Price Of Buying A Property In TurkeyWed, Jul 27, 2022, 12:43:11 AM
The Royal White Property guides that you should have a budget for 8% to be added at the top of your property purchasing price to cover some additional costs and all expenses you need to wage for your home in Turkey.
What Are The Additional Costs Of Buying A Property In Turkey?
Typically, a lawyer will cost 1000 USD for the services used. However, it can vary due to the complex process of property purchase and transaction. Legal fees are owed after the signing of your property buying contract.
In Turkey, a standard fee is paid as 3%. While being wary of the companies, some of them try to charge a higher fee from the client. At Royal White Property, we never charge more than the 3% fee for our assistance and work during your property search.
Agency fees are also payable at the signing of your property buying contract as a standard.
Stamp duty is known as Turkey’s property buying tax, and this amounts to 4.4% of the total evaluated value of the property. The estimated value of the property usually comes in and is about 60% of the buying price.
Stamp duty is paid at the registration of the property title deed by your name. Hence, if you are purchasing an off-plan property in Turkey, you do not need to worry about payments until or unless the completion of the property of the whole process.
Other Paperwork And Approval
Various other approvals and paperwork for property purchasing usually amount to around 500 USD in total.
The general fees in buying a property in Turkey less costly as compared to the other European countries like Italy, Spain, and France, where you are supposed to pay anything ranging from 10-20% extra as fees.
VAT is also payable while buying real estate in Turkey, though this will always be a part of the purchasing cost, which will be added in the sale; hence no extra charges will be needed from you.
Once you purchased your new home in Turkey, you will want to know about maintaining and managing it as well as its associated fees and costs. For reading on how to maintain and manage property in Turkey.