The Eastern Black Sea region in Turkey has witnessed an unprecedented growth in the number of foreign property buyers. Trabzon, Artvin, Rize, Gümüşhane, Bayburt and Giresun are the most popular housing markets in the region among foreigners. The increase is proof that Turkish government’s plans to boost overseas investment in property markets are yielding results. Overseas buyers are also exempt from paying the 18 per cent value added tax when investing in real estate. Foreigners and overseas Turkish residents must pay in foreign currency, and not sell properties for at least one year after acquisition, to avoid VAT on the purchase of their first house or office in Turkey.

Source: Punch January 28, 2018 22:52 UTC