: 2016-09-17 Modified date : 2019-03-16
Ms. Oya Zingal, the executive director of Murabaha Real Estate Solutions, Turkey Branch; one of the largest Gulf companies active in the Turkish real estate sector, had assessed the actions taken by the Turkish government including the reduction of Value-added tax (VAT) from 18% to 8%, for those wishing to own properties within the period extended to the date of 31th of March 2017, where she indicated that this reduction in the tax could turn into an important opportunity for those who wish to purchase a property for real estate investment in Turkey.
Ms. Zingal added that after the failed attempt of the military coup in the 15th of July 2016, investors started to think twice and thrice before they purchase a property. But the polices followed by the Turkish official bodies in this regard, such as the reducing of the interest rates on mortgage loans on the one hand, and the encouraging offers provided by a lot of major real estate companies on the other hand, brought back the markets to the bath of prosperity again, and real estate sales raised significantly.
Ms. Zingal also stressed that the decision to reduce the real estate VAT rate, which increase in the size over 150 square meters, from 18% to 8%, was the right decision to take, and it will open the door wider to the real estate sector and will significantly encourage the real estate markets movement during the period assigned.
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