Turkish Council of Ministers Decision No. 2017/9973 introduces changes in legislation in relation to new Resource Utilization Support Fund (“RUSF”) rates and stamp duty tax applicable for property sales.
Prior to the new legislation, stamp duty tax applicable to the property transfers was 4% of the purchase price.
The title deed fees rate applicable to transfers of residential or business real estate properties (including those with construction servitude) is reduced from 4% to 3% until 30 September 2017.
The effect of the reduced stamp duty tax on property market, in our opinion, presents a unique opportunity to purchase or sale property in Turkey. Accordingly, Turkish Statistical Institute stated that there was a 10% increase in property transfers in March 2017 compared to March 2016.
If you are considering to purchase or sell a property in Turkey, you could benefit from the reduced stamp duty tax. For further details on this, please contact our team.