Learn about the taxes involved in buying property in Turkey

Created: 2021-09-11
Last Updated: 2024-04-19
Views: 2270

Content Index

What are real estate taxes?
First: One-time real estate taxes: -Real estate value tax:
-Real estate title deed tax and other related fees:
-Real Estate profit Tax:
Second: Real estate taxes that are paid periodically:
-Taxes paid each year:
-Taxes paid every month:

The issue of taxes is one of the most important topics of interest to those wishing to buy property in Turkey, not only because of its material value, but also because of the confusion and rumors that have spread about the value of these taxes and their relationship to the property owner being a foreigner or Turkish, but in fact there is no difference between the taxes levied on The Turkish citizen and his foreign counterpart in relation to the various types of taxes levied on the property owned.

What are real estate taxes?

They are cash amounts to be paid either when buying property and transferring its ownership or in exchange for certain services and insurances related to the property.
Real estate taxes are divided into one-time taxes and taxes that are paid periodically annually or monthly.

First: One-time real estate taxes:
-Real estate value tax:

It is a one-time tax that is paid when buying a property, with a value ranging from 1 to 18% of the property's market price. This large discrepancy in the value of the tax results from several things related to the property, such as the area in which the property is located, where the value of the tax is low in places encouraged by The Turkish state for the establishment of housing projects within it, as well as the price per square meter of the property and the area of the property.

The real estate title deed tax is a tax that is paid when registering the property in the Real Estate Registry Department in Turkey, and its value is equivalent to about 4% of the property price in the market. It is paid equally between the seller and the buyer {2% on the seller and the same on the buyer}. It is also necessary for the heirs, when carrying out the procedures for transferring ownership of the property, to pay the value of the previous tax.
In addition to the title deed tax, there are other fees to be paid when carrying out the procedures for transferring ownership of the property, including:
Notre Fee.
Sworn translator fees.

-Real Estate profit Tax:

It is a tax that the seller must pay when he sells a property that has not been owned for five years, but if the period of ownership of the property exceeds the five-year barrier, this tax is canceled. The value of this tax ranges from 15 to 35% of the declared net profit when selling the property.

Second: Real estate taxes that are paid periodically:

-Taxes paid each year:

including:
Municipal taxes: It is a tax that is paid to the municipality that belongs to the property in two installments during two different periods of the year, and the value of this tax is equal to 2 per thousand of the value of the property registered on the title deed, in exchange for the services provided by the municipality.
Earthquake and natural disaster insurance fees: The Turkish state is obligated to compensate property owners affected by earthquakes and natural disasters in amounts that may reach 150,000 Turkish liras, and in return, real estate owners pay mandatory annual insurance fees that range between 35 and 250 Turkish liras, depending on the area of the property.

-Taxes paid every month:

including:
Water and electricity taxes: Water and electricity fees include a one-time fee when registering for water and electricity meters for the first time, at a value of $150 for electricity and $200 for water.
As for the monthly fees for water and electricity, they depend on the amount of monthly consumption, as the price of one kilowatt of electricity is 0.11 US dollars, and the price of a cubic meter of water is about 0.85 US dollars.
Residential complex taxes: It is a fee paid on a monthly basis in favor of the real estate company supervising the residential complex, in return for the various services provided by this company, such as swimming pools, gardens, building security, surveillance cameras, cleaning and maintenance of construction facilities and other other services, and the value varies These fees vary from one residential complex to another, depending on the quality of the services available, but they are generally low in cost and do not exceed 25 dollars per month, and any building that includes a group of apartments can include a building committee that provides services for a monthly fee like the committee supervising the gathering residential.

At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice .
- Property Management.
- After-sales services .
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.

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