Compared to the other countries the expenses when you purchase real estate in Turkey are quite reasonable. Here below, please find the expenses that you must count on when you are buying a property in Turkey.
THE POWER OF ATTORNEY
Giving Power of Attorney at Notary Public costs around 100€. It is optional in case you give the power of attorney to your trustee person.Appraisal Report
An appraisal report of the property is obligatory before the title deed transfer in sales is done to foreign buyers. The cost of the expert report is approximately 2.700 TL (Turkish Lira) depending on the location and features of the property. This process takes approximately 3 days.
CONVEYANCE TAX
4% of the Turkey property value declared in the TAPU Office.This is paid at one of the State Banks at the time of conveyance (the declared amount in the TAPU Office is usually lower than the real property value and approximately between 2000-5000 Euro depending on the real estate.
ISKAN
Obtaining the Completion Report named Iskan (only for brand new properties) starts from 350€, depending on the size and the location.
All buildings and apartments need Iskan to apply for water and electricity subscriptions
DASK
Property and Earthquake Insurance
DASK is compulsory earthquake insurance in Turkey and is calculated on a square meter basis. Costs from 150-250 Turkish Lira depending on the size of the property.
Without DASK you can not get electricity and water service on your property.
UTILITY SUBSCRIPTIONS
ElectricityIf you get the first-time subscription, it costs approximately 100 TL and 500 TL in total for the first registry, electricity meter, and additional deposit fees. When you cancel your subscription this amount will be refunded to you.
Water
If you get the first-time subscription, you have to pay approximately 750-1.000 TL in total for the first-time registration fee and additional deposit fee.
ANNUAL PROPERTY TAX IN TURKEY
The property tax in Turkey (Emlak Vergisi) App. 0,2% of the property value declared by the local municipality (to be paid before the end of May each year).
