Purchase Costs
When purchasing a property in Turkey there are of course a number of fees involved and below is a summary of the costs you will incur and what you can expect to have to set aside on top of the purchase price for all relevant fees.
Many official costs are set in Turkish Lira and therefore the amount in your home currency
will change according to exchange rates at that time.
Initial Costs in Turkey:
– Translation of passport, approximately 1500tl per person
– Notary costs for drafting Power of Attorney, approximately 4000tl
– Official Translator fee, approximately 2500tl
(Please note that costs vary as it is costed on number of words/letters within the document and depends on how many clauses and restrictions are added)
For costs based on obtaining a Power of Attorney in the UK please contact us
Final Stage Costs:
– Purchase Tax (like Stamp Duty) is 4% of the declared amount **(please see footnote)
– Solicitors Fee, averages £750-1000
– Survey/Home Report (compulsory to determine tax valuation) from 14,000 YTL from 1st March 2023 subject to location and size of property
– Duty Tax, approximately 3830 YTL
– Deed administration fee 1500tl
– DASK (Compulsory Government Insurance), varies but approximately 450YTL/1000YTL subject to size of property
– Estate Agent fee is 3% of the agreed purchase price
– Foreign Exchange Certificate & Bank fees for sending and receiving money to Turkey. Please note that from 21st January 2022 that the property must be paid in Lira via the Central Bank of Turkey – your agent or Legal advisor will complete this process for/with you in order to obtain the Foreign Exchange certificate required to complete the purchase. This could mean a fluctuation in the price being paid due to exchange conversion along with Government taxes, we suggest you allow approximately £2,000 for this.
Translator fee – if you are attending the final signing in person then it is required under Turkish Law that a translator (approved by the TAPU office) is there to assist cost is currently 1500TL
*Footnote** The declared amount is generally lower than the true purchase price. Under declaration is common in Turkey and the value will be determined on the Home Report/Survey. Generally a reasonable declaration is around 75-85% of the true value and is normally deemed acceptable by the Local Council.
After Sale Costs:
– Private comprehensive house insurance (Buildings & Contents) is optional and price varies, approximately 1800tl +
– Costs associated with registering and connecting to Aydem electric, approx. 275tl-520tl
– Costs associated with registering and connecting to Muski water, approx. 135tl-200tl
Other Costs to Consider are Annual/Ongoing Payments:
Annual maintenance fee for pool and garden upkeep is compulsory if your property is part of a communal complex and prices vary depending on the complex size and onsite facilities (ie. onsite security guard)/ Typically this fee can be £500-750 annually for an apartment and £750-1000 for a communal villa. When you own a private villa with private pool and garden you are able to instruct your own property manager and maintenance company and the price depends on how many months you wish to run your pool, pool size and how landscaped your gardens are. Typically a private pool/garden maintenance is around £1200-1500 PA.
Council rates & property taxes are dependent upon property type, area & size of property and declared value on the Tapu/deed. It is paid annually at the local Post Office by presenting a copy of your TAPU (around April) and is usually less than £100 per year. It is around 0.1% per person of the declared property value.
DASK (compulsory earthquake insurance) is paid annually, but at the time of your property purchase your Solicitor will already have put a Policy in place. This can easily be renewed with your comprehensive house insurance annually and most Insurance Brokers in the area will accept credit card/online payments for easy renewal if you are not in country.
Electricity/gas & water utilities – Dependent on personal consumption and on individual meters. A deposit is required by the Utilities Companies when registering new ownership and once set up in your name, the bills can be paid by cash at the Post Office or by Direct Debit through your Bank.
Internet varies depending on provider and package. You can opt for the simple wifi mobile box with someone like Vodaphone for 200tl-400tl credit per month (8mg up to 12mg) being sufficient for holiday usage and easy to add credit locally as and when you arrive in resort, or you can pay for an annual installation which is around 190tl per month for unlimited, but these providers generally have an initial cost for set up and for the modem and satellite dish of around 1800tl
TV packages: Most people opt for NetFlix accounts, Amazon Prime and Disney etc. IPTV is available to be installed subject to internet and current rates
Disclaimer: All of the above costs are for guidance purposes only and are subject to change. The legalities, processes and costs change regularly in Turkey, so although we use our best endeavours to ensure the information is correct, the figures quoted can change.
