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Costs of Buying Property in Turkey
Compared to other countries in Europe, the costs associated with the purchase of an apartment or villa in Turkey are very low.
You should factor in an additional 3-4% of the sale price as transaction costs (in France, property acquisition costs can be as much as 15%).
Not only that, but the prices of property overall are much lower than the rest of Europe – in some cases more than 50% lower for the equivalent property.
Factoring in the low cost of real estate in Turkey and the modest acquisition costs, buying property in Turkey represents excellent value for money.
And the good news continues… even the annual costs of running a property including taxes and utilities are very low in Turkey. If you are looking to own a property or live in a country with a low cost of living but also state of the art services and year-round sunshine, Turkey is the place for you!
Estate Agency/Emlak Fees
If you are buying a property via an Estate Agent, fees will be 4% divided equally between the buyer and the vendor.
Property Registration Tax
As explained above, the taxes liable when buying a villa or apartment in Turkey is 4% of the value stated on the title deeds, or ‘Tapu’. As often you will find that the stated value is lower than the actual value, the registration tax can end up in reality being less than 4%.
Property Registration Fees
There are some administrative costs associated with registering the title deed including translation, notarisation, power of attorney and passport photos. These costs are unlikely to exceed £200.
These will vary according to where your property is, and what you are having connected, but allow around £200-£300 for utility connections.
Annual property taxes will be payable on your villa or apartment. They are, relative to other countries, very low. This charge is between 0.3% and 0.4% of the value stated on the title deeds or Tapu. If necessary this tax can be paid in two instalments.
There is an annual payment for the disposal of refuse from your home. Depending on the location of your property it is likely to be less than £20 per year.
Maintenance Charges for Common Areas (Aidat)
If you are buying an apartment, or a villa on a developed estate, there will be costs for the maintenance and upkeep of the shared areas. This will depend varying on the size of the residence and services provided. If you are buying a property in a luxury development with landscaped gardens, wellness suite and indoor heated pool, your Aidat charges will be more than a more modest development.
If you are buying freehold – i.e. a villa outside of a development – these charges will not apply. Earthquake Insurance
There is compulsory insurance (DASK) required for earthquake damage. This is calculated, again, on the value of the property detailed on the title deed (Tapu). These are reasonably priced insurance policies as the risk is ultimately very low; approximately £25 to £100 per annum depending on the property and provider.
Many other charges will depend on your property and the usage, but the above is an outline of the taxes and charges you can expect to pay either as a one-off or on an ongoing basis.
If you would like any help on this page please contact us.
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