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General Expenses of Buying a Property in Turkey The main expenses when buying a property in Turkey consist of two parts: the price of the property itself and the costs associated with its registration. The specific costs associated with registering property in Turkey vary depending on the type, size, and value of the property. Here is a general list of the main expenses: Sales Tax: There is a total sales tax of 4% on property purchases, sometimes split between the buyer and seller. Annual Property Tax: Approximately 0.2% of t...

The Turkish Statistical Institute (TUIK) has published the report on property sales statistics of 2023. A Total of 1,225,926 Properties were Sold in Turkey, 2023 In 2023, Turkey witnessed the sale of 1,225,926 residential properties, marking a 17.5% decrease compared to the previous year. Istanbul led the sales with 198,739 properties, accounting for 16.2% of the total sales, followed by Ankara and Izmir with 114,432 and 65,465 sales respectively. The lowest sales were recorded in Ardahan, Hakkari, and Tunceli.

Turkey has recently become one of the best destinations for those seeking a second home. This picturesque country which has breathtaking landscapes, an enormous amount of historical places, and is renowned for its warm hospitality has gained the hearts of both investors and holidaymakers. However, before talking about the exciting journey of buying a second property in Turkey, it is crucial to review some basics. The questions in your mind should not be overlooked and must be answered. For example, you have decided to buy a second house, but do you know the taxes for buying a second home? O...

In October 2023, Turkey introduced Law No. 7464 on the Leasing of Residential Properties for Tourism Purposes and Amendments to Certain Laws, focusing on the short-term rental of residential spaces for tourism, such as through platforms like Airbnb. The Law came into force on January 1, 2024, and mandates that property owners or those holding limited property rights must secure a special permit from the Turkish Ministry of Cultur...

Overview of the 2023 Turkish Property Market A notable rise in property prices has been noticed since early 2023, with an increase of 109%. By August 2023, the average price for a home in Turkey reached about $100,316. This is a sharp increase from the end of summer 2022, when the average was $81,510, and the annual price growth was even more rapid at 203%. This growth was one of the steepest increases ever recorded by Turkey's Central Bank. Despite higher prices, the housing market in Turkey is expanding. During the first seven months of 2023, there were 1.6 milli...