Costs of buying a property in Turkey

Costs
of buying a property in Turkey

Costs of
Buying a Property in Turkey In general, the cost of purchasing a home in Turkey
is quite varied.

Costs paid
when buying a home include:

Document
transfer tax in Turkey

What is
the Cost of Land Registration?

Land
registration fee or land registration fee is a cost that is reported as 4% of
the sale price and is calculated for all real estate sold (housing, work, land,
farm, land, etc.).

Who should
pay the land registration fee, and how will it be calculated?

If the
buyer and seller fail to agree on how to pay the tax under the Transfer
Document Taxation Act, the tax payment shall be as follows:

The buyer
bears this amount, and the other 2% must be paid by the seller and deposited in
a state bank.

It should
be noted that the transfer of the document takes place in Notre Dame and is
required by the buyer, seller, or person having a power of attorney.

For
example, if the real estate purchase price is stated at 200,000 liras, both the
buyer and the seller will pay 4,000 liras (2 x 200,000) as the transaction cost
of the document.

Property
tax

Property
tax is a type of charge that must be paid for the property that belongs to it.

When you
buy a home, you must pay your taxes one year after your purchase date.

Annual
property tax in Turkey

Depending
on the type of asset, the tax payment is as follows:

One can
pay taxes in two installments by the end of May and November,

Tax rates
vary depending on where you live in or outside the metropolis,

The tax
rate may increase each year based on the revaluation rate.

Inside the
metropolis outside the metropolitan real estate type

0.2%        0.1%       Residential Property

0.4%      0.2%         Commercial Property

0.2%      0.1%       
 agricultural land

0.6%      0.3%
        Construction Licensed Lands

In
addition, the Land Registry and the Cadastre only receive a one-time
value-added tax of approximately 353 Liras per turkey.

The buyer
will only pay this fee.

Cost of
evaluation report

When
selling real estate to foreigners, it is mandatory to submit an appraisal
report indicating the value of the property before moving the document.

The cost
of an SPK evaluation report is between 1,000 Liras and 1,500 Liras.

Buyers
will pay the cost directly to the real estate appraisal department of the Land
Registry and Cadastre.

It will
take 2 to 3 days to complete the evaluation report.

Earthquake
Property Insurance

Earthquake
insurance (DASK) is mandatory in Turkey and is calculated on a square meter.

The risks
of fire, explosion, tsunami, or landslides are covered by compulsory earthquake
insurance during and after the earthquake.

Cost
varies depending on the size of the property.

Real
estate insurance protects the property against many dangers such as fire,
theft, and some weather damage.

This
includes specialized forms of insurance such as fire insurance, flood
insurance, earthquake insurance, home insurance, or boiler insurance. Property
insurance makes it possible for the property owner to recover damages for such
cases.

Subscription
fee

Another
type of cost that can be mentioned is subscriptions.

Membership
in water, electricity, heating, natural gas, telephone, and internet.

If you
have a residence permit, you can have a telephone and an internet connection.
Quit Telecom, Vodafone, and Turk Cell are active all over the country and have
the majority of the market.

Maintenance
costs

Anyone who
buys an apartment in a public building has to pay a monthly maintenance fee
(Aidat), which is spent on public amenities like electricity, swimming pool,
garden maintenance, or maintenance.

Real
Estate Commission

If you buy
a home from a real estate asset, you will also pay a specific commission at the
end of the transaction.

Usually,
this cost is 3% of the house sale price.

Environmental
cleanup tax

Costs When
Buying a Home Another critical type of tax in 2019 is the ecological cleanup
tax.

The amount
of this tax is calculated according to the square meter of the house purchased
and the number of people living there.

Be fruitful
and proud, Aila group.