One of the most frequently asked questions is how much does it cost to buy a house in Turkey in addition to the buying price. We recommend that our clients set aside 6 to 8% of their purchase price for expenses and fees. Keep in mind that these are one-time expenses. The ongoing costs of property ownership in Turkey, such as Turkish property taxes and maintenance fees, are around one-third of many European countries.
Consider the following scenario. If you purchase a home in Turkey, you will incur the following fees and costs in addition to the purchase price. If the home is purchased for 100,000 Euros, your additional buying fees will be roughly between 6,000 Euros to 8,000 Euros
This tax, also known as the Turkey property buying tax, is equal to 4% of the property’s assessed value. In most cases, the assessed value of the property is roughly 60% of the purchase price. Stamp duty is due when the property title deed is registered in your name. As a result, if you buy an off-plan property in Turkey, you won’t have to pay this until the construction is completed. The assessed value of a property is also known as the declaration amount. Because under-declaration is so frequent in Turkey, tax authorities have devised a technique for determining the reasonableness of declarations. In most cases, 50-60% of the real market value is considered appropriate.
A real estate lawyer in Turkey will typically charge between £300 and £500 for services provided. However, due to the complexities of the process and property purchase, this can change from time to time. Legal expenses are due when you sign the purchase contract for your property. We strongly advise you to spare a small amount of money to engage a lawyer. This gives you entire confidence in your purchase.
In Turkey, a typical agency fee of 2% is charged. Be aware of companies who try to charge you a greater fee. Also, be aware of organizations that charge you less, even if it appears to be a good deal on paper.
We will never charge you more than the 2% fee for our work and support in your property search at Property Anatolia. As a rule, agency fees are due at the time of signing your property purchase contract.
The cost of miscellaneous paperwork and other permissions while purchasing property in Turkey is typically around 500 euros.
When compared to other European countries such as Spain, Italy, and France, where you may expect to pay anywhere from 10% to 20% more in fees, the cost of buying a home in Turkey is very low.
For many investors and people searching for holiday houses, retirement homes, or a life in the sun, owning a property in Turkey is an attractive alternative.
Foreign home buyers in Turkey pay value-added tax (VAT) of 1% on their first property purchase. This is subject to the purchase being made in a foreign currency and the property not being sold for at least a year. When purchasing property in Turkey, you will be exempt from paying VAT.
After you’ve bought your new house, you’ll want to know how to manage and maintain it, as well as the charges and fees that come with it. Please read more in this article… enter.