Critical Intervention by President Erdoğan on Property Tax!

At the end of June, with the updating of land appraised values within the scope of real estate tax, there was a significant increase, and property values rose substantially. The values determined by the appraisal commissions, which are carried out every four years, have seen increases of up to 1500 percent, deeply affecting property owners.

For example, on Kadıköy Bağdat Avenue, a value of approximately 230,000 TL was assigned per square meter. Additionally, in the popular Galataport area of Beyoğlu in Istanbul, this figure was determined to be 1.5 million TL. In Cengiz Street, Küçükçekmece, the appraised price per square meter soared from 4,000 TL to 60,000 TL. These increases have created a notable fluctuation in the real estate market.

President Erdoğan highlighted this situation at the MYK meeting and instructed the relevant authorities to 'intervene.' This directive has brought to the agenda measures to be taken against a situation that raises both costs and the burden of property taxes. These significant increases in real estate taxes have sparked discussions in both public and private sectors, potentially leading to the development of new strategies, particularly for contractors and developers.

While movement in the real estate sector is expected, industry representatives are also evaluating the impact of real estate tax increases on the market. Experts agree that such fluctuations could alter the dynamics of the sector in the long term. The eagerly awaited question now is what kind of policies the government will develop in response to this situation and how property values will trend in the future.