As we said under the headline “steps in buying property”, for a full valuation you will need an appraisal report showing the value of the property. It is obligatory before the title deed transfer in purchase done to foreigners. The cost of the validated appraisal report depending on the city and features of the property may approximately between 1.300-2.200 Turkish Liras. Completion of the valuation report process can take two or 3 days.
It is approximately 4% of the declared title deed value and must be paid to title deed as conveyance tax. The declared Tapu value will be in Turkish Lira. Both the buyer and seller must be present unless either side has given Power of Attorney for the final signature. Keep in mind that there will be almost 200 - 300 TL and registry registration fee as well.
According to Turkish Law, unlike other sales contracts, real estate sale is a type of contract with special legal regulations. Your legal information such as passport and address document (for opening a bank account) should be translated by a Certified Translator and approved by Notary. If you wish to complete the property buying process from your home country, it will be necessary to grant your solicitor power of attorney.
DASK is compulsory and a type of insurance which is obligatory by law in Turkey and is calculated on a square meterage basis. This insurance covers natural disasters such as earthquakes, fires and should be renewed yearly. The fee varies between 150 TL to 300 TL (depends on m2 of the property). Property insurance provides protection against most risks to property, such as fire, theft and some weather damages.
A buyer of Turkish property is liable for paying property taxes in Turkey starting from the year following the ownership of the property. Property taxes (Emlak Vergisi) are paid annually on the tax values of land and buildings at rates ranging from 0.1 to 0.3 percent.
These can be paid at the council or online in two installments. It depends on the type of property, its registered value, and its location.
Q: What are the additional costs to be paid while buying a property in Turkey?
A: Title deed conveyance taxes, and fees, title deed office circulating capital, notary and translation fees, DASK insurance, and utility connection expenses will be the costs when a foreigner buys a property in Turkey.
Q: What is annual property tax and are they high?
A: No in Turkey property taxes are really low comparing to other countries. Every property must pay a yearly property tax which is 0.2% in metropolitan municipalities and 0.1% in non-metropolitan areas.
Q: What are the costs to be paid after the title deed conveyance?
A: After the title deed conveyance, the new owner must get a DASK insurance policy for the property, its cost depends on the area of the real estate and the number of floors. Also, electricity and water connections will cost between 450 and 1000 TL.
Q: How much is the monthly maintenance service fee in Turkey?
A: It depends on the services and the number of properties in the compounds. Meanwhile, there are different maintenance price ranges for villas, apartments and commercial properties.