What is the Cost of Buying Real Estate in Turkey?
The cost of buying property in Turkey is one of the most frequently asked questions by people considering buying property in Turkey who have not bought property in Turkey before. The Republic of Turkey offers many incentives for foreign citizens to purchase real estate in Turkey, thereby promoting this trade. However, foreigners considering an investment should be prepared for the costs that may arise during the property buying process. As 2 Clicks, we wanted to provide information about potential costs by creating a guide for individuals and institutions considering buying property in Turkey. If you are looking to buy property in Turkey and are wondering about the costs you may face, you will find answers to all your questions after reading this content.
HOW ARE THE PROPERTY COST IN TURKEY?
1- In order to sell a property in Turkey, the purchase of a property appraisal report or appraisal report is mandatory.
In Turkey, foreign investors are required to obtain a valuation report, also known as a valuation report, to purchase real estate. Real estate appraisal report in Turkey is prepared only by experts appointed by CMB. In this report, one can access many details such as square footage, appraisal price, negative situations, factors and opportunities around the property that show the value of a property. In this way, foreign investors quickly learn the value of the properties they have bought. In the case of an appraisal or real estate appraisal, the costs vary depending on the location of the property to be purchased and the condition of the property. The price of the real estate appraisal report varies from thousand TL to 2 thousand TL. After the application has been submitted to the land register and cadastral appraisal office, the appraisal will be prepared in 1 to 3 days. After receiving this notification, one of the necessary hurdles for the purchase of real estate is removed.
2- To buy a property in Turkey, the title deed transfer fee needs to be paid.
Title Deed Transfer Fee is one of the costs to be paid to change ownership of a house in Turkey. The land register transfer fee corresponds to 4 percent of the value of a property. The buyer and seller can pay this 2 - 2 percent fee by sharing this fee along with the agreement made. However, the laws of the Republic of Turkey require that the title deed transfer fee is to be paid by the buyer. In other words, if the seller refuses to pay the fee, the buyer has to pay the entire fee.
Revolving fund fee and title deed cadastral fee are among the costs to be paid when buying a house in Turkey. This cost is about 700 TL in total. This fee is paid to the Land Registry and Cadastral Directorate.
Since the person who will be buying the property is a foreigner, a passport translation is also required. For passport translation 300 TL, translation by a sworn translator costs 200 TL. However, if the person is going to issue a power of attorney, the cost of this power of attorney varies from 500 TL to 1500 TL.
3- Since real estate contracts are written by lawyers in Turkey, legal fees need to be paid.
Purchase and sale contracts of a property in Turkey are drawn up by lawyers. For this reason, it is necessary to get legal help to draw up a real estate purchase and sale contract. The fee payable to the lawyers for the real estate purchase agreement varies depending on the location and price of the building. This fee varies between 2,000 TL and 30,000 TL.
4- When the deal is completed by the real estate agent consultant, the real estate agent's commission must be paid.
If the agreement between buyer and seller was made by real estate consultants, this time a real estate commission has to be paid. The real estate brokerage fee is 2 percent of the total selling price and VAT of the property. Therefore, the real estate commission varies depending on the value of the property.
5- Property owners in Turkey have to pay an annual property tax.
Property owners in Turkey pay annual property taxes for various public, water, sewage, police and fire services. Property taxes vary depending on the location of the property. A tax of 0.2 percent is levied in metropolitan areas and 0.1 percent in non-metropolitan areas. This number doubles for commercial real estate. In other words, commercial real estate property taxes are paid at 0.4 percent in metropolitan areas and 0.2 percent in non-metropolitan areas.
6- Property bought in Turkey must be insured.
All property bought in Turkey must be insured. Insurance; It protects against earthquake, explosion, tsunami, landslide, fire and natural disaster. Failure to take out this insurance will prevent you from participating in public services. In other words, for a property to benefit from public services, it must have insurance called DASK. The TCIP fee varies from 150 to 200 TL depending on the size of a property.
7- Public services require a subscription.
A subscription is required to use public services in Turkey. These fees vary depending on the subscriptions to be registered.
If a water subscription is to be made for a building, a fee of around 800 TL is charged as a registration and deposit fee. This fee is increased by a certain amount each year.
If an electricity subscription is to be made for a building, there is a fee of about 500 TL for subscription registration, electricity meter and additional deposit fee.
If a telephone and Internet subscription is to be taken out for a building, a fee is paid according to the different subscription lengths. Telephone, Internet and TV satellite packages can be purchased for an average of 100 TL.
8- People residing in real estate in Turkey have to pay monthly fees.
In Turkey, a fee called fees for maintenance, electricity, elevator, cleaning, pools, security and similar expenses of a building must generally be paid. Fees may vary depending on the characteristics of the residence. Fees can vary from 50 TL to 2500 TL. This fee varies depending on building size and amenities.
Taking all these expenses into account, annual property tax, brokerage commission, transfer fee, maintenance costs and similar expenses can range from 4,000 TL to 40,000 TL. This fee varies depending on the location of the building, the facilities offered, and similar details.
As 2 Clicks, one of the leading companies managing the property buying process in Turkey, we answer all the questions that foreigners have about the properties they want to buy in Turkey and we prevent potential problems. You can also contact us to benefit from the services we offer and after the meeting you can find answers to your questions.
Türkmen Mahallesi, Saçıkara Sokak, B-Block NO. 21 B, Kuşadası-Aydın, Turkey. You can reach our company based in Turkey on phone number +90 (544) 443 46 24 and quick call via WhatsApp. You can send an email to 2Clicks.io via [email protected] and get detailed information about our work.
