Cost of Purchasing a Property in Turkey

Cost of Purchasing a Property in Turkey

The cost of purchasing a property is among the topics that people who want to buy a home are curious about. Individuals should have detailed information about how much it will cost when buying a home. In this direction, it is necessary to express that different costs will arise in this process. These charges are generally as follows.

Cost of Housing

The cost of the house is the amount requested by the buyer, and this price is the largest cost item you will make when buying the property. This cost item is known as the most important and most significant amount of expenses.

Real Estate Consultant Service Fee

Another cost that may arise in the process of buying a house is the service of a real estate consultant. In accordance with the regulation on real estate trade, real estate consultants can charge a service fee of 3% + VAT (18%) from the landlord of the house. This fee is paid during the purchase process and signing of the contract.

DASK

DASK is a mandatory earthquake insurance policy, is also required during the transfer process of the title deed when buying a house. This insurance is renewed every year, and the buyer must carry this insurance on their behalf when buying a house. It is not possible to carry out electricity and water connections without DASK.

Title Fee

As of 2021, 4% of the sale price is paid as housing title fees. This price is sometimes divided between buyer and seller in such a way that it is 2% -2%, other times the buyer pays the full 4%. Besides, the revolving fund value of the title is 385TL. This fee is payable upon the registration of the property title deed in your name.

Revolving Funds

Individuals must also pay the return capital value of the title deed when buying a property. 

Property Tax

Each landlord is obliged to pay the property tax calculated from the value of the home. Property tax must be paid every year. Starting after the end of the first year from when the title deed is received. 

 

When you compare the real estate sector in Turkey and other European countries you will notice that buying a property in Turkey is relatively cheap. That is one of the reasons why investing in Turkey is a really appealing option to foreing investors. Make your move and contact us to get the best consultation about this matter.

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