The costs of buying a property in Turkey 2021
This question is one of the first questions that arise for those who are about to buy a property in Turkey. Is his financial budget sufficient to take such a step, or does he not have enough? Although real estate in Turkey is characterized by reasonable and somewhat cheap prices, especially if it is compared with the prices of real estate in the European Union or the United States of America, this negates the need to see everything related to this matter.
In order to know everything related to the costs of buying a property in Turkey, you must follow the following article, which will address the dimensions of this topic accurately.
The most important costs involved in buying a property in Turkey:
1 - When taking out a mortgage:
Initially, if the buyer wants to buy a property by taking a loan from one of the banks that are located in Turkey, he will have to pay five percent per thousand of the value of the amount borrowed, and this figure is a large percentage when it is combined with the rest of the other expenses.
2 - Real estate expert commission:
Not everyone who buys a property in Turkey has experience in the real estate field, so he will need to use one of the real estate experts and specialists in this field in order to get the best safe and studied real estate opportunities. Pay an amount for his efforts, which ranges from one to two percent of the property price.
3- The title deed of the property:
The title deed of real estate in Turkey is one of the most important documents that must be available as it is an essential element and its importance lies in the fact that it proves someone’s ownership of a property and the cost of obtaining it must be seen in the beginning, which amounts to four percent of the property price, as according to the provisions of the Turkish Constitution, it is divided It is between the seller and the buyer, but according to what is common and customary, the buyer bears it in full.
4- Lawyer's costs:
When buying a property in Turkey, it is important for a competent and successful real estate lawyer to supervise the extraction of papers and verify their authenticity in order to exclude the buyer from being a victim of real estate fraud, and the lawyer usually charges one percent of the property price for his fees.
5- Earthquake insurance:
An earthquake insurance policy is one of the most important documents that must be obtained when buying a property in Turkey, and one of its most prominent benefits is that it constitutes a protection shield for property. A property for another, but it is generally between 150 and 250 Turkish liras.
6- Maintenance fees :
There are fees on the property that are paid on a monthly basis, and they are large within the buildings that provide their residents with distinguished services, such as those that are provided in residential complexes, where periodic maintenance, cleaning service, and recreational facilities, and the more services provided, the higher the fees incurred on the property.
7- Real estate appraisal document:
The real estate appraisal document is of great importance when buying a property in Turkey, as it determines the price of the property with great accuracy and thus excludes the buyer from being a victim of any manipulations and can be extracted by the authorities granted by the Turkish government a license to do so and is obtained with absolute ease that does not exceed a week and is valid for a period Three months from the date of its issuance.
According to Article 63 of the Fees and Expenses Law, the real estate appraisal transaction fees are paid according to the popular allowance for real estate in Turkey, which is used to pay the real estate tax.
8 - Value Added Tax:
The value of this tax ranges from 1 percent to 18 percent of the total property value, and it is a one-time tax.
Before you take any step in the real estate investment scene, you must realize all the dimensions of this issue and search for the most important costs that will incur you. In this article, we have worked hard to make the picture clearer.
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.
- 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.
Editing by Ramzy Real Estate Team ©
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