interest hike

[mercury]

I was told today that properties will be harder to sell and buy in the future because the interest rate to do this has risen from 1% to 18%... He is Turkish so there was a problem in communication. He wanted to buy a home and has decided not too now... Anyone know what he was on about?  Apparantley it has been in the news today.

[wydad]

Hi - in the Daily Hurriyet it lists the various tax increases for 2012 including :

'The Finance Ministry also revealed the change of the value added tax (VAT) rate on real estate. After the changes, for houses under 150 square meters with a value of 500 to 1,000 liras per square meter, the tax will be 8 percent, while it will be 18 percent for houses worth over 1,000 liras per square meter. The VAT for houses over 150 square meters will remain unchanged at 18 percent.

The government has spoken about their intention to increase taxes on the rich for some time. With this change, not only the area of the property, but also the price value of the property will be a VAT determinant. Those who buy high-value houses will pay higher taxes.

This regulation targets luxury or first-class residential areas in metropolitan municipalities, excluding urban renewal and reserved areas as well as buildings with disaster risks.'

[Eric]

I believe this only applies to new builds and not re-sales.

[tonysue]

I understand the council sets the tapu value on property now so that true values are declared and taxed accordingly. Does anybody know what price per square metre in Fethiye? Has anybody had their tapu recently with a value that corresponds to the square metreage ? Is a 100 sq metre apartment valued the same as 100 sq metre villa? So many questions haha.

[grahamturner09]

I have a 111meter apartment and the Tapu value is 100000 TL

[mercury]

So theoretically it will be good for re sales. Thats if anyone is buying at the moment. I know where there is a lovely apartment in Tasyaka.

[jackstee]

So actually who has to pay this.

It adds a lot onto a 100,000 pound home especially when you add the 4% sales tax.

[littlereddevil]

I'm lost here!

[tonysue]

It seems to me a report in the paper and nobody understands exactly what it means or indeed if it will be implemented. typical.

[mercury]

The purchaser pays it....