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Cost of Buying Property in Turkey: A Complete Guide

Posted by BlogEditor on 9 July 2024
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In our business as real estate agents, we are often asked about the cost of buying property in Turkey. It varies depending on what you want to buy and where. For all our clients, when they choose the home they want to buy, we provide a full payment plan of what costs are due, when to pay them, and how much they are. The general rule is to budget around 8% of the purchase price to cover all one-off costs of buying Turkish real estate.

If you haven’t already found your dream property, browse our portfolio of Turkish property for sale in many areas of the country. As part of the enquiry process, we outline costs on any home that sparks your interest. The excellent news is that it is cheap, especially when compared to other countries like Spain or Portugal. But in the meantime, let’s break down the additional costs and what paying them entails.

What is the Cost of Buying Property in Turkey?

1. Lawyer Fees / Using a Solicitor

The first expense will be the lawyer who will draw up the contract, arrange for notarisation, check the deeds, and sort out the application to have them transferred into your name. The Turkish law doesn’t require the use of a solicitor, but we strongly recommend it. There are many English-speaking Turkish lawyers, and we can provide a list of suggestions, should you still need to find one. The average cost is £1,000 to £1,500 for the entire process but factor in more if you plan to allocate them as a power of attorney.

2. Notary and Translator Fees

Some documents, including your contract, need to be notarised. For any record in Turkish, the law says a certified translator must translate the texts. You can only use translators approved by your local notary office. Likewise, when you sign for your title deeds, the local land registry office will supply a translator which you will pay for. Expect to pay between £200 to £300.

3. Real Estate Appraisal

A recent change to property buying laws is that a real estate appraisal must accompany each sale. This is done separately by a certified and independent firm, and at the time of publishing, costs are roughly 2,000 lira.

4. Property Tax

When signing for your deeds, you will need to pay a 4% property tax. On the odd occasion, new development homes sometimes market themselves with the construction firm paying for it. If you are interested in homes with this special promotion, contact us to receive a portfolio via email.

5. Real Estate Agent Costs

Once again, this can vary from sale to sale. Occasionally, new developments construction firms will pay our agent fee, while if the buyer is purchasing a resale home, we will charge both parties a fee for our services. At Property Turkey, we will never charge more than the standard 3% for our work and assistance. Agency fees are payable upon the signing of the purchase contract.

6. VAT When Buying a Home in Turkey

Since 2017, foreign buyers do not have to pay Value Added Tax (VAT) when purchasing their first home in Turkey – this is provided that the purchase is completed using foreign currency and the property is not sold for at least 12 months.

7. Earthquake Insurance (DASK)

When you sign for your deeds, you will need one year’s valid earthquake insurance that in Turkish is called DASK. The price is gauged on the per square metre of the property, so at the current time of purchasing, an estimate for a 70 square metre apartment would be 220 Turkish lira.

8. Utility Renaming or Connection

If you buy a resale home, after applying for the title deeds, we change utilities like Electricity and Water into your name. If you buy a new home, you will need to have the new connections set up. Likewise, for the telephone and internet connections. The fees vary from region to region but expect to pay between 500 to 1,500 Turkish lira.

Costs of Buying a Property in Turkey Example

If you purchased a home in Turkey for £200,000, the following costs would be a rough estimate of how much you would pay.

  • Property Purchase Tax – £8,000
  • Real Estate Agent Fee – £6,000
  • Turkish Solicitors Fee – £1,000
  • Notary Fee – £300
  • Gas and Electricity – £300

TOTAL – £15,600, which equates to 8%

Additional Yearly Costs of Owning Turkish Property

Turkish property tax is due every year. When signing for your deeds, the seller pays the property tax in full, so you start with a clean slate. The cost varies according to how many people are on the title deeds but expect to pay roughly 0.2% of the property value.

If you buy an apartment or a villa on a complex with shared communal facilities, you will need to pay a maintenance fee known as apartment aidet. This varies depending on the complex management plan of action, and by law, you can pay monthly, although many property owners pay one year in advance.

Advice for Costs of Buying in Turkey

Pinpointing an exact match as to the cost of buying property in Turkey is hard without knowing what you plan to buy and where. But as mentioned before, all our clients receive a payment plan when they choose the home they want to buy, so there are no hidden surprises. If you haven’t already selected your home in Turkey, contact us today so we can start you on the property search.

Now is the perfect time to own your dream property in Turkey! With its rich history, natural beauty, and vibrant city life, Turkey offers an ideal location for both investment and living. From the cosmopolitan atmosphere of Istanbul to the unique coastal regions of the Aegean and Mediterranean, and from cities renowned for their historical and cultural heritage to modern living spaces, a wide range of real estate options awaits you. Take action now to discover real estate opportunities in Turkey and step into a dream life. Click now for more information and to be directed to our sales page.

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