Costs of Purchasing a Property in Turkey

Understanding the Complete Financial Picture with Homes Gravity

Investing in Turkish real estate can be an exciting venture. However, understanding the full range of costs associated with purchasing a property in Turkey is crucial for making an informed decision. Homes Gravity is committed to providing clarity on all costs – both apparent and hidden – and even offers to cover certain expenses for our clients. Here’s a comprehensive overview of what to expect financially when buying property in Turkey, along with how Homes Gravity can help ease the burden.

Overview of Property Purchase Costs in Turkey

Property Price

The most obvious cost is the price of the property itself. Prices vary significantly based on location, property type, and amenities.

Title Deed Transfer Tax

As of the latest regulations, the title deed transfer tax in Turkey is 4% of the declared value of the property. This cost is typically split equally between the buyer and the seller.

Agency Fees

Real estate agency fees in Turkey are generally around 2-4% of the purchase price. At Homes Gravity, we offer transparent pricing and clear communication about any fees involved.

Notary Fees

Notary fees for the legal paperwork involved in property transactions are relatively modest but should still be factored into the overall cost.

Additional Costs and Hidden Expenses

Valuation Report Fee

A valuation report is mandatory for foreigners buying property in Turkey. The cost of this report varies but is generally around 1,000-2,500 Turkish Lira.

Earthquake Insurance (DASK)

Earthquake insurance, known as DASK, is legally required in Turkey. The cost depends on the property size and location, but it’s usually not a significant expense.

Utility Registrations

Setting up utilities such as water, electricity, and gas involves nominal fees. These are usually straightforward and not overly burdensome.

Maintenance and Communal Fees

For properties within a complex or development, monthly maintenance and communal fees apply. These fees cover services like security, cleaning, and amenities upkeep.

Travel and Accommodation Costs

Travel to Turkey

The cost of traveling to Turkey for property viewing and purchase formalities can vary widely depending on your location and the time of year. Flight prices fluctuate, so early booking is advised to get the best deals.

Accommodation Expenses

Accommodation costs during your stay in Turkey will depend on your choice of hotel and length of stay. Prices range from budget to luxury options.