Wednesday, March 16, 2011

Taxes when selling you Tyrkish holiday home

’How much do I have to pay in taxes when selling my Turkish holiday home?’. This is one of the most common question people often ask. In the following we will sum up the answer.

In the case that you have owned your property for MORE than five years, the profit you earn from the sale will be tax free.
An important note is that the length your ownership is determined from the day you received your deed. When you have paid for the property, signed the contract or moved in, is irrelevant in this case. Only the date on the deed can determine when you became the official owner.

In the case that you have owned your property for LESS than five years, you must pay taxes if the sale brings you any profit. The tax amount will be conducted from the following values (notes this is 2010 values):
Profit up to 8.800 TL, 15 procent
8.801 - 22.000 TL, 20 procent
22.001 - 50.000, 27 procent
More than 50.000 TL, 35 procent
The profit is the balance between the registration value on the deeds issued to the seller and the new buyer.

Be aware of the following aspect
Even though your property is sold with a loss, it is in general not accepted to downsize the registration values on the deed at a sale. This means that even when your property is sold with a financial loss, you will often experience a fictive profit. Therefore it is important that you before deciding on selling make sure that, you have information on what the authorities will demand the registration value to be when the property is sold. This way you can calculate how much you must pay in taxes.

Whether or not your sale brings you a real profit or a fictive profit, it is custom that taxes won’t be paid in Turkey. And oddly enough the authorities will not claim the missing tax payment.
For us Europeans this can seem strange and difficult to understand. Never the less the fact is that most private persons do not pay the tax, and the authorities keep no records on people or claim the money.

When it all comes down to it, it is in a way fair enough since many properties at the moment often will be sold with a loss and therefore no real profit.

This blog-post is written by 2Base Estate Agency & My2Base Holiday Homes
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Thursday, March 10, 2011

News on the airport in Gazipasa/ Alanya

Most people have heard the story about the airport in the city Gazipasa, a 30 minut drive from Alanya. We now have the latest – verified – news on the airport story. (As always we do not take in all the rumours, because usually they are pretty diffuse and not trustworthy).

During a meeting with the hotel owners in Alanya the Prime Minister Recep Tayyip Erdoğan stated that: “The airport in Gazipasa will never be capable of handling planes with a capacity larger than 60-70 passengers. It is a question of security, and the government will not take on that responsibility (editor’s note: in case the government allows bigger planes and an accident where to happen)”.
This statement caused great furry in Alanya, and many people felt that the authorities and government went back on their promise.

The Secretary of Transportation Binali Yıldırım delivered the same message when he the other day visited Alanya. Asked straight up on the airports chances to handle larger planes he answered:
“Impossible. We do not support decisions that can risk people’s lives. To allow bigger planes to land, there must be build a runway 7 km towards the ocean, or we have to remove the mountains, which is impossible! The airport has been categorized as a ’category 3’, which means that both small and medium sized planes have license to land. The authorities and the government have done what they can for the airport in Gazipasa. Now it is up to the airport itself to negotiate with the travel agencies and plane companies”.

In the mean time the following has happend: The Dutch travel agency Neckermann have confirmed that this summer they will open up a route between Holland and Gazipasa. The flight will be operated by the plane company Transavia, and the planes will hold up to 129 passengers. The flights will purely be sold as packages solutions, and Transavia will not be selling “seats only”. This means that all seats will be sold through Neckermann Holland.

All in all this is positive news for the airport in Gazipasa and for Alanya.

This blog-post is written by 2Base Estate Agency & My2Base Holiday Homes
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Wednesday, March 2, 2011

If you are thinking about selling

It is no secret that in these days a lot of people want to sell their property. The reasons may be many:  everything from the desire to try something new, financial difficulties or something else ...
No matter the reason, the sellers must accept, the market as it is these days, and a larger loss when selling their house. The fact that this makes the market very attractive to buyers is another matter entirely, and not the topic of this post.

For how do you sell your property in the best way? As a private seller, you have basically three options.
  1. Try to sell the house yourself.
  2. Have your property for sale at as many brokers as possible.
  3. Make a sole agreement with a single broker who can handle all aspects of the sale.

There is no doubt what we recommend: An agreement with a single broker. It will give the broker a bigger motivation to sell and not at least promoting the home without competing with 17 others brokers, who are also trying to sell your home. Because who wants to put a "for sale" signs up at a house, where the are all ready other signs, or throw money into promoting a specific property, when you risk that another broker sells it the day after?
Putting your house for sale at many brokers at the same time is a little like putting yourself between two chairs. Therefore we recommend to give one agency or broker sole rights to selling your property.

At 2Base Estate we have looked at the homes that are sold around end 2010 start 2011, and how we as a broker had a sole agreement on the property.
In average the homes sold after just 84 days on the market, and in average there was only given 2.73 percent if refusal on the market price.
We see this as proof of that it pays of if you as a seller give a broker sole rights to your property.

When you enter into an agreement with a broker you must ensure that:
  • It is in written.
  • Dwelling price and the broker’s commission is clearly described.
  • A clear written agreement on how long the contract runs.
  • The broker will also present your property to his local network of estate agencies. (Check who belong to this so that you are sure the broker actually has a reach and wide variety of other local contacts).
  • The broker makes sure to take professional pictures of the property.
  • The broker puts a "for sale" sign up in case he finds it to be effective for the sale.

Least but not last we wish you good luck with your sale ...

This blog-post is written by 2Base Estate Agency & My2Base Holiday Homes
Visit us online:
Holiday Homes for sale:
Letting & Services:
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