Expenses of buying a house in Turkey

Expenses of buying a house in Turkey

Expenses of buying a house in Turkey
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Last update 23-12-2022
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Perhaps this is the first question that comes to the mind of any individual or investor who is about to buy a property not only in Turkey but anywhere else in the world, but today we will draw specialized lines to talk about Turkey only and it is responsible for highlighting all the costs that any individual will have to put when His decision to buy a property or house in Turkey, but what are these costs and how much? All this can be found out by reading the following lines.


What are the costs of buying a house in Turkey in detail?

1- In the beginning, there will be the price of the property

Whatever its price and no matter how big it is, it will not be a loss. When the owner needs money, he can sell it and benefit from its price, but if the person is not able to pay the price of the property in one payment, he will be able to use the installment offers offered by banks in Turkey, but if the buyer chooses to This means of acquiring the property will have to pay the fees incurred by the bank, the most important of which are the following:

There are administrative fees, estimated at five per thousand of the required loan, and this amount is not simple, but on the contrary, it is large, especially when combined with the rest of the other fees.

There are also experts' expenses, and these experts are tasked with making an exploratory tour of the intended property, looking at its internal and external details, and making sure of its quality and real price.

- The buyer will also have to pay all fees related to earthquake insurance, and if he does not pay all the consequences in this regard, there will be no possibility to organize any sale or purchase contract because earthquake insurance is a major component.


2- Real estate brokerage costs:

In Turkey, it is rare to buy and sell a property without a real estate guide that helps complete this matter, especially if the buyer is a foreigner who does not know anything about the country’s affairs. This evidence is represented by a real estate company or real estate agent, who pays this commission to the buyer and seller, which is a percentage One united in the country, amounting to one or two percent of the total property price.


3- Title Deed Costs:

The presence of a title deed is one of the important elements when buying a house in Turkey, and its absence means a defect in the matter, but to extract it and extract all the papers related to it, you need a material cost, which usually amounts to about two percent and sometimes of the total property price.


4- Real estate appraisal report costs:

If the investor wants to buy a property in Turkey to obtain Turkish citizenship, he will absolutely need a real estate appraisal document, which costs about one thousand five hundred Turkish liras.


5- Cost of translated papers:

Any document extracted by the property buyer will need to be translated, and this matter applies when the buyer is a foreigner, and one of the most important papers that are required to be translated is the passport and there is the title deed and all of these papers will need to be certified by the notary, and this also has a cost, and there is extracting the number tax and a lot of small things.


6- Property tax cost:

All real estate in Turkey entails a real estate tax, but the cost of this tax is not fixed at all. It varies according to the property, its material value, and its location within the Turkish city, but basically, it is worth 0.1 or 0.2 percent of the property price as a whole.


7- Fees, invoices, and maintenance:

Any property will have bills and fees for the basics such as electricity, water, gas, and the Internet, and on average the subscription to it as a whole is one thousand five hundred Turkish liras, and any property will need maintenance and some modifications, and these modifications, in turn, will require costs that may be large.


8- Lawyer’s Expenses:

The buyer will certainly need an expert from a legal point of view in order not to fall into problems and not to obtain ominous results, and the best legal entity is a successful and distinguished lawyer in this field, and he will need fees, but they are not fixed. Each lawyer has a wage that differs from the other.

At the end of this conversation, we can conclude that buying a property in Turkey will not be without costs, as there are many fees paid, and they are not small.


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