What Are the Costs of Buying Property in Turkey?
When a foreigner purchases a property in Turkey, the expenses include an appraisal report fee, title deed transfer taxes, title deed registration fees, annual property taxes, real estate agent commission fee, compulsory property insurance, and utility subscription expenditures.
Appraisal Report Fee
An appraisal report is a document that details the worth of a property and is required prior to the transfer of the title deed. The overall cost of this report would be approximately 2000 TL, depending on the location and attributes of the property.
Registration Fees
These expenses include:
- Sworn translator fee (translation service 300 TL per transaction).
- Notary translation fees (an average document translation fee starts from 250 TL).
- Passport translation (250 TL for each person).
- Power of attorney (starts from 400 TL)
- Other documents are required for the registration of the title deed.
Title Deed Transfer Tax
Since the title deed transfer tax is determined at 4% of the sales price by the Land Registry and Cadastre Directorate. In addition, the Land Registry and Cadastre Directorate charges one-time processing fees, such as the Circulating Capital fee of 400 TL to 1300 TL, and the Land Registry fee depending on the location.
Annual Property Tax
The annual property tax in Turkey depends on where your property is located, with 0.2% in metropolitan areas and 0.1% in non-metropolitan areas. Commercial properties are subject to a 0.4% tax within the metropolitan boundaries and a 0.2% tax in non-metropolitan areas.
Agency Commission Fee
Real estate agents, as is common knowledge, are paid on a commission basis. Turkey’s typical commission fee is 2% of the sales price. This is yet another significant consideration when figuring out how much a Turkish property will cost you to buy. Sales agents only get paid if they successfully sell a property. This means that they will not be paid until the case has been settled.
Lawyer Service Fee
Unlike other types of sales contracts, real estate sales are governed by particular legal requirements under Turkish law. As a result, buyers are advised to work with real estate agencies such as Nevita, which have in-house legal counsel. Nevita offers a lawyer service in a situation of acquiring Turkish citizenship by investment. The lawyer’s service charge will begin at 1,500 USD.
Compulsory Property Insurance (DASK)
DASK is a mandatory type of insurance. Natural disasters such as earthquakes and fires are covered under this insurance. The cost varies depending on the size and condition of the property, ranging from 100 to 300 TL.
Utilities Subscription Fees
Deposits for electricity, water, gas, telephone, and internet service vary from property to property. Nonetheless, the average expense is estimated to be 1800 to 3000 TL.
Maintenance Fees
When you buy a property in Turkey, you’ll have to pay maintenance fees for the shared facilities of the residence. In Turkish, the monthly fee is referred to as (Aidat), and it ranges from 100 to 700 TL, depending on the size of the residence and the services provided.
More Information About Expenses of Buying Property in Turkey
The costs of buying a property in Turkey differ according to the region and attributes of the property, therefore, for more detailed and specific information, contact us at Nevita ®. Professional and legal guidance is available at all times from our team of local and professional sales representatives, so don’t hesitate to get in touch with us!
* The figures above are updated annually by an Editor. Last updated: 15/04/2022