Extra Costs of Purchasing Property in Turkey

So, you’re considering investing in Turkey’s vibrant real estate market? At Estates Istanbul, one of the most frequent questions we get is about the cost of buying property in the country. While prices vary based on the type and location of the property, there are some standard costs you should be aware of. If you choose a home through us, we’ll provide a detailed payment plan to keep things transparent. As a rule of thumb, setting aside about 8% of the purchase price should cover the one-off costs.

If you haven’t found your dream Turkish home yet, explore our diverse portfolio of properties available across the country. And with every enquiry, we’ll give you a detailed cost breakdown. The best part? Buying in Turkey can be quite economical compared to countries like Spain or Portugal. Let’s dive deeper into the costs:

Breaking Down the Costs: What to Expect

Solicitor Fees: Although Turkish law doesn’t mandate a solicitor, it’s a step we strongly recommend. English-speaking Turkish lawyers are aplenty, and we can point you to some trusted ones. Their fees usually range from $1,000 to $1,500. If you’re thinking of giving them power of attorney, budget a little extra.

Notary and Translation Fees: Notarization is essential for several documents, including contracts. If a document is in Turkish, it requires certified translation. These translation services must be approved by the local notary. Setting aside $200 to $300 should cover these costs.

Real Estate Appraisal: A recent amendment mandates an independent real estate appraisal for every sale. This currently costs around 2,000 lira.

Property Tax: This amounts to 4% of the property’s value, payable when you get your title deeds. Occasionally, when you are buyıng a new home from developer, buyer and seller share 4% as 2% and 2%.

Estates Istanbul’s Fee: This varies. Sometimes new development builders cover our fee. For resale properties, both parties are typically charged. However, our charges never exceed the industry standard of 2%.

VAT (Value Added Tax): As of 2017, foreign buyers are exempt from VAT on their first Turkish property, provided they use foreign currency for the purchase and don’t sell the property for at least a year. Please check our article about VAT in Turkey.

Earthquake Insurance (DASK): This is mandatory when acquiring your title deeds. Based on the property’s size, for instance, a 70 square meter apartment might cost around 220 Turkish lira.

Utility Connection or Renaming: For resale properties, utilities like electricity need renaming. For new homes, new connections are established. Budget between 500 to 1,500 Turkish lira for this.

Example Costs for a $200,000 Property

• Property Tax 2% : $4000
• Estates Istanbul Fee: $4,000
• Solicitor’s Fee: $1,500
• Notary Fee: $300
• Utility Costs: $200
• Total: $10,000 (about 5%-%6)

Yearly Property Ownership Costs in Turkey

Remember, there’s a yearly property tax, roughly 0.2% of the property’s value. Additionally, if you own a property in a shared complex, there’s a maintenance fee, which can be paid monthly or annually.

Need Guidance with Property Costs in Turkey?

It’s challenging to pin down the exact costs without specifics. But fear not, with every property you shortlist, Estates Istanbul provides a detailed cost outline. If you’re still scouting for the perfect home in Turkey, reach out to us. We’re here to guide you every step of the way. Our buyer guide and project-specific insights can also help you make an informed decision.