Turkish Real Estate Sector Gains the Biggest Support from the Government
The Turkish government has recently launched a package of support for many sectors such as the automotive sector, the real estate sector and many other fields such as home appliances.
The Government has recently stepped up its support measures in particular to revitalize many sectors in order to strengthen them further and ensure their spread. Tax exemptions on real estate, household appliances and other reductions come as part of these measures.
The government has also given special importance to the real estate sector through several real estate campaigns that have continued over the past year and until this month. The Turkish President Recep Tayyip Erdogan made a special appeal to revitalize real estate companies throughout Turkey by organizing Many of the campaigns for promoting real estate and perhaps it’s the largest that has offered to sell apartments throughout Turkey in easy installments up to 240 months, and the most prominent activities carried out in this context include:
- Campaigns of competitive real estate offers that give those wishing of ownership a high potential such as easy installment and cheap interest.
- As some of the real estate companies went in another way to cancel the interest completely on the directives of the President of the Republic.
- Pre-payments were reduced for those wishing of ownership with an installment and the percentage was lowered from 25% to 20%.
- Foreigners and expatriates were exempted from VAT during the purchase of real estate. In addition to many other facilities.
The Turkish government continues to actively support this vital sector, and many other reforms are expected to be announced in the next few days.