How Much Does It Cost in Turkey to Buy Property?Fri, Feb 03, 2023, 06:35:24 AM
It is important that home owners or people that want to own a house to know that the cost of buying property in Turkey varies due to that there being fixed and variable costs involved while calculating. Some of the extra charges are for an attorney, notary, taxes and other relevant costs. There could be service fees such as a lawyer or a translator.
Appraisal Value Report Fee
If you decide to learn the value of a property you have to seek an expert. Appraisal report is a report that displays the value of the property and it is considered to be mandatory prior to the transfer of the title deed. It is approximately between 1500-2500 TRY.
Transfer Title Deeds (TAPU) Tax
It is a fee that is paid when a property is transferred from the seller to the buyer in Turkey. The amount of the TAPU tax is based on the value of the property, and is calculated as a percentage of that value.
As a general rule, the TAPU tax for properties considered as a primary residence is around 3% and for other properties it can reach 4%. The TAPU tax is usually paid by the buyer, but it can also be paid by the seller in some cases.
Notary and Other Government Fees
With the possession of required documents, the solicitor would be able to sign the title deed on your behalf. This would then be delivered in your name once all the clearances are done (military clearances would require about 5 weeks). Even the registration for electricity and water would be in your name.
Earthquake Insurance (DASK Insurance)
It is a mandatory insurance that would be needed while signing the title deeds. The costs would be set depending upon the square meter of the property. The DASK for a two-bedroom apartment of 70 square meters would be 550 lira per year approximately.
Registration of the basic Amenities
The registration the of basic amenities such as electricity, gas, internet and water most of the times require a deposit of some kind approximately between 500-1500 TRY.