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The Cost of Buying a Real Estate in Turkey

Cost of Buying a Property in Turkey

Buyers will be happy to know that the costs of buying a property in Turkey are lower than in other countries. However, knowing exactly how much you are paying, the process is more fluid, so we have listed the costs below. Prices are in Turkish pound and are approximate indications. When you apply for a property, we establish a detailed payment plan so that you know exactly what to pay for and .

Cost of Buying a Property in Turkey

An appraisal report mentioning the value of the property is mandatory before the transfer of the title deed selling to foreigners. The evaluation report validated by SPK costs 1,000-1,500 Turkish Lira. (SPK is the Capital Market Board, which means Sermaya Piyasası Kurulu in Turkish.) Buyers pay this cost directly to the Property Assessment Department of the Land Register and Cadastres. The deadline for writing the evaluation report is between 2 and 3 days.

Property title

The Registry and Cadastres Directorate (Tapu ve Kadastro Genel Müdürlüğü) charges you 3% of the value of the property you sign the title. In Turkey, declared property values ​​are larger than those of the market. The Registry and Cadastral Department also charges a single processing fee - Döner Sermaye Harcı of TL 293.75 and Tapu Kadastro Harcı of TL 598.75.

Agent Fee

According to the law, buying a property, Istanbul Homes charges 3% + VAT of real estate agent fees to the buyer and the seller. Occasionally new and off-plan homes are sold at no agency fees. Usually, construction companies in Istanbul have price lists including commissions. The commission fees are entirely dependent on the choice of the seller.

Translation and Proxy Fee

When signing your title deeds, you will need a sworn and sworn translator. Translation and proxy fees vary depending on language and length of content. The fees of the sworn translator vary on average between 100 and 200 TL, the proxy fees also amount to 500 TL.

Connections to Electricity,

Water and Telephone

Home Insurance (DASK)

Under the law, every house must have DEPREM sigorta, an earthquake insurance. The amount depends on the size of your property. An annual policy for a two-bedroom house measuring 75 m² is approximately 150 to 200 Turkish lira, depending on the insurance company used. Insurance costs added, but not required, include fire, theft, damage and content.

Annual Property Tax

Each house must pay an annual property tax of 0.2% in metropolitan municipalities and 0.1% in non-metropolitan areas. Commercial properties pay 0.4% in urban areas and 0.2% in non-metropolitan areas. When signing title deeds, the seller must ensure that there is no property tax debt.

This article details the expenses buying a property in Turkey, but our cost of living article lets you know how much to budget for monthly purchases and daily costs. We are also available by e-mail, telephone or by visiting one of our offices if you wish to speak to a sales representative.

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