You’ve decided you want to buy a property in Turkey and now you are wondering how much extra you will need to budget for, over and above the asking price?
Firstly, let us reassure you that these one-off costs are much lower here in Turkey than in many other European countries. So, buying a property for a holiday home, investment opportunity, retirement home or for a life in the sun means that you get to keep more of your hard-earned money in your pocket.
Here is a list of some of the expenses that you will incur whilst purchasing your property. These figures are correct for 2021 and may be subject to local changes:
The Power of Attorney
Giving Power of Attorney at Notary Public costs
approximately 100 Euro (including Sworn Interpreter).
4% of the Turkey property value stated in the TAPU Office.
This is paid at one of the State Banks at the time of conveyance (the amount stated in the TAPU Office is lower than the real property value and approximately between 2000-5000 Euro depending on the land/apartment size/villa etc).
Obtaining the Completion Report named Iskan (for new built properties only): starts from around 130 Euro, depending on the size and the location. For example a 50m2 apartments iskan would be around 130 euros.
All buildings and apartments need Iskan to apply for water and electricity subscription.
Electricity Subscription New connection of electricity meter: approximately 100 Euro (paid only once).
Name transfer of an existing connection: approximately 30 Euro (paid only once).
Water Subscription New connection of water meter: approximately 60 Euro.
Name transfer of an existing connection: approximately 30 Euro.
Telephone Subscription Land Line Telephone: you can only get a land line telephone registered if you have residence permit in Turkey.
Annual Expenses of Owning a Property in Turkey
Property tax in Turkey (Emlak Vergisi) App. 0,02% of the property value declared by the local municipality (to be paid before the end of May each year). In most cases, annual property tax of a 2 bedroom apartment in Alanya region is app. 100 Euro.
Electricity Energy cost per kwh: app. 0,131 Euro (July 2015, including VAT and diverse taxes).
Water Water cost per m3: app. 0,88 Euro (including VAT and diverse taxes).
Telephone Cost per unit: app. 0,039 Euro, standard tariff.
Monthly rental: app. 7,20 Euro, standard tariff.
Unit period (province): 60 seconds.
Telephone tariffs include VAT (18%), exclude SCT (15%).
Property Insurance and DASK Natural Disaster Insurance (DASK) is compulsory in Turkey and is calculated on a square meter basis. Because this insurance is obligatory, you will not be able to get electricity or water to your property without proof of this document. This fee varies but can be between 15 and 30 euros depending on the cover you request and the size of your property.
It is also advisable to take Property Insurance to cover you for fire, flood, home insurance and boiler insurance. Again these figures vary depending on the size of your property and exactly what you want covered. They start from around 90 euros for a one bedroom apartment right up to around 220 euros for a large villa.