What is the Cost of Buying Property in Turkey?
Foreign real estate buyers and first-time buyers in Turkey have many questions about what is the cost of buying property in Turkey. Even though Antalya Homes’ professional team will be assisting you during the buying process, it is important to know what to pay and where to facilitate the process and prepare your budget adequately without being surprised by extra costs. In this article, we have listed all the expenses associated with buying a property in Turkey in detail.
What are the Expenses When Buying Property in Turkey?
Antalya Homes is a leading company in Turkey that you can trust when buying real estate. Our company supports you during all stages of the purchase process to facilitate your experience. When buying real estate, working with a trusted real estate company like Antalya Homes® will make the buying process easier. You can follow the steps of the buying process through our How to Buy a Property in Turkey page.
To answer your questions and eliminate any doubts you have in mind about how much it cost for property in turkey, we have prepared this article. All costs are described in detail to help you to buy your dream home.
We will look at how much it cost for a property in Turkey according to eight categories explained in the following section but note that the prices are in Turkish Lira.
1. Appraisal Report Cost
The appraisal report assesses your property at its fair market value and is necessary for the transfer of the title deed. It is the SPK expert who takes care of preparing the report in just 2 or 3 days. The cost associated with this appraisal report is approximately 1500 TL depending on the city where the property is located and the characteristics of the property. The sum must be paid to the Appraisal Department of Land Registry and Cadastre. (You can visit our Appraisal Report page for detailed information)
2. Title Deed Transfer Cost
The tax upon the transfer of title deed is 4% of the value of the property which will be paid to the Land Registry and Cadastre Directorate. Buyer and seller can by mutual agreement pay 2% each, but it is necessary to know that the custom in Turkey wants the buyer to pay the totality of the amount.
In addition to this tax, charges like Döner Sermaye Harcı and Tapu Kadastro Harcı will be paid once only at the Land Registry and Cadastre Directorate, these costs are respectively 178.50 TL and 598.25 TL.
Finally, you will have to pay some additional costs related to the obtention of the title deed. Firstly, the translation of the passport is 300 TL for each person; then, you will have to be accompanied by a sworn translator and the cost is between 100 TL to 200 TL. Note that if you need to give power of attorney, the cost is between 550 TL and 1000 TL.
3. Lawyer Cost
Antalya Homes contracts are prepared by the company’s lawyer that is why our customers do not need a lawyer. You are in safe hands with Antalya Homes expertise in terms of purchasing process without failure since 2004.
However, if the customer decides to obtain Turkish citizenship, for this meticulous process our company provides you a list of English-speaking lawyers.
4. Real Estate Agent Cost
Generally, a commission of 2% of the property sale price + VAT is due to the real estate agent by the buyer. On the other hand, some sellers do not wish to charge a commission to the buyer in order to make their portfolio more accessible to the customers. Consequently, on our website, you will find real estate with commission included and others with a commission of 2% demanded to the buyer.
5.Property Tax Cost
The tax is used by the government to pay for water and sewer improvements, as well as police enforcement and fire protection, among other public services. Property taxes are paid annually and are 0.2% in metropolitan municipalities and 0.1% in non-metropolitan areas. Concerning commercial properties, they are taxed at a rate of 0.4% in metropolitan areas and 0.2% in non-metropolitan areas.
After purchasing a property in Turkey, earthquake insurance is compulsory to protect the real estate against natural disasters such as an explosion, tsunami, or landslide during and after an earthquake but also a fire. This insurance is called DASK in Turkish, it is also necessary for subscription to utilities. Prices vary between 150 TL and 200 TL depending on the size of the property.
Other supplementary insurances are also available but not mandatory under the name of fire insurance, flood insurance, home insurance, or boiler insurance. These types of insurance are up to the initiative of the owner.
7. Public Utilities Subscription Cost
Public utilities comprise electricity, water, telephone, and internet subscriptions, the prices are different from district to district in Antalya.
- Water Subscription
For the first-time subscription, the total price including the registry and the deposit is 775 TL. If the DASK is not valid you have to pay it and the transfer cost is the same as the deposit cost.
- Electricity Subscription
For the first-time subscription, the total price including the registry, electricity meter, and the deposit is between 100 TL and 500 TL. If the DASK is not valid you have to pay it and the transfer cost is the same as the deposit cost.
- Telephone and Internet Subscriptions
Generally, telephone and internet companies offer a package including the telephone line, internet, and TV channels for approximately 130 TL per month. But you can obtain these connections only if you have a residence permit.
8. Property Maintenance Cost
Property maintenance named “Aidat” in Turkish is paid for by all the inhabitants of a building. This cost is related to the expenses concerning the communal areas used such as the hall electricity, elevator, cleaning, pools, and security maintenance. The cost is based on the size of the complex and the variety of facilities. (For more information, please visit our maintenance fee page)
How Much Does It Cost to Buy a Property in Turkey?
Finally, without adding the tax on the transfer of property, the commission of the real estate agent, the annual property tax, and the property maintenance cost (these expenses are linked to the value of the property purchased) as well as the expenses related to the power of attorney and the lawyer because they are optional; the total cost of the expenses is around 3700 TL and 4253 TL.
To avoid unnecessary expenses, buying real estate with a trusted real estate company will benefit you. A competent real estate company can help you in every step of the buying process, if you want to know our pre and after-sales services regarding real estate buying you can visit our services page.
You can also avoid transportation and accommodation costs by experiencing the real estate buying process remotely with our new system Teleproperty. Our real estate agents can perform the entire process on your behalf and send your title deed securely. To experience a safe real estate buying process, you can read our article named “is it safe to buy property in Turkey”
Following its principle of 100% happy customers, Antalya Homes® facilitates all procedures and helps you to buy your real estate at the lowest cost with the best price guaranteed.
Antalya Homes is dedicated to guiding customers towards the realization of their dream house.