Purchasing Expenses
Unlike other countries, expenses when buying a property in Turkey are low, and foreigners will be pleasantly surprised at how much money they can keep in their pocket. As always though, it is wise to know before you start the process of the additional expenses that will arise from legal procedures, as well as tax and service fees.
The Cost of Buying Property in Turkey
Valuation Report Fee
An appraisal report showing the value of the property is obligatory before the title deed transfer in sales is done to foreigners. The cost of the SPK validated appraisal report is approximately 2.900 TL depending on the city and features of the property. Buyers pay this fee directly to the SPK validated expert. Completion of the valuation report lasts 2 – 3 days. (Read more about the Appraisal report here)
Title Deed (Tapu) Transfer Fees
The General Directorate of Land Registry and Cadastre carries out the conveyance procedure. Both the buyer and seller must be present unless either side has given Power of Attorney for the final signature.
Buyer pays 4% of the declared value of the property to the title deed office as Title Deed Conveyance tax.
There are several costs and taxes roughly 6000 Turkish Lira which are;
• Passport translation at Notary (1000 TL for each person additionally)
• Address document translation at Notary for opening a bank account
• Sworn translator
• Power of attorney (optional)
• Obtaining a tax number
• Photos
• Cadastre Tax (Tapu Kadastro Harcı)
Additionally, the Land Registry and Cadastre Directorate also charge one-time processing fees, Circulating Capital (Döner Sermaye Harcı) of approximately 673 TL – 1.800 TL.
Real Estate Agent Fee
According to the regulation, the real estate agent fee is 2% + VAT of the sales price and this rate is charged to the buyer. Since some sellers assume the finder’s fee to make their portfolios more attractive, the buyer commission does not appear in many of our properties.
When you check out properties for sale on our website, some properties show Estate Agency Fee is included and some properties show 2% Estate Agency Fee is demanded. It totally depends on the property seller’s choice.
Property Tax (Emlak Vergisi)
Property Tax is paid every year and is 0.2% in metropolitan municipalities and 0.1% in non-metropolitan areas. The tax rate of commercial properties is 0.4% in urban districts and 0.2% in non-metropolitan areas.
The tax is used by the government to fund water and sewer improvements, provide law enforcement and fire service and other items deemed necessary.
Property and Natural Disaster Insurance
Natural Disaster Insurance (DASK) is compulsory in Turkey and is calculated on a square meterage basis. Risks that may arise from fire, explosion, tsunami, or landslide during and after an earthquake are under Mandatory Natural Disaster Insurance. The fee varies between 200 TL to 400 TL (depends on m²).
Property insurance provides protection against most risks to property, such as fire, theft, and some weather damages. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property insurance provides financial reimbursement to the owner of the structure in such cases.
Getting Connected: Electricity and Water
The electricity and water abonnement fees in Antalya vary from district to district.
Electricity abonnement fees;
If you get the first-time abonnement, you pay between 250 TL and 750 TL in total for the abonnement registry, electricity meter, and additional deposit fees. The transfer fee is as much as the deposit amount and additional DASK amount if DASK has expired.
Water abonnement fees;
If you get the first-time abonnement, you have to pay 1800 TL in total for the abonnement registry fee and additional deposit fee. The transfer fee is as much as the deposit amount and additional DASK amount, if DASK has expired.
Telephone and Internet
If you have a residency permit, you can get a telephone and internet connection. Turk telecom and TTNET are countrywide, and they hold a majority of the market.
For new subscribers, special packages are available, if you sign a two-year contract. Examples include telephone calls, broadband internet, and TV satellite packages for 130 Turkish Lira a month. All companies will charge an installation fee.
Maintenance Fee (Aidat in Turkish)
Anyone buying an apartment in communal buildings will also need to pay a monthly maintenance fee (Aidat) that goes towards communal facilities such as stairwell electricity, swimming pools, garden maintenance, or security. Read more in article about maintenance fee in Turkey.
Lawyer Expenses
Bodrum White Villas has sales agreements prepared by our company lawyers. We do our job with zero failure since 2017. We are experts in real estate sales to foreigners and title deed transfer. Your money is under Bodrum White Villas expertise guarantee and experience. Our customers who prefer us do not need a lawyer.
However, since the citizenship process is more intricate, we recommend that you complete your process with a lawyer. We provide a list of several independent lawyers speaking your language for you to choose from.