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Purchase Expenses

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Purchase Expenses

Expenses of Property Purchase in Turkey

Buyers would be happy to learn that expenses in Turkey when purchasing property are small relative to other countries. Even, understanding just how much more you ‘re going to spend, makes the process easier so we’ve listed below the estimated costs. Prices are set in Turkish lira and are ground-breaking guidelines. They will prepare a comprehensive payment schedule when you inquire for any specific property for sale, so you know exactly what to pay and when.

Document Fee for Real Estate Review

Appraisal report stating the property’s worth is necessary before the transfer of title deed in sales made to foreigners. Depending on the city and complexity of the property, the cost of the validated SPK appraisal report is about 1.000-1.500 TL. Buyers pay the expense directly to the Land Registry and Cadastre Real Estate Appraisal Office. Assessment report delivery period lasts 2-3 days.

Title Deeds

During the time of signing for the title deeds, the Land Registry and Cadastre Department charges 4 per cent of the land value. In Turkey, declared property prices conform to price ranges of local authorities and these are always less than the sale price. The Directorate of Land Registry and Cadastre also charges a one-time handling fee of 178.50 TL and 598.25 TL Tapu.

Agent Fees

According to the law, buyer and seller provide Azad 2 per cent + VAT real estate agent fee when buying a house. Off-plan and new building homes are sold sometimes without agency fees. Construction companies in Istanbul typically have price lists with commission included. The commission fee depends wholly on the choice of the property sellers.

Translator and POA Fees

You will need a licensed and sworn interpreter at the time you apply for your title deeds. Translator and attorney’s office fees differ depending on the language and duration of text. Sworn translator fee is between 100 TL and 200 TL on average, Power of Attorney fee is between 550 TL and 1,000 TL.

Lawyer Fee

Azad has the approval of qualified sales contracts from our company lawyer. We are specialist in the transition of title deeds to foreigners, with zero loss in real estate transactions. If you need a lawyer, we’ll be able to provide you with a list of several independent English speaking lawyers to choose from. Lawyer fees are on average USD 1,750 and VAT 18 per cent.

Electricity, Water and Telephone Connections

The electricity and water fees in Istanbul varies between regions

Once you get electricity subscription for the first time, you pay the link fee, the sum of the deposit, the stamp tax and the file rate. The fees to cut and connect are 37,3 TL per transaction. The onetime contact fee varies from 30 TL to 60 TL. Deposit balance payable for each subscription is 198 TL. Stamp tax is 9.48 per thousand of the amount deposited. The fee for the file is determined by the amount of the deposit. The transfer fee shall be as much as the value of the deposit and additional DASK if the time of DASK has expired. * The above fees are calculated on the basis of 6 kW of connecting power.

The gross register fee for water subscriptions is around 500 TL. When you receive the first payment, you have to pay extra fees for 195 TL water participation and 155 TL channel participation fees. Deposit balance payable for each subscription is 137 TL. The transfer fee shall be as much as the value of the deposit and additional DASK if the time of DASK has expired.

Please note to get a landline, you need to have a Turkish residence permit.

Home Insurance (DASK)

By statute, DEPREM sigorta which is earthquake insurance must be in every home. The sum will depend on your property size. An annual premium for a 75 square meter two-bedroom house is approximately 150 to 200 TL depending on the insurance firm working. Added but not legal expenses of insurance include burning, robbery, injury and contents.

Annual Property Tax

Each home is required to pay an annual property tax of 0.2 per cent in metropolitan municipalities and 0.1 per cent in non-metropolitan areas. Commercial property in urban districts pay 0.4 per cent and non-metropolitan areas pay 0.2 per cent. The seller must ensure there are no property tax debts when signing for the title deeds. This article discusses expenses when purchasing property in Turkey, but our cost-of – living article gives you an insight into how much to prepare for monthly food and operating costs. If you want to speak to a local sales rep about investing in the Turkish real estate market, we are also accessible by email , phone or by dropping into one of our offices.