It does happen that sometimes couples and families buy a property in Turkey, live there happily for a couple of years or so then find, for one reason or another, that it’s necessary to sell up and return home. Sometimes this return home is planned, at others it’s a crisis that’s made them pack up. However, the fact remains – the property in Turkey has to be sold.
Exactly when to sell your Turkey property of course depends on why you’re returning home in the first place, i.e. family illness, divorce etc. and how quickly you need the money for its sale to continue your life back home.
By far the most important consideration though when it comes to selling your property in Turkey is the hanging spectre of capital gains tax (ie tax you have to pay on profit you have made on the purchase and sale of the property). This is only a consideration, however, if you are selling the property within five years of signing the title deeds (unless it’s a new build, which we’ll cover later).
Capital Gains Tax and Turkish Property
Anyone who buys a property in Turkey and sells it within five years is due to pay capital gains tax on the amount of profit made from the sale. Tax only starts kicking in if you’ve made anything above 6000 Turkish Lira profit and even then it’s only 15 per cent. This increases on a gradual scale, depending on the profit, all the way to the highest bracket of 40,000 Turkish Lira profit which is taxed at 35 per cent. The good news here is that you won’t have to hand over money a second time for tax on your return from abroad.
In the case of those who purchased new property from a developer then they have slightly more leeway, should they wish to sell within one year of signing the title deeds. They won’t be subject to any capital gains tax. However, once those 12 months have passed, like every other foreign national in Turkey, they are subject to the tax on profit made from their Turkish property.
In What Season of the Year Should You Sell Your Property?
Obviously if your property is in a resort and it’s a holiday let then wait until after the summer when you’re no longer assured of any guest income. Autumn and spring are the best times to sell and market your property with an estate agent in Fethiye, Kalkan or wherever your property is based.
Winter can be a slow season for property sales but such is the interest in Turkish property these days that it usually doesn’t take long for a good deal to be snapped up.
You can find out more information about selling your property in Turkey, or buying a property from our website Oceanwide Properties Turkey where you can also take a look at some of the properties we currently have for sale there.
