What are the Costs of Buying a Property in Turkey?
The most common question for property seekers is about the cost of buying property in Turkey. The truth is that it is cheap compared to Spain and Italy.
Expenses when buying property in Turkey typically amount to about 4% of the total value, while they can reach 15% in Spain.
Consider all expenses in advance to prepare for the costs involved in purchasing a property in Turkey. Check out our list of costs when buying property in Turkey.
In this context, we have compiled the costs you will encounter.
What are the Costs of Buying Property in Turkey?
You may encounter some costs along the way to buying Property in Turkey. These costs, including title deed fees, sales taxes, and real estate commissions, can add up. It's important to factor them into your budget when purchasing your property. Don't overlook these expenses in your property-buying process.
Stamp Duty in Turkey:
Stamp duty differs between apartments and plots of land. In Turkey, it is 4% for Apartments and Villas and 3% for land. Stamp duty is not calculated from the market price but from the declared value. The cadastral value is usually about 50% of the market price. So that means if you are buying an Apartment for 100K euros, the buyer will pay about 2.000 Euros Stap Duty tax.(50.000*4%= 2.000 Euros)
Real Estate Appraisal:
According to the new regulations in Turkey, from 13.06.2024, a valuation report is not mandatory for the sale. The Buyer will not pay any extra cost. However, if you want an appraisal report as an option, the cost of a real estate appraisal is 300 euros.
The appraisal report is prepared by licensed companies and contains the cadastral value of the property.
Translator
A sworn translator must be present when a foreigner buys or sells property in Turkey. Each country's registry office has a department of translators for each language. Translators charge around 100 euros for each title deed.
Real Estate Agency Commission
Officially, a real estate agent's commission in Turkey is 2% + VAT from the buyer and 2% + VAT from the seller. Normally, the seller pays real estate fees or commissions, but this can be changed for resale properties. At Basic Apartment, we always inform you in advance.
Cost of Connection to Electricity and Water Supply
After buying your apartment, we need to carry out the utilities in your new property in Turkey. To connect to electricity, you need to visit one of the several electricity supply companies in the area and conclude an agreement with them. Water is supplied by the local municipality in Turkey, so you need to visit the local municipal water department. Although the cost varies from city to city, a subscription for electricity and water costs around 250 euros.
Annual Real Estate Expenses in Turkey
Maintaining real estate in Turkey is scanty - about a third of the cost in Spain. All things considered, buying property in Turkey is cheaper than in Italy, Spain, France or any other European country. The service charge is especially very affordable. If you have a two-bedroom apartment in a well-managed complex in Turkey with full infrastructure, your annual maintenance fee will be approximately 500 euros. With the payment of management fees, caretaker's wages, pool chemicals, electricity, and water bills. As a rule, it is paid every month. However, paying for the whole year at once may be easier and cheaper. If you have any questions about managing these fees after you've made a purchase, we can help track all of your payments with our smart payment tool.
Annual Property Tax in Turkey
Turkey's annual property tax or council tax varies depending on the size and value of the property. It is paid twice a year and costs about 250 TL in Alanya for a two-bedroom apartment. For more information, please click https://www.basicapartment.com/council-tax-in-turkey.
Property Insurance
Insurance comes with many risks, such as floods and earthquakes. Earthquake insurance is mandatory in Turkey. For more information, click https://www.basicapartment.com/Property-insurance-in-Turkey.
