Expenses of Buying Real Estate in Turkey
One-Time Fees You Need To Know About Before Buying a Turkish Property
There are fees you have to pay before and after you can get your hands on the keys to your new property in Turkey. Even though the expenses, as well as the whole procedure, seem to be more suitable than in other countries, as a real estate buyer you need to be aware of some legal facts.
This guide explains what expenses and costs you'll need to factor in when buying a property in Turkey.
Costs Before Completion
The Turkish government has made the real estate valuation report mandatory when purchasing Turkish properties. The Land Registry office accepts valuation reports prepared only by SPK authorized experts. The cost of the appraisal report is about 250-300 Euro but the price may vary depending on the city and property’s facilities. Read more about the appraisal report in Turkey.
Conveyance Tax (Title Deed Transfer)
Title deed (Tapu in Turkish) is the legal document that explains who owns an immovable property. The document provides information about the property and determines the location of the property.
In order to get the title deed (ownership of the property), the buyer pays "Conveyance Tax". The value of the property is based on the appraisal report. For now, it is 4% of the declared value to the General Directorate of Land Registry and Cadastre. This is paid at one of the Turkish State Banks when you sign the purchase contract.
During the title deed transfer, there are also possible extra costs such as:
- Circulating Capital (Döner Sermaye Harcı)
- Cadastre Tax (Tapu Kadastro Harcı)
- Title Deed delivery fee: around 50 Euro to be paid additionally with conveyance tax, at the General Directorate of Land Registry and Cadastre
- Sworn translator
- Notary fees for Power of Attorney: around 200 Euro (Including Sworn Interpreter)
- Passport translation approved by Notary around 50 Euro
- Acquiring a Turkish Tax Number
You can visit our “Obtaining Title Deed in Turkey” page to get detailed information about title transfer in Turkey.
Real Estate Agent Fee
During the property sale, the registered and licensed real estate agents in Turkey are entitled to receive 2% of the sales price both from the buyer and the seller. However, it is mentioned either in our property listings if any extra agent's fee is applicable or mutually during the viewing and/or sales process.
In most cases, our agent's fee is included in the price. We do not charge an extra agent's fee for the newly built properties since it is usually paid by the property developer / construction company or the property owner.
As a foreigner, you may choose to hire a lawyer who will be able to coordinate all legal work during the buying process in Turkey. You will not need a lawyer in the process of buying a property with TERRA Real Estate.
However, if you still need a lawyer, we may advise you, several independent lawyers. In general, a legal consultant charges around 1.500 to 2.000 Euro + 18% VAT.
Annual Property Tax (Emlak Vergisi)
Every key-holder must pay a Property Tax which varies in accordance with the location of the property 0.1% in provincial zones and 0.2% in cities. Whereas, the commercial property tax value is 0.4% in urban zones or 0.2% for provincial districts.
Compulsory Earthquake Insurance (DASK)
Natural Disaster and Earthquake insurance is compulsory in Turkey. The cost depends on the size of the living area and the price may vary from 20 to 40 Euro annually.
Electricity, Water, Telephone and Internet Subscription Fees
- Electricity Subscription Fee: After the property purchase, you will need to pay for getting the electricity connection. If you need to connect the electricity for the first time, there will be an additional cost of 25 Euro. The subscription registration fee is 20-24 Euros.
- Water Subscription Fee: The subscription in water supply costs around 90-100 Euros.
- Telephone and Internet Subscription Fees: Only if you have a residence permit in Turkey, you can get a landline telephone and internet connection. The cost depends on the company and what the package includes, so the best is to compare offers from the providers in the area you live in.
You can visit our “Utility Subscriptions in Turkey” page to get detailed information about water, telephone, and electricity subscription fees.
Many properties have special site management in charge of garden and building maintenance, security services, etc. Apart from expenses of property purchase in Turkey, as a property owner in Turkey, you will have a maintenance fee (Aidat in Turkish) to pay monthly as well. In most cases, the 12-month maintenance fee is paid once a year in a lump sum to make it easier.
If you have any further questions about the expenses and costs of buying property in Turkey, you can contact us and we will provide you with the most updated information.
* The above figures are updated annually by an Editor. Last updated: 28.09.2021