As reported previously, VAT on new housing with an area of less than 150 square meters, where the cost per square meter is 500-1000 Turkish lira ($281-$563), will increase to 8%, and in houses with a larger area VAT will remain unchanged at 18%. Previously, the VAT rate was 1% for housing with an area of less than 150 sq. m. m and 18% - for objects of a larger area.
Experts of the local real estate market note that the increase in prices for new housing, mainly due to the rise in prices of labor, building materials, and now with an increase in the VAT rate, will be temporary.
Nazmi Durbakyam, President of the Istanbul Contractors Association, believes that the increase in VAT and prices for new housing will affect most of the projects in Istanbul, since the cost per square meter of new housing here mainly exceeds 1,000 Turkish lira ($563).
According to experts of the local housing market, secondary real estate in Turkey will become more attractive in terms of price and quality.
HomesOverseas.ru
