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It is essential to be able to trust your estate agent when you are purchasing a property in Turkey. That is why we are always entirely transparent when it comes to our fees and the additional cost of buying a property in Turkey.
Once we find a property that you would like to purchase, we sit down and take you through each cost and when to pay them. One of the negative parts of buying a property in a foreign country is the fact that our clients feel like they do not have control and understanding over the purchasing process.
As Kingsman Estates Antalya are completely transparent, you will at least be able to follow the easy-made steps when we are representing you in the Turkish property market. In Turkey, we are extremely lucky as the extra costs that occur when purchasing a property in much lower than in countries like Spain, Portugal or France.
Our team has a combined experience of over 150 years in the Turkish property markets which taught us a huge deal of lessons and rules and general practices.
We always advise our customers to make a budget of around %8-%8.5 of the purchase price of the property for additional costs that will occur during the process.
We will now breakdown these costs and explain each and every one of them so you can be fully aware and prepared when the time of your purchase comes.
Cost of Compulsory Appraisal Report
Recently the Turkish government has passed laws that make sure it is now compulsory to get an appraisal report for each property sale.
These reports are produced by government-appointed third party organisations which are regulated by the Capital Markets Board in Turkey. They will ensure the property on the sale is the actual property you are going to purchase as well as making sure the price is correct in order to stop people from avoiding taxes.
Cost- Approximately 2000 liras
During the transfer of the title deeds at the TAPU office, you will be required to pay %4 property tax. The buyer always pays this amount as customs in Turkey. The way properties are taxed in Turkey is a complex issue and beyond the scope of this blog. Please contact us for a full explanation on how property taxes work in Turkey.
Notary and Translator Fees
There will be documents that need to be translated into Turkish. This varies from your passports, address proof from your own country to the actual sales contract. The translations can only be made by approved and sworn translators which will then be notary approved. The complete cost of this varies according to the circumstances of individual customers.
Cost-Approximately 3000 liras
Kingsman Estates Agency Costs
Although it sometimes changes with individual sales, our agency fee is no more than the industry standard %3+VAT.
Turkish Solicitor Costs
A solicitor can be very helpful when purchasing a property. They will be able to help you to make sure the sales contract is adequate and fair. They will also make sure the property does not come with any legal disputes and debts. There are plenty of English speaking lawyers in Turkey which we will give you a list to choose from. The entire process costs around 12.000 liras. Although having a solicitor is not compulsory in Turkey, we certainly advise you to have one.
Required Insurance and Applying for Utility Bills
You will be required to have compulsory earthquake insurance for one year when buying a property. As well as various one-off registration costs when applying for utility bills such as water and electricity.
Example Calculation Regarding Cost Of Buying A Property In Turkey
Let us assume the property you are buying is worth 1,000,000 Liras and start calculating the costs that will occur.
Property Purchase tax-40,000 liras
Turkish Solicitor-12,000 liras
Kingsman Estates Agency fees-30,000 liras
Notary and Translations-3000 liras
Appraisal Report-2000 liras
Insurance and Utility Subscription-2000 liras
Total Cost- 86,000 liras which equates to %8.6 of the actual property price.
If you are interested in buying a property please click here to look at our selection or directly contact us.