4/3/2009

VAT cuts promote luxury house sales in Turkey

Hurriyet Daily News- The Turkish government’s stimulus package includes lowering the value added tax from 18 to eight percent for three months for houses over 150 m². The tax cut has resulted in an average of ten percent decrease in prices. Villa and luxury houses now have prices that are more or less equal to that of a modest three-bedroom apartment. The government’s decision to temporarily cut the tax has led to a sudden price decrease – e.g. from TRY 30,000 to TRY 180,000 for units that are 150 m² or more.
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