Expenses of Real Estate Purchase in Turkey
Let us inform you about expenses of real estate purchase in turkey and owning it. Potential buyers must know these additional costs and fees when purchasing a property.
Here's a summary of the expenses:
Expenses of Property Purchase in Turkey:
- Purchase Tax: 4.0% of the declared value of the property in the Title Deed. The actual amount may be lower than the property's real value, typically between 1500-3,500 Euros.
- Registration Fee for Tapu Document: 65 Euros.
- Translation of Passports + Notarization: 50 Euros.
- Translation Services (for Tapu registration): 75 Euros.
- Registration of Electricity Meter: About 100 Euros. If you're transferring an existing connection to your name, it's 30 Euros.
- Registration of Water Meter: About 100 Euros.
- Application for Residence Permit (1 year): 150 Euros.
Annual Expenses:
- Annual Property Tax: Typically calculated at 0.1% per annum of the property's value. The exact amount may vary based on the property's location and value.
- Property Insurance: Approximately 100 Euros per year, depending on the type of insurance. This expense may only apply when purchasing the property for the first time and is optional.
It's important to note that these costs can vary based on the location and specific circumstances of the property transaction. Additionally, a professional real estate agency like our company, Maximos Real Estate, can help streamline the process and ensure that all necessary procedures are followed correctly.
Expenses of Property Purchase in Turkey
Prospective buyers should also consider other potential expenses, such as legal fees, appraisal costs, and any fees associated with obtaining financing if needed. Consulting with our real estate agents or legal experts can provide a more accurate estimate of the total expenses involved in a property purchase in Turkey. We are always here for you to answer your questions. Our company Maximos Real Estate has experience more than 15 years at the real estate business.
