Investing in Turkish real estate offers an intriguing avenue not only for securing valuable assets but also for potentially opening doors to residency and citizenship in this culturally rich nation. Altay Atasay, a distinguished name in the Turkish real estate market, ensures a smooth and informed property purchasing process, guiding buyers through each step with expert advice and post-sale services.
Breakdown of Property Purchase Costs
1. Property Valuation Report
Mandatory for sales to foreigners, this report’s cost varies between cities and property complexes, averaging around 13,200-17,000 TRY, paid directly to the valuation office.
2. Title Deed Fees
The General Directorate of Land Registry charges 4% of the property’s declared value at the time of deed transfer, plus fixed processing fees ranging from 1,300 to 3,730 TRY.
3. Real Estate Agent Fees
Typically, the buyer and seller each bear a 2% commission plus VAT. Some property listings might include or separately request this fee, depending on the seller’s preference.
4. Translation and Power of Attorney Fees
A certified translator is required during the deed signing, with costs around 1,500 TRY, and power of attorney fees averaging the same.
5. Utility Subscriptions
Initial electricity and water subscriptions involve connection fees, deposits, and administrative costs, varying by region.
6. Property Insurance (DASK)
Earthquake insurance is legally required, with annual premiums for a standard two-bedroom apartment ranging from 400 to 950 TRY.
7. Annual Property Tax
Residential properties in metropolitan areas are subject to a 0.2% tax, while commercial properties incur a 0.4% tax in urban areas.
8. Legal Fees
For a more complex process like a citizenship application through property investment, hiring a lawyer is recommended, with fees ranging from $5,000 to $8,000.
With Altay Atasay’s guidance, navigating the financial aspects of buying property in Turkey becomes transparent and manageable, allowing investors to focus on the joys of their new venture.
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