Taxes and other additional costs of buying Turkish property
Those costs are connected with registration of the Turkish real estate and with receiving of Tapu, a document confirming property possession.
It should be noted that there is a tax on the purchase of real estate, which must be paid at the same time with the receiving of Tapu and it costs 4% of the total market value price of the object. It is important to emphasize that in Turkey, real cost of property specified in Tapu is almost always lower than the actual price (sale price) which allows you to pay much less tax.
The sum of annually paying tax on Turkish real estate is 0.1-0.4% of the real estate cost, and is specified in the Tapu. Note that it depends on the location and purpose of the object.
While registering all documents for the purchase of real estate in Turkey, you need a power of attorney certified by a notary public, which gives rights for our agency employees to act on the buyers’ behalf and represent their interests in various governmental agencies. It should be noted that forming the document of power of attorney and services of an authorized translator cost about 100-150 Euros.
Also, there are a number of additional charges on property in Turkey, which must be paid to the Land Registry Office:
- Collection for the development of the Cadastre Office (it changes periodically; currently it costs around 60-70 euros);
- Collection for a special map of the place you have purchased property in (requires 100-120 euros);
- Collection for processing the documents directly inside the Office (100-200 euros).
It should be also noted that there are some other expenses that have to be paid after the TAPU registration in the name of the owner. It's about costs of connection of apartments, houses, villas to water and electricity system. Their payment is made once:
- Registration and connection to water supply (about 100-120 euros);
- Registration and connection to electricity (about 60-80 euros).
If your property is supported by TAPU as real estate and is registered as housing and has received personal data sheet (KAT MULKIYETTI), then it is required to form earthquake insurance. Such insurance costs about 35 to 100 euros.
If you want, you can buy an additional insurance coverage on house or things inside it. It costs around 50 - 400 euros per year.
So, if you buy a property in Turkey, do not forget about maintenance services / housing maintenance. It will costs 15-125 euros per month, depending on the type of services. Water and electricity are paid according to the indication in the individual meters.
Author: RestProperty
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