The process of buying any property in the world is not without additional expenses that are in the form of fees or other service expenses, but the most important question that arises here for those wishing to buy a property in Turkey, are these costs high or low?
Real estate developer of "BEIN Turkey": Yes, it is low and don’t allow anyone to suggest that it is high to you, compared to the major cities in the world you will be surprised by the amount of money you can save, so you must be well aware of what are the fees related to the process of buying a property in Turkey from the moment of thinking until the signature of the title deed.
Below we show you all the costs of buying a property in Turkey
Real estate evaluation costs:
Buyers of properties in Turkey must know that the process of buying the property is subject to several steps, the most important of which is the real estate evaluation or the appraisal of the financial value of the property in the market in order to ensure avoiding any influx and this process requires financial expenses of 1500 TL, to be paid directly to The Real Estate Evaluation Department at the Land Registry Department, where the process requires only three days.
Land Registry fees:
which are the fees resulting from the transfer of the title deed, which all of its procedures are carried out by the General Directorate of Land Registry and Real Estate Survey, unlike European countries that entrust the process to the Public Notary. This requires that both the buyer and the seller personally attend the transfer process, as the law allows them to delegate Another party to implement it.
Paying the property transfer tax is estimated at 4% of the declared value of the property in the ownership deeds department, which the property buyer pays to the seller in exchange for obtaining the title deed or the title deed. The investor here pays other service fees estimated at about 2500 liras and is distributed as follows:
· Passport translation fees at the notary, which are estimated at 300 Turkish Liras per person.
· The costs of translating the address document at the Notary to open a bank account
· Sworn translator costs
· Costs for the power of attorney if chosen
· Costs for taking photographs
· Pay the property registry fee (Tapu Kadastro Harcı)
In addition to all of that, the Real Estate Registration Department and the Real Estate Registry Directorate charge fees for the service provided for transferring the title deed, which is paid once and is estimated at 400 TL.
Costs of the agent or real estate developer:
These fees are charged by law when purchasing a used property offered for sale where registered and licensed real estate agents receive a 2% commission in addition to VAT service fees from both the buyer and the seller.
Real estate attorney fees generally cost approximately 1,200 euros for the services it provides, starting with legal advice through the process of accompanying the investor until the end of the final signing of the property contract.
Real estate tax:
or what is known as "Emlak Vergisi", which is a tax paid annually and is estimated at 0.2 percent in urban municipalities, while it decreases to 0.1 percent in non-urban areas, and with regard to the proportion of the tax on commercial properties, it is 0.4 percent in urban areas and 0.2 percent in non-urban areas, the state usually uses these taxes to improve waterways, security, firefighting, and other necessary and priority services in the region.
The Turkish earthquake insurance tax is known as "DASK" and it is a mandatory tax that is calculated according to one square meter and often ranges between 150 and 250 Turkish liras, and this tax provides the buyer with the risks arising from earthquakes such as fires, explosions, and landslides.
This type of insurance provides protection for the property from various risks such as fire and theft, and damages caused by weather changes such as floods, so that the property owner will benefit from financial repayment in the event of any of these risks.
Fee for water, electricity, gas and internet subscriptions:
These fees vary from one governorate to another but generally are low, ranging from 100 to 500 pounds
If you choose modern housing complexes, you will pay monthly fees for services provided in the building such as elevators or escalators, sports halls, swimming pools, garden maintenance ... etc.
If you intend to invest in real estate in Turkey, be sure that after reading the “BEIN Turkey” article, no one will be able to make you pay more than necessary from the expenses on the right option to buy a property in Turkey.