The government exempted KDV from foreigners in the purchase of real estate. A group of Dubai-based investors last week bought four offices and two offices with large sqm. This building was realized with the cooperation of Başyapı-Güney-Elit with the assurance of Real Estate Housing GYO. The gain was approximately 25 million Turkish Liras. Başyapı Board of Directors Musa Baş gave some information about this purchase. They did not want the group names to be disclosed, but they said they were in communication in about one-month.

According to the Chairman of the Board of Directors, Musa Baş, these investors preferred the Office Karat Bakırköy because of it’ s location. He also said that the incentives given by the government were a big influence. This incentive is relevant to commercial real estate. Foreign investors are not responsible for the KDV rate of 18 percent.Foreign investors exempt from KDV.

This situation is very appealing to foreign investors and the investments have accelerated and multiplied.

A rate of 25 percent of the project was sold. Musa Baş said that the transactions related to the sale were completed and the procedures such as contracts were signed.

The mentioned Office Karat Bakırköy Project started in 2011 and has an investment amount of 160 million Turkish Liras. It has a total area of 26 thousand 844 square meters. The office consists of 6 floors and 72 offices and 18 shops. Even 25 per cent of the project, which is highly popular even at the preliminary demand, has been sold.