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Real Estate In Turkey Buying Costs

Real Estate in Turkey, Property Purchasing Costs

1.Purchase tax:
4% on the ‘declared’ value of the property to be paid to the government. As house prices are set by the City Council for taxing purposes, their valuation is much lower than the actual purchase price This is a one off payment and it is due once the TAPU is received (step 6).

2. The solicitor’s fee: (should you require one)
Prices start from about 1000 USD and will vary depending on which solicitor you choose to use.

3. Notary charge:
Approximately 200-300 USD notary charge for the power of attorney and the translation of your passport. This needs to be paid at step 4.

Please note, The charges for purchasing can differ from region to region. it is therefore difficult to give a detailed and complete picture of the final cost involved.

Additional fees

* Utility Registrations(Water,Gas and Electricity) to be saving on your name – approx. 1500 – 2500 USD

* Compulsory Government Building Insurance (DASK):
This insurance has been compulsory since 2000 and costs approx. 200 USD a year depending on property size.

*Home and Contents insurance:
This is not mandatory and can be done once the property deeds have been registered in your name.Costs vary depending on cover required and value of property.

*Real estate tax
An annual property tax is collected by the municipalities (i.e. local governments) at the rate of 0.3% for land and 0.1% for a house. This can be paid annually or in two payments, one in May and the next in November.

 

Who Can Buy?

Most foreign nationals can purchase property in Turkey providing that:

* There is a reciprocal agreement between the government property Turkey and that of the purchaser. This agreement does exist between Turkey and U.K. and many other countries.

* The intended property lies within the boundaries of a municipal area, i.e. town or village with more than 2,000 registered inhabitants.

* The intended property does not lie within the confines of a military zone.