Based on the information and statistics provided, Turkey is currently recognized as the main destination for Iranian migration. One of the simplest ways to obtain residence in Turkey is by purchasing property in this country. When you decide to buy property in Turkey, a question will arise: how much will the additional costs of buying a home in Turkey be? The additional costs of buying property in Turkey, alongside the main cost, are very important and essential factors to consider.
In this article, all the additional costs of purchasing property in Turkey are examined.
Don’t pay additional hidden costs when purchasing property in Turkey!
When purchasing property in Turkey (especially in Istanbul), many buyers may encounter unnecessary additional offers and costs. However, with proper knowledge and awareness of the legal process, these extra costs can be avoided. Some individuals or unreliable companies may try to pressure buyers into paying fees such as unusual commissions, additional service charges, or incorrect costs for unnecessary services. To avoid this issue, it is essential for buyers to conduct thorough research before any transaction and collaborate with reputable consultants and legal experts in Turkey.
Mr. Sadegh Moradi, CEO of 4K Holding, in response to a friend who asked him, “Do we have to pay $300 to visit construction projects?” explained the additional costs of buying property in Turkey in detail and expertise in the following podcast.
He stated that visiting construction projects and reputable properties in Turkey should never involve additional costs such as paying a fee for the visit. Many reputable companies offer free property tours. The main and secondary costs of buying property in Turkey include legal fees such as the title deed (tapu) cost, taxes, property evaluation, and earthquake insurance, which will be discussed in detail below. Paying unnecessary additional fees without a clear reason should not be accepted.
Detailed Breakdown of Additional Costs of Buying Property in Turkey
– Title Deed and Transfer of Property Documents Fee (Tapu Harcı)
The title deed registration fees are one of the most important additional costs when purchasing property in Turkey. In this case, an amount equivalent to 4% of the total value of the property must be paid to the Land Registry office. This cost is typically split between the buyer and the seller. Depending on the agreement, it is possible that only one party may bear the full cost.
Value Added Tax (VAT) or KDV fee
Another ancillary cost when buying property in Turkey is the value-added tax (VAT). Factors such as the size of the property, its location, and the year of completion play a role in determining this fee. Typically, this amount ranges from 1%, 10%, to 20% of the property’s total value, and it is generally the responsibility of the buyer to pay it.
Property appraisal and translator fees
One of the additional costs of purchasing property in Turkey that is usually very important for foreign buyers is the property appraisal fee (expert report). Buyers who are purchasing property in Turkey are required to provide an appraisal report of the property’s actual value to the Land Registry Office before the title deed transaction.
In addition, if the foreign buyer is not proficient in Turkish, they will need to have a sworn translator present during the title deed transaction, which will also incur an additional cost.
Purchase of meter and subscription fees
If the property you have purchased is brand new and has never been used, you will need to purchase water, electricity, and gas meters in your name. Otherwise, if your property is not a new one, after the purchase, you will only need to transfer the subscription for water, electricity, and gas to your name.
A few more points about the additional 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 Directorate of Land Registry and Cadastre (TAPU VE KADASTRO). This cost is usually shared equally between the buyer and the seller. This amount applies to new, never-occupied homes. On the other hand, if the purchased property is not brand new, the entire cost, based on the price and current rates, must be paid by the buyer.
Make sure to consider these points regarding the additional costs of purchasing property in Turkey!
When buying property in Turkey, it is essential to pay attention to some key points:
- Choosing reputable advisors: Ensuring that you select a reliable lawyer or real estate consultant can help you avoid legal and financial issues.
- Review all costs: Additional costs should be carefully examined to ensure no expense is overlooked.
- Awareness of taxes and local laws: Tax regulations and costs related to public services may vary in each region.
Also, knowing the new rules for buying property in Türkiye will help you make a better choice.
Final words
Experts and official immigration lawyers of Turkey from the 4kGroup Holding, relying on their legal and immigration knowledge as well as their valuable years of experience, are proud to offer top-tier advisory services to our dear compatriots.
