Another very important detail of the housing campaign «My New Home» has become known: real estate purchased using a loan with an interest rate of 0.69% per month will also receive a large tax benefit.
The «My New Home» campaign, launched with the aim of activating the housing sector in Turkey and providing both low- and middle-income citizens with the opportunity to become homeowners, is already noticeably affecting the state of the market.
We have already told you that part of the payment amount exceeding 30% of the family income in the first three years of payments will be covered by the Ministry of Treasury and Finance.
In addition, another bonus is the absence of the need to pay a tax on the increase in the value of real estate. Usually, if the property is sold within 5 years after the purchase, the difference between the purchase price and the sale price is subject to income tax, in the amount of 15% to 40%, So that a 5-year «ban on sale» by the company «My New Home» gives a tax advantage.
The exception is the value added tax in the amount of 55,000 TL for 2023: you will still have to pay taxes on income exceeding this amount. Nevertheless, given that housing prices are increasing not just «fast», but are growing rapidly, and incomes are multiplying, in total, tax savings for a new property owner can amount to at least hundreds of thousands of Turkish liras (TL).
Recall that over the past year, housing in Turkey has risen in price by an average of 180%.
Market players believe that thanks to the «My New Home» campaign, 2023 can become a «golden year» for the country's real estate sector.