As well as a budget for the actual price of property, set aside money for purchase costs including a lawyer, notary, taxes, and relevant fees. Service charges such as lawyers and translators can vary depending on whom you choose to use. Other official costs are also set in Turkish lira, and the amount in your home country currency will change according to exchange rates at that time. So the below are approximate costs only but generally, you should work on roughly 8.5% to cover all fees and charges. Please note as of 1st of January 2020 title deed transfer tax is 4%.
Cost of Buying Property in Turkey
Lawyer: Prices vary depending on whom you choose to use. If you need to find an attorney proficient in buying property in Turkey, this list from the UK government will help.
Translation services: Some translators charge by the hour while others offer a set package specifically for property purchases. Please note that translators in Turkey must be officially registered and licensed. Notary offices in each district have a list of licensed translators or alternatively, we can recommend one for you.
Our Fee: 3% of the purchase price
Transfer Deeds Tax: It is 4%.
Tapu Registration (Title Deeds): $100.00
Notary Fees: $350.00
DASK Insurance: This compulsory earthquake insurance is needed at the time of signing for your title deeds.The cost depends on the square meterage of your property. DASK for a two-bedroom apartment measuring 70 square metres is roughly 375 lira a year.
Military Checks: A formal application is made to the government to check the property you are buying is not within a military zone and that you as a foreigner are within your legal limits of assets you can buy. This is now abolished for all foreign investments in Turkey as of 6th of August 2018.
Let’s Look at an Example
The following illustrates the one-off costs of purchasing property in Turkey. The figures noted here are representative of a property sale of $100,000. All figures are quoted in USD.
-
Purchase Tax 4,000
-
Buyers Fee 3,000
-
Solicitors Fee 1,000
-
Notary Fee 300
-
Gas & Electricity 200
-
Total $8,500
You can also read all our related articles below.
1: Organizing Finances, Turkish Mortgages & Currency Exchange
2: Cost of Buying Property in Turkey
3: Best Places to Buy Property in Turkey
4: Advice on Choosing your Property and our Responsibilities
5: Process to Buy Property in Turkey
6: Annual Running Costs
7: Moving to Turkey, Cost of Living and Residency
8: Renting out your Turkish property
9: Inheritance Laws and Wills
