be made by the government.

The new legal package provides for the establishment of several industrial areas throughout Turkey with new incentives for investors to enter these industrial areas. The prices of properties within these industrial areas will be reduced, as well as exempting enterprises from municipal taxes in full.

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