We have seen an increased interest in buying property in Turkey in last one decade. Property prices in Turkey vary greatly from area to area – an apartment in the city centre costs more than the one outside the city centre. There are many other factors that influence the price of a property and while these prices fluctuate over time, there are some standard one-off costs and expenses that you should bear in mind when planning to buy house in Turkey. As a general rule, we advise all our clients to estimate these costs at around 7-8% of the purchase price. These expenses include stamp duty, legal fees and tax, etc.
Those looking forward to making property investment in Turkey need to consider these costs that are payable on top of the purchase price. Since these costs can make up a significant amount, we recommend getting to know them when planning the budget.
Here is a breakdown of these costs and fees:
Stamp duty is known as property buying tax in Turkey and is charged at 4% of the property’s assessed value. The assessed value of property is different from the purchase price and normally comes around to be 30% less than purchase price. Stamp duty is paid at the time of title deed registration. This means if you invest in a project that’s ongoing, you’ll only need to pay the stamp duty once it’s complete.
We recommend hiring a qualified solicitor to conclude the deal on your behalf for many reasons. It saves time, make the process smooth and ensures safety. While the fee of hiring a solicitor may vary from one firm to another, it generally costs around 1200-1500 euros.
While the market practice is to charge around 3% agency fee, at Property Hub we charge no fee when you are buying a property first hand i.e., directly from the builder. However, for second hand listings we charge a 2% agency fee from our clients.
We estimate the miscellaneous paperwork, notary fee and other approvals to be another 500 euros.
For Further Information Contact Us.