Turkish Property Port

The Expenses And Costs of Buying a Turkish Property

It’s generally advised that you add 5-6% on top of the purchase price of your property, in order to cover extra costs and expenses that are part of the purchase process. Moreover, you will need to pay a certain amount of taxes, which are explained in detail in the relevant chapter of this guide, under Taxes. Don’t forget that there will also be further costs associated with maintaining, renting or selling your property, if you choose to do so.

 Fees and costs associated with the purchase process are relatively straightforward.

The Purchasing Process

Power Of Attorney :

Regarding the new regulations you must complete the title deed transfer fee by giving a power of attorney to someone you trust ( your real estate agent or solicitor ) unless you don't speak and understand Turkish. The fee of this power of attorney is approximately  1.500 TL and will be paid to notary.

Evaluation Report

Again regarding the new regulations Evaluation report is a must issue for the title deed transfer process. This will be done via official license evaluation companies. The cost of this report is between 1.300 TL - 2.100 TL  will be paid by the buyer

Purchase Tax

You will need to pay 3% ( three percent) of the assessed purchase price as Title Deed Fee (See the Taxes section of this document for more detail). This assessed amount is generally calculated over the valıe on the evaluation report. Please also be informed that the evaluation report can be around %20 less than the market sales value, actual purchase price and borne equally between the seller and buyer.

If the property is still in project phase, you will have to pay this amount only once it is completed.

It is also advised that you be prepared to pay approximately 950 TL - 1.000 TL  to cover the costs that are derived from official stamps and validations, as well as the necessary paperwork.