Expenses of Buying Real Estate in Turkey
Expenses of Buying Property in Turkey and Estimated one-time Fees
Some additional costs of buying a home in Turkey will apply during the purchase process. Even though the expenses as well as the whole procedure seems to be more suitable than in other countries, as a real estate buyer you need to be aware of some legal facts.
We advise you to carefully read this guide about the expenses when buying a property in Turkey.
Turkish government has introduced the real estate appraisal report as compulsory while buying a Turkish property. The Land Registry office accepts valuation reports prepared only by SPK authorised experts. The cost of the appraisal report is about 230-250 Euro but the price may vary depending on city and property’s facilities. On our website you will find more information about the appraisal report in Turkey.
Conveyance Tax (Title Deed transfer, TAPU in Turkish):
In order to get the “ownership of the property” Title Deed", the buyer pays "Conveyance Tax". The value of the property is based on the appraisal report. 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 signed the purchase contract.
During the Title Deed transfer there are also possible extra expenses such as:
- Sworn translator
- Title Deed delivery fee: around 50 Euro to be paid additionally with conveyance tax, at the General Directorate of Land Registry and Cadastre.
- 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
- Cadastre Tax
Real Estate Agency 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 always mentioned in our property listings if any extra agent's fee is applicable.
In most cases our agent's fee is included in the price. We do not charge extra agent's fee for the new build 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. In general, a legal consultant charges around 1500 to 2000 Euro.
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.
Annual Property Tax (Emlak Vergisi):
Every key-holder must pay a Property Tax which vary in accordance to 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.
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.
The subscription in water supply costs around 90-100 Euros.
Telephone and Internet Subscription:
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.
Many properties have a 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 this is payed once a year to make it easier.
If you have any further questions on costs to buy real estate in Turkey, you may send us a message and we will provide you with the most updated information.