Property Buying Costs Guide for Turkey:
Welcome to this comprehensive guide on buying property in Turkey, brought to you by Spot Blue International Property. This guide provides essential information for British nationals interested in purchasing property in Turkey, covering costs, legal advice, taxes, and living expenses.
Property Buying Costs in Turkey:
The costs associated with purchasing a property in Turkey can vary depending on the region and specifics of the deal. Below is an overview of the minimum charges and costs involved:
Independent Legal Fees: From £600-£1,500 (Turkey-based, higher if UK-based).
Notary Costs (including Power of Attorney): From £240.
Property Purchase Tax/Stamp Duty: 4% of the declared and registered purchase price.
Military Approval Cost: From £150 per purchaser.
Land Registry Fee: £150.
Utility Transfer Fees: From £180 per utility.
Additionally, if the property is a resale, there is typically a 2-3% agency fee on the purchase price.
What Are the Maintenance Charges for a Property in Turkey?
Maintenance fees for Turkish properties vary depending on factors such as the type of property and the facilities offered. For example, a studio apartment with shared amenities may have lower maintenance fees compared to a detached villa with private facilities on a larger complex. Generally, maintenance fees range from about £36 to £60 per month on average across all areas. Spot Blue representatives in Turkey provide detailed information on maintenance charges and additional costs for each property.
Spot Blue representatives in Turkey can provide detailed information on maintenance charges and additional costs for each property.
Legal Advice:
The procedures and legislation covering property purchases in Turkey differ from those in the UK. Foreigners cannot buy property in military restricted areas, and military permission is required, which may cause delays. It is strongly recommended to obtain the services of an independent lawyer before committing to a property purchase.
Mortgages:
Several Turkish banks offer mortgages to foreign nationals. Loan proportions, interest rates, and requirements may vary. It is advisable to contact multiple banks before making a decision.
Taxation:
British nationals are taxed on income from renting property in Turkey and are liable for several property-related taxes. These include:
Property Purchase Tax/Stamp Duty: 4% of the declared and registered purchase price.
Local Property Tax: Payable based on the property’s value.
Visa and Residence Requirements:
A residence permit is not necessary to buy property in Turkey, nor does property purchase grant residency or work permits. However, a Foreigner Identity number is required for the property purchase process.
Renting Out Your Property:
Property owners have the right to rent their properties, with rental income subject to income tax. For business rentals, ensure the tenant pays the Stoppage Tax.
Property Deeds:
Ownership transfer is only possible at the Land Registry Directorates. There are two types of deeds: the land deed and the proper title deed, obtainable upon receiving a habitation certificate.
Once settled, here are some of the ongoing expenses to consider:
Maintenance Charges: Vary depending on the property type and facilities offered.
Utility Bills: Electricity bills range from £19.20 to £38.40 per month; water bills start from £6.72.
Gas: Cooking gas costs around £16.34 per bottle, lasting approximately six to nine months.
Health Insurance: Private health insurance costs from £192 per year for individuals under 65.
Internet: Wi-Fi services start from £15 per month for unlimited access.
Mobile Phone: Monthly packages available from £9.60.
Council Tax and Refuse Tax: Annual charges start from £100 and £60, respectively, for apartments.
Building Insurance: From £57.68 per year.
Earthquake Insurance (DASK): From £55 per year for apartments and more for villas depending on the size, location etc.
Car Expenses: Cars have lower annual insurance and tax costs compared to the UK.
Petrol and Diesel: Prices range from £1.20 to £1.53 per litre.
Disclaimer:
All of the prices above are approximate as of 2024. They will increase and will vary depending on many factors such currency fluctuations, the location in Turkey, the time of year and inflation.
Buying Costs Summary:
This guide provides a comprehensive overview of the costs and procedures associated with buying property in Turkey. For the most accurate and up-to-date information, always consult with local authorities and independent legal advisors.
For further assistance, visit Spot Blue International Property’s website or contact their representatives in Turkey.
Apartments for sale in Turkey
Villas for sale in Turkey
Property for sale in Turkey
- Telephone us: +44 (0) 208 339 6036 or to email us, (click here)
