Cost of Buying Property in Turkey
As well as a budget for the actual price of property, set aside money for purchase costs including a lawyer, notary, taxes, and relevant fees. Service charges such as lawyers and translators can vary depending on whom you choose to use. Other official costs are also set in Turkish lira, and the amount in your home country currency will change according to exchange rates at that time. So the below are approximate costs only but generally, you should work on roughly 8.5% to 9% to cover all fees and charges.
Cost of Buying Property in Turkey
Lawyer: Prices vary depending on whom you choose to use. If you need to find an attorney proficient in buying property in Turkey, this list from the UK government will help.
Translation services: Some translators charge by the hour while others offer a set package specifically for property purchases. Please note that translators in Turkey must be officially registered and licensed. Notary offices in each district have a list of licensed translators or alternatively, we can recommend one for you.
Our Fee: 3% of the purchase price
Transfer Deeds Tax: This is 4.4%. Please note, that it goes on the assessed value, not the purchase price. Every council has a list of estimated property values and they will use this to calculate the tax.
Tapu Registration (Title Deeds): £100.00
Notary Fees: £300.00
DASK Insurance: This compulsory earthquake insurance is needed at the time of signing for your title deeds.The cost depends on the square meterage of your property. DASK for a two-bedroom apartment measuring 70 square metres is roughly 250 lira a year.
Military Checks: A formal application is made to the government to check the property you are buying is not within a military zone and that you as a foreigner are within your legal limits of assets you can buy.
Let’s Look at an Example
The following illustrates the one-off costs of purchasing property in Turkey. The figures noted here are representative of a property sale of £100,000. All figures are quoted in GBP.
Purchase Tax 4,000 (Generally lower - assessed value, not purchase value)
Buyers Fee 3,000
Solicitors Fee 1,000
Notary Fee 300
Gas & Electricity 200
Military Application 400 (to be abolished soon)
You can also read all our related articles below.
Residency Permits in Turkey, how to apply,extensions and all the required information and guidance that you need.
Turkey Buyer's Guide with all the required necessary information and guidance that you need.
Simple guide for all the required steps . Turkey Property Purchase Process with all costs, fees and taxes covered.
Our objective and candid advice on buying property in Turkey, all the Do's and Don'ts covered in simple steps.
Organising Finances, Turkish Mortgages & Currency Exchange and most importantly your budget, you can find it all here, our advise on this important subject.
If you have already visited Turkey on holiday, you may know where you want to buy property. There are many districts have impressive portfolios of apartments and villas for you to choose from.
Before you start, it is important to list your reasons for buying, so you find the perfect match. Here is how we would like to advise you as well as our responsibilities towards you.
The annual running costs of property in Turkey are relatively lower than western countries. This explains why Turkey is a popular choice for expats.
You’ve chosen your property, have your finances ready and are eager to jump into the Turkish real estate market so what happens next? Here is we answer all your questions about the entire buying process in Turkey.
So you’ve bought your property and are ready to take the plunge to live in another country. Well done and the good news is that moving to Turkey is relatively smooth as long as you plan and research beforehand.
Turkey is an attractive buy-to-let destination. Some people rent out their property while they are not in the country, either to keep someone there at all times for security or to make a second income and recoup running costs.
Inheritance laws and wills vastly differ in Turkey. Spouses and blood relatives are automatically entitled to any assets. Since there is no inheritance tax, property investments in Turkey are becoming more popular year after year.
Here at Turkey Homes we have dedicated after-sales teams in many areas of Turkey, who are just a phone call or email away, on hand to assist you with all your after-sales needs.