General Directorate of Land Registry and Cadastre

An extra tax will be paid for houses with a value of more than 5.25 million Turkish Liras ($710,335) according to a communique published in the Official Gazette on Jan. 15.

The Valuable House Tax passed into law in late 2019, but its implementation was suspended for a year.

The Turkish government is set to reevaluate the recently imposed "valuable house tax" for one year, following President Recep Tayyip Erdoğan's instructions, his spokesperson has said.

Turkey's new "valuable house tax" regulation went into effect on Dec. 7, and notices have started to be issued to landlords who own properties in metropolis Istanbul's upscale neighborhoods.