Gain Will Now Be Paid Over The Increased Value Of Real Estate Resulting From Zoning Plan Amendments

Gain Will Now Be Paid Over The Increased Value Of Real Estate Resulting From Zoning Plan Amendments

Additional Article 8 was recently introduced to the Zoning Law No. 3194, which stipulates that if the value of a piece of real  estate has increased following a zoning plan amendment made upon the request of the real estate owners, the value increase gain will be paid to the relevant administration. The Ministry of Environment and Urbanization (“Ministry”) has been authorized to determine the rules and procedures in this respect. This new legislation was announced in the news as “tax on zoning/real surplus value.”

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