The cost of buying a property in Turkey is the most common question. Simply the buying cost is cheap in Turkey to compare to Spain and Italy. Generally, when buying expenses is about 4% of the total property purchased in Turkey, this can be up to 15% in Spain.
When you decide to buy property in Turkey, you should bear in my about buying expenses.
We at Basic Apartment we give full information on the cost of buying and details of payments and will carry out all the procedures related to buying a property in Turkey. Keeping you informed of all costs so there are no hidden extras to worry about.
Besides the living and property cost also buying cost is cheap in Turkey. Property buying expenses are as below.
Stamp duty differs between apartment and Land. Stamp duty is 4% for the property and 3 % for the land in Turkey. The stamp duty tax is not calculated from the purchased price but the declared value. Declared value is generally between 50% - 70% of the purchased price.
Officially, the buyer pays 2%, and the seller paid 2% in practice, this is usually paid by the buyer.
According to the new regulation at the date of 15.02 2019 refer to foreign property sales, it's obligatory to have an appraisal report while the property sales. The appraisal report is made by licensed companies and in this report its written price of the property. Property appraisal cost 160 Euros
When a foreigner buying or selling property in Turkey, a sworn translator has to be ready during the transaction. Each land registry office has a list of the translator by every language. They charge 500 TL for each title deed conveyancing
Officially real estate agent fees in Turkey is 2% + VAT from the buyer and 2%+VAT from the seller. Usually, estate Agency fees or commission are paid by the seller, but this can be changed for resale Properties. At Basic Apartment, we always inform you in front so you will not get surprised.
Utility Connection Cost
After buying your apartment, we need to get utilities to your new property in Turkey. For electricity connection, we need to visit one of several electric delivery companies in the area and make the contracts with them. Water is delivered by the local municipality in Turkey, so we need to visit the local municipal water department. Although the cost varies from city to city, electric and water abonnement costs about 250 Euros
Property maintenance costs are meager in Turkey – approximately one-third of the cost in Spain. All things considered, buying a property in Turkey is cheap compared to Italy, Spain, France or any other European country. The maintenance fees especially are very affordable. If you have a two-bedroom apartment in a well-managed complex in Turkey with a full facility, your annual maintenance fee should be around €500. With management fees, caretaker salary paid, pool chemical, electricity bill and water bill paid. This is generally paid every month. However, it may be easier and cheaper to pay the whole year's fee at once. If you have any questions about how to manage these fees after you have made your purchase we can make and track all your payments for you using our smart payment tool.
Annual property tax in Turkey or council tax varies the size and value of the property. It is paid twice in a year and ıt cost about 250 TL in Alanya for 2 bedrooms apartment. For more information, please click https://www.basicapartment.com/council-tax-in-turkey
Insurance provides you with many risks to you like waterflood, earthquakes and etc.. Earthquake insurance is compulsory in Turkey. For more details please click https://www.basicapartment.com/Property-insurance-in-Turkey