ECONOMY

Changes in the real estate market in 2024

The process of transferring real estate is being gradually simplified with the abolition of certificates and the gradual activation of the electronic system implemented by the Ministry of Digital Governance. The tax administration has just abolished the certificate on nonpayment of inheritance tax on real estate purchases. Tax offices have already been instructed not to issue a gift, inheritance or parental benefit tax certificate for specific cases, reducing red tape in property transfers. The tax administration has also notified tax offices and the monitoring mechanism when the state’s right to tax inheritances, donations, parental benefits etc expires.

Newsroom

December 16, 2023 16.12.2023 • 18:15

A series of changes are expected in the way property owners are taxed from the beginning of 2024, with most of them focusing on facilitating citizens. Interventions that will change the map in the short-term rental market are also imminent.

The changes to be carried out aim at making the process of transferring or acquiring a property easier for the taxpayer, significantly reducing the time required to do so, as well as the volume of supporting documents required; enhancing tax justice, especially in the case of short-term leases, an attempt is made to equate these properties with hotels, as far as this is possible.

Therefore, those who operate more than two properties will be treated by the Tax Office as entrepreneurs, which means that they will have to follow a specific road map.

[AMNA]

Property Taxation

Penalties foreseen for paying cash for realty

Short-term rental fee growth

Property rate adjustments set for 2025

Expansion of objective values

Checking 40,000 property sales

Containing ‘gray’ transactions

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