Property buying cost details in Turkey
The cost of buying property in Turkey is the most common question.
It's just that the cost of buying in Turkey is cheap compared to Spain and Italy. As a rule, when buying, expenses are about 4% of the total amount of purchased property in Turkey, in Spain they can reach 15%.
When you decide to buy a property in Turkey, you must keep in mind the costs of the purchase.
At Basic Apartment Real Estate, we will provide complete information about the purchase price and payment details, as well as carry out all procedures related to the purchase of property in Turkey. We will inform you of all costs so that there are no hidden extras to worry about.
Costs of buying property in Turkey:
In addition to living expenses and real estate, Turkey also has inexpensive purchase costs.
The costs of buying a property are as follows:
1. Stamp duty in Turkey:
The stamp duty differs between apartments and plots of land. The stamp duty is 4% for real estate and 3% for land in Turkey. Stamp duty is not calculated from the market price, but from the declared value. The declared value is usually between 50% and 70% of the market price.
2. Real estate appraisal:
According to the new regulation in Turkey from 15.02.2019 on the sale of overseas real estate, when selling real estate, it is mandatory to have a valuation report. The appraisal report is prepared by the licensed companies and this report contains the cadastral value of the property. The cost of real estate appraisal is 300 euros.
When a foreigner buys or sells property in Turkey, a sworn translator must be present during the transaction. In the registry offices of each country there is a department of translators for each language. They charge around 100 euros for each title deed.
4. Real estate agency commission:
Officially, the commission of a real estate agent in Turkey is 2% + VAT from the buyer and 2% + VAT from the seller. Normally real estate fees or commissions are paid by the seller, but this can be changed for resale properties. At Basic Apartment we always inform you in advance.
5. 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:
The cost of 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 payment of management fees, caretaker's wages, pool chemicals, electricity and water bills. As a rule, it is paid every month. However, it may be easier and cheaper to pay for the whole year at once. If you have any questions about how to manage these fees after you've made a purchase, we can help track all of your payments for you 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 2 bedroom apartment. For more information please click https://www.basicapartment.com/council-tax-in-turkey.
Insurance comes with many risks such as floods, earthquakes, etc. Earthquake insurance is mandatory in Turkey. For more information click https://www.basicapartment.com/Property-insurance-in-Turkey.