Costs and fees for buying a property in Turkey
Unlike other countries, spending on a property in Turkey is low, and foreign buyers will be pleasantly surprised at how much money they can afford. As always, it is wise to know, before starting the purchase, the additional costs of legal proceedings, as well as tax and service charges. Below are the expected expenses to be paid during the purchase.
Transfer Fee (Tapu)
In most European countries, the Office of the Public Notary converts title deeds. But in Turkey, the General Directorate of Land Registration and Land Survey conducts procedures. Both the buyer and the seller must be present unless either party gives formal authorization.
The transfer tax is paid 4% of the declared value of the property in the title deed department, and there is an additional service cost Döner Sermaye harcı (260) Turkish lira. In addition to small costs of this process up to 3,000 TL include;
• Translation of passport
• sworn translator
• Power of attorney (optional)
• Tax ID documents
• Documents to open a bank account
• Cadastre tax upon submission
Real estate agent fees
Under the law when buying a resale user’s property, registered and licensed real estate agents receive a 2% commission + VAT service fee from both buyer and seller. This commission does not apply to the purchase of a newly built or under construction property.
Lawyers usually charge 1% of the purchase price of the property. The minimum amount is € 1,200 + 18% VAT. We can provide a list of many independent lawyers recommended for you to choose from.
Property tax (Emlak Vergisi)
The property tax is paid every year, which is 0.2 percent in the civil municipalities and 0.1 percent in the non-urban areas. The rate of tax on commercial real estate is 0.4% in urban areas and 0.2% in non-urban areas.
Insurance of property and earthquakes
Seismic insurance is compulsory in Turkey and is calculated on a square meter basis. Risks that may arise from fire, explosion, tsunami or landslides during and after the earthquake are subject to seismic insurance. Fees range from 150 Turkish lira to 250 Turkish lira (depending on the square meter).
Property insurance provides protection against most risks to property, such as fire, theft and some damage caused by the weather. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance and home insurance. Property insurance provides a financial payment to the landlord in such cases.
Maintenance Fee (Revenue in Turkish)
When buying an apartment in common buildings services there is a monthly fee for the residential complex goes to public utilities such as electricity stairs, swimming pools, garden maintenance and security.
Obtain electricity subscription
241.54 Turkish lira (the deposit is paid in the first subscription and upon transfer)
Deposit value + new power meter connection:
About 550 TL (paid only once)
Move the subscriber name to a previously existing counter (transfer transactions):
about. 400 TL (paid only once)
Get water subscription
TRY 53.60 (deposit is paid for first subscriptions and transfer transactions)
Deposit Value + New Water Meter Connection:
About 525 Turkish lira (only once)
Move the subscriber name to an existing counter (transport transactions):
About 53.60 Turkish lira (only once)
Phone and Internet subscription
If you have a residence permit in Turkey, you can get a telephone and Internet connection. Turk telecom and TTNET are spread across the country and have the majority of the market. If you sign a two-year contract, you will be offered special offers for new subscribers. Examples include telephone calls, broadband Internet and satellite TV packages for 100 lira per month. All companies charge installation fees.
On the FAQ page, we also talk about other questions that may normally come to Turkish property buyers. You can contact us by e-mail, call or visit one of our offices to speak directly with our sales staff and provide information.