EXPENSES OF BUYING PROPERTY
We know that buying a home in a foreign country needs a lot of research.
Unlike other countries, expenses when buying a property in Turkey are low.
EXPENSES FOR ONE TIME;1-Appraisal Report Fee
An appraisal report showing the value of the property is obligatory before the title deed transfer in sales is done to foreigners. The cost of it average 4000 Turkish Lira. Buyers pay this fee directly to validated expert. Completion of report lasts 2 - 3 days. It is carried out by persons and companies approved by the State in order to protect buyers.
2- Title deed transfer Fee
Buyer pays 4% of the declared value of the property to the title deed office as Title Deed Conveyance tax. There are two more costs and taxes roughly 3000 Turkish Lira which are Cadastre Tax and Revolving fund for Land Registry and Cadastre Directorate.
Other expenses whose total is less than 1000 Turkish Lira
•Passport translation at Notary
• Address document translation at Notary for opening a bank account
• Sworn translator
• Obtaining a tax number
3-Electricity and Water subscription fees ;
Total, both of them together average 1000 Turkish Lira
4- Although the compulsory earthquake insurance varies according to the real estate, it is around 500 Turkish Liras on average. Earthquake Insurance (DASK) is compulsory on square meter basis in Turkey. However, risks that may occur during and after an earthquake are covered by the Compulsory Earthquake Insurance.
EXPENSES FOR ANNUAL1- Property Tax ; Property Tax is paid every year and is 0.2% in Antalya.The tax rate of commercial properties is 0.4% in Antalya.
2-Garbage Tax ;
Depending on the location and type of the acquired real estate, the administration of the respective district also determines a tax on garbage collection, its total amount currently does not exceed 100 Turkish liras a year.
3-Utility payments (electricity, Water and Natural Gas) They are made according to the readings of individual meters. Today the approximate cost of one family which have 4 members around 2000 Turkish Lira for a month.
4- Maintenance Fees ;
Anyone buying an apartment in communal buildings will also need to pay a monthly maintenance fee that goes towards communal facilities such as stairwell electricity, swimming pools, garden maintenance, or security. The cost of complex maintenance services (aidat). Today the prices for utilities in Antalya for monthly maintenance of real properties and surrounding area range from 50 to 500 Turkish Lira.It depends according to location and facilities of complex.