Expenses Of Purchasing a property
Additional costs of buying property in Turkey
The cost of buying a property in Turkey is lower than in European countries and many countries in the world. On this page, Karma Turkey has listed the standard costs of buying a residential or commercial unit. But be aware that these fees may vary slightly for different properties.
After visiting and liking a property, the team of Karma Turkey real estate consultants will prepare and provide you with an exact list of additional costs for the purchase of that property.
Side costs of buying property in Turkey:
1- Cost of real estate evaluation report:
Appraisal of the purchased property and preparing a property expert report is mandatory for foreign buyers of real estate in Turkey.
The amount of an authentic real estate expert report in Turkey is about 6000 liras, which may change depending on the city, region, size, age of the building, and some other factors. Buyers pay this fee directly to the Real Estate Appraisal Office of the Land Registry. It takes 2 to 3 days to receive the evaluation report.
2- The cost/tax of transferring a property document
The General Directorate of Land Registration and Cadaster is the name of the responsible body. (Tapu ve Kadastro Genel Genel Müdürlüğü)
This government agency charges 4% of the appraised value of your property as a tax and transaction fee. You will pay this amount directly through the government website.
3- Real estate agency commission/fee
According to the rules of the Chamber of Commerce and Real Estate Union of Turkey, the commission of real estate companies is 2% of the price of the property traded, plus 18% of the commission amount, which is called value added tax.
4- Cost of notarized translation of passport and sworn translator on the day of notarization
According to the law, the presence of a sworn translator on the day of document transfer is mandatory for foreign buyers of real estate in Turkey. The cost of hiring a sworn translator to transfer a property document is about 2000 lira.
Also, your passport and ID card must be officially translated and confirmed, which will cost about 500 liras.
5- Water, electricity, gas, telephone and internet subscription fees
The costs of water, electricity, gas, telephone and internet subscriptions are slightly different in different cities and regions, these costs are very minor and the experts of Karma Turkey will be with you in all stages after the sale.
6- Annual property insurance cost (DASK)
According to the law, all properties in Turkey must have earthquake insurance, the cost of which, for example, for a 100-meter apartment in 2023, is about 400 Turkish liras. The important thing is that there is also fire and theft insurance, but it is not mandatory.
7- The cost of annual real estate taxes
Each landlord must pay an annual real estate tax, which is 0.2 percent in metropolitan municipalities and 0.1 percent in non-metropolitan areas. Commercial properties pay 0.4% in urban areas and 0.2% in non-urban areas. Importantly, when signing the property deed, the seller must ensure that there is no property tax liability.
8- The cost of a legal real estate lawyer
Karma Turkey International Company has sufficient experience in selling property to foreign investors, and all real estate contracts that are signed in our company’s office are created by first-class lawyers and will be reviewed again on the day of signing. Therefore, buyers who choose Karma Turkey to buy property and invest in Turkey will not need to hire a lawyer.
In case you decide to hire a legal real estate lawyer for more certainty in the process of buying a property in Turkey, we can provide you with a list containing the names of a number of lawyers approved by our company who are fluent in Arabic or English. to provide so that you can communicate with them. The cost of the lawyer will be completely different according to the time period of the contract and the description of duties.
Written by Hamed Valadkhani
January 6, 2023