Real estate registration fees in Turkey:
Last Updated: 2023-07-27
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Real estate registration fees in Turkey
Real estate registration fees in Turkey are one of the most important issues that concern everyone who wants to buy real estate in this country. Are they high costs as European countries or are they appropriate and moderate?
If you are searching about this topic or you are interested in knowing the details about it, you can follow the next article in which we will provide the most important information related to it.
Real estate registration taxes and fees in Turkey:
Below we provide you with everything you should know about the fees that must be paid when buying real estate in Turkey:
1 - Value Added Tax:
This is one of the taxes that must be paid when owning real estate in Turkey, and its material value is estimated according to the value of thel property and is calculated based on the net area. Its value ranges from 1% to 18%.
The added tax is divided into three sections, as follows:
- If the property is commercial, its value is 18% of the property price.
- As for residential real estate with an area of more than 150 square meters, it also amounts to 18%.
- If the property is residential and its area is less than one hundred and fifty square meters, the value of this tax ranges from 1 to 18%.
You should know that the value of this tax varies from one property to another according to several factors, the most important of which are:
- The location where the property is located.
- The area of the property.
- The building is new or old.
2 - Fees for obtaining a title deed:
The fees for obtaining a property title deed in Turkey are four percent of the total property value, and according to the Turkish constitution, it is paid equally between the buyer and seller, and sometimes this rule is not adhered to and the buyer pays it in full.
The fees for obtaining a property title deed in Turkey are four percent of the total property value, and according to the Turkish constitution, it is paid equally between the buyer and seller, and sometimes this rule is not adhered to and the buyer pays it in full.
3 - Earthquake insurance policy fees:
In the interest of the people and their money, the Turkish government imposed on real estate owners to obtain an earthquake insurance policy, whereby they will be compensated for any damages that may occur due to an earthquake or a natural disaster.
These fees are paid annually to one of the insurance companies in Turkey, and their value is 0.1% of the total price of the property.
In the interest of the people and their money, the Turkish government imposed on real estate owners to obtain an earthquake insurance policy, whereby they will be compensated for any damages that may occur due to an earthquake or a natural disaster.
These fees are paid annually to one of the insurance companies in Turkey, and their value is 0.1% of the total price of the property.
4 - Monthly fees:
Did you know that those who live in Turkey within the properties of residential complexes will have to pay monthly fees for the services they enjoy, such as cleaning services, periodic maintenance, and security guards, these fees vary from one residential complex to another, depending on its location, specifications, age and the level of services it provides, but roughly we can tell you that it is an average of 50 US dollars per month.
Did you know that those who live in Turkey within the properties of residential complexes will have to pay monthly fees for the services they enjoy, such as cleaning services, periodic maintenance, and security guards, these fees vary from one residential complex to another, depending on its location, specifications, age and the level of services it provides, but roughly we can tell you that it is an average of 50 US dollars per month.
5 - Fees that are paid only once:
- These are the most important one-time fees when buying a property in Turkey:
- Obtaining a property title deed.
- Translation and attestation of all papers and documents.
- Fee to be paid to an official translator.
- Open water and electricity meters.
6 - Real estate appraisal report fees:
One of the main conditions for buying real estate in Turkey is to obtain a real estate appraisal document that accurately proves the value of the property and leaves no room for manipulation of its price. In this context, you need three days to obtain it, and it is valid for only three months from the date of its issuance.
The fee for this report is $200, but you should know that if you are dealing with a real estate company, they will bear the cost of extracting it.
One of the main conditions for buying real estate in Turkey is to obtain a real estate appraisal document that accurately proves the value of the property and leaves no room for manipulation of its price. In this context, you need three days to obtain it, and it is valid for only three months from the date of its issuance.
The fee for this report is $200, but you should know that if you are dealing with a real estate company, they will bear the cost of extracting it.
7 - Fees to be paid to the municipality:
Due to the services provided by the municipality to the area, an annual tax of 0.03% of the total property value must be paid.
The most important information about property registration fees in Turkey:
Many foreigners or those looking for real estate for sale in Turkey may think that the costs and fees that the foreigner must pay are different from the fees imposed on the Turkish citizen or that there are special regulations for them. The reality is quite the opposite, as the foreigner is governed by the same laws and regulations that govern the Turkish citizen.
In this regard, it should be noted that the Turkish government has spared no effort to provide the best for foreigners on its soil in order to attract them, such as tax cuts and exemptions in some cases.
If this is your first experience in buying real estate in Turkey, you should use one of the famous real estate companies with experience and extensive knowledge of all dimensions of real estate ownership, and the reason for this is so that you are not subject to real estate fraud, that may take advantage of your lack of experience and knowledge in this field and manipulate prices and fees to be paid.
In this regard, it should be noted that the Turkish government has spared no effort to provide the best for foreigners on its soil in order to attract them, such as tax cuts and exemptions in some cases.
If this is your first experience in buying real estate in Turkey, you should use one of the famous real estate companies with experience and extensive knowledge of all dimensions of real estate ownership, and the reason for this is so that you are not subject to real estate fraud, that may take advantage of your lack of experience and knowledge in this field and manipulate prices and fees to be paid.
Who is exempt from paying the added tax?
One of the main reasons why foreigners choose to buy real estate in Turkey was the tax reduction and exemption in some cases, which are as follows:
- The foreigner is exempted from paying the added tax if the foreigner pays the price of the property in full from a foreign bank to the selling party.
- In the event that this is the first property that a foreigner buys in Turkey.
- If the foreigner proves that he did not obtain any type of residency in Turkey previously.
You should know that many construction companies, in order to attract the largest number of investors and those looking for real estate for sale, offer great offers and pay the added tax on the buyer.
- The foreigner is exempted from paying the added tax if the foreigner pays the price of the property in full from a foreign bank to the selling party.
- In the event that this is the first property that a foreigner buys in Turkey.
- If the foreigner proves that he did not obtain any type of residency in Turkey previously.
You should know that many construction companies, in order to attract the largest number of investors and those looking for real estate for sale, offer great offers and pay the added tax on the buyer.
Finally, we believe that we have answered your various questions about the fees that must be paid when buying a property in Turkey. If there are more other inquiries, you can contact us directly to provide you with all the adequate answers on this subject.
Edited by Mersat Real Estate Team ©
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