Following the articles related to buying property in Turkey, we intend to discuss about the side costs of buying property in Turkey in 2024, so that you can step in the right direction with sufficient knowledge.
What are the ancillary expenses of buying a property in Turkey?
Buying a property in any country, in addition to the cost of the property itself, contains a series of ancillary costs. These costs are usually paid by the buyer, the seller or both parties.
The ancillary costs of buying a property in Turkey are as follows:
1- The cost of documenting
Document registration costs are one of the most important side costs of buying a property in Turkey. In this type, an amount equal to 4% of the total value of the property must be paid to the registry office. Payment of the fee is usually divided between the buyer and the seller. Depending on your agreement, only one party may accept this amount.
2- Value-added tax or KDV
Other side costs of buying a property in Turkey include the cost of value-added tax. Factors such as the area of the property, the location and geographical location of the property and the year of completion are involved in determining it.
This amount usually includes something about 1 to 18% of the total value of the property and of course it is paid by the buyer.
3- Property expertise cost and translator
One of the ancillary costs of buying a property in Turkey, which is usually really important for foreign buyers, is the cost of the property expertise (expertise report).
Buyers who purchase a property in Turkey are required to submit an expert report on the real value of the property to the registry office before documenting it.
In addition, if the foreign buyer is not fluent in Turkish, it is necessary to apply for a sworn translator when documenting, which of course include a separate cost.
4- Buying meters and subscriptions
If the property you bought is new, you need to buy a water, electricity and gas meter in your name. Otherwise, if your property is not new, after buying it, you just need to change the electricity, water or gas balance in your name.
A few more tips on the ancillary costs of buying a house in Turkey
After January 2020, approximately 4% of the total value of the property must be paid as a transfer tax to the Land Registry and Cadastro Office (TAPU VE KADASTRO). The cost is shared equally between the buyer and the seller.
This amount is for the new house. On the other hand, if the purchased house is not new, all this cost, according to the price value, must be paid by the buyer.
In addition, the other ancillary costs of buying a property in Turkey that you should consider are as follows.
The total cost will be around 2,500 lira:
- Sworn translator cost
- Cost of receiving a tax number
- Photo cost
- Cadastro tax mentioned above.
- The attorney’s cost which is actually optional.
- In addition to the costs mentioned in the previous sections, you are usually required to pay a fee to the real estate agency. This amount is about 2% of the value of the purchased property. Besides, the agencies will receive you the Value-added tax.
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In this article in “Istanbul Hamrah”, we reviewed the ancillary costs of buying a property in Turkey. Paying attention to these costs, especially for foreign buyers, is greatly important and vital, and any mistake will cause irreparable condition.
For this reason, we recommend you consult with our experts and consultants when buying a property.