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The main costs buying property in Turkey

The main costs buying property in Turkey

Costs in buying real estate in Turkey

When buying a property 4% conveyance tax of the declared real estate value and the state fee in the amount of 188 TL for issuing TAPU (ownership certificate) is paid. If the buyer is a foreign national, costs for obtaining permission from the military department and the costs of the sworn translator (50 EUR) are added to this.

Technical passport (Iskan)

In case there is no technical passport in place, the buyer bears costs of obtaining it.

Real estate agency commission

Registered and licensed real estate agents are entitled to receive 3% of the actual sale price of the property.

Legal costs

The amount of legal expenses can reach 1% of the real estate value.

Annual property tax:

0,2% of the real estate value (due to pay before the end of May) at the municipality.

Property insurance:

When a bank loan is used to buy a property, obligation to issue insurance for the real estate object arises. Normally the bank that issues the loan assists in taking out insurance policy. Where no funds are raised from the bank to buy property, it is possible to get the property insured in local insurance companies. The insurance rates depend on the location, area and quality of the building.

Water and electricity:

After getting a TAPU, you need to register as a consumer of electricity and water.

Electricity:

– initial registration costs – 220 TL, re-registration – 110 TL;

Water:

– initial registration costs – 353 TL, re-registration – 220 TL.

All payments are one-time. Cost of one kilowatt of electricity is approximately 0.48 TL, m3 of water is 2.33 TL.

Note: Prices shown here are approximate. For information on the exact figures please contact our specialists.

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Aysha

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