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 6.5% to cover all fees and charges ( please read below also the assessed value amount you need to pay for the property tax ) . Please note recently title deed transfer tax has been reduced to 3% from 4.4%.
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 now 3% as of May 2018 instead of 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. This is now abolished for all foreign investments in Turkey as of 6th of August 2018.
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 3,000 (Generally lower - assessed value, not purchase value. You can work around 1,800 - 2,000 for this )
Buyers Fee 3,000
Solicitors Fee 1,000
Notary Fee 300
Gas & Electricity 200
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