Expenses of Buying
You have chosen to buy a home in Turkey and are wondering how much more money you will need to budget for in addition to the asking price.
Let us first reassure you that these one-time expenses are substantially lower in Turkey compared to many other European countries. So, whether you are buying a house for a vacation, an investment, a retirement home, or a life in the sun, you will be able to keep more of your hard-earned money in your wallet.
Here is a summary of some of the costs you will face when buying a home.
A real estate appraisal report demonstrates the true worth of property. It is required for all international buyers prior to the transfer of the title deed. The cost of an SPK validated house appraisal is around 2.800 TL. It is determined by the city and the characteristics of the property. The fee is paid directly to the SPK approved expert by the buyer and the report takes around 2-3 days to complete. Iskan is required to apply for water and power subscriptions in all buildings and flats.
The deed conveyance procedure is carried out by the General Directorate of Land Registry and Cadastre. As Title Deed Transfer Tax, the buyer pays 4% of the reported value of the real estate to the title deed office.
This is paid at the time of transfer at one of the state banks: the amount mentioned in the TAPU Office is less than the real property value and ranges between 2000 and 5000 € depending on the size of the land/apartment/villa, etc.
In metropolitan municipalities, it is 0.2%, whereas in non-metropolitan regions, it is 0.1%. The commercial property tax rate is 0.4% in urban regions and 0.2% in non-metropolitan areas. The government uses the tax to pay water and sewer infrastructure, law enforcement and fire services, and other government services.
Property and Natural Disaster Insurance
Natural disaster insurance (DASK) is required in Turkey and it is calculated in square meters. The Compulsory Natural Disaster Insurance covers risks such as fire, explosion, tsunami, or landslide during and after an earthquake. The charge ranges between 100 and 300 TL per square meter.
Property insurance protects real properties against the majority of dangers, including fire, theft, and certain weather damage. This comprises many insurance kinds such as fire insurance, flood insurance, earthquake insurance, house insurance, and boiler insurance. The cost varies based on the size of your home and the specifics of your coverage, ranging from around 90 € for a one-bedroom flat to approximately 220 € for a large property.
Electricity and Water Subscription
New meter connection: electricity costs approximately 100 € and water around 60 € (paid only once).
Transferring the name of an existing connection costs around 30 Euros (paid only once).
Telephone and Internet
You can get phone and internet connections if you have a residence permit. If you sign a two-year agreement, you will be eligible for special packages. For example, you may obtain phone calls, broadband internet, and TV satellite packages for 130-200 TL each month.
Residence Permit - Turkey
Foreign nationals that wish to enter Turkey must have a visa ( 30, 60 or 90 days ) or visa exemption. Foreigners that wish to stay longer ( usually 1 year ) must apply for a residence permit in Turkey.
Expenses of Buying
How to Become a Turkish Citizen?
Finance in Turkey
The housing market here in Turkey is extremely buoyant, making buying property a sensible option. Real Estate is strong compared to elsewhere in Europe, and the Turkish Government simplified the buying process, which is now quick and easy.