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Turkey introduces "Hospitality Tax"

Under pressure from the rental housing crisis in Turkey, authorities are taking decisive measures.

Thousands of families can’t rent accommodation, while many apartments and houses either sit vacant or are occupied by owners with multiple properties, who house distant relatives to avoid paying the "vacant property tax."

INTRODUCTION OF A NEW TAX:

Now, using a second property to accommodate relatives will be subject to taxation. Only immediate family members will be exempt, while distant relatives will have to pay. The new tax will pose a serious challenge for property owners, who will be required to disclose information about  tenants and pay corresponding taxes for the use of their property.

However, this will also lead to positive changes in the real estate market. With the new tax, owners will have motivation to free up their properties from relatives and offer them for rent or sale. This could increase housing supply, ultimately lowering rental prices and creating more opportunities.

 

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