Buying Property in Turkey: A Guide to Associated Costs
Owning a property in Turkey can be a great investment or a perfect holiday getaway. However, besides the property price, there are a number of additional costs to consider when purchasing real estate in Turkey. Here’s a breakdown of the expenses you can expect to encounter:
One-time expenses:
- Real estate appraisal: Approximately $440
- Currency exchange certificate (DAB): 2-3% of the cadastral value
- Translator’s fee: From $100 (for the translator’s presence during the transaction)
- Property purchase tax: 4% of the cadastral value (usually 30-50% lower than the market value)
- Municipality fee for assessing the minimum property value (Rayiç bedeli): Approximately $60
- ZAK insurance (extended DASK): From $25 for a minimum area of 45 sq.m.
- Transfer of title fee (Döner sermaye):
- Turkish citizen to foreigner or vice versa: Approximately $190
- Foreigner to foreigner: Approximately $310
- Cadastral office file management: $100
Ongoing expenses:
- Annual property tax: 2% of the cadastral value (stated in the TAPU)
- Monthly maintenance fee: 50-2500 TL (varies depending on the complex and amenities)
- Utilities (water, electricity, gas): Approximately 450 TL every 2-3 months
Additional costs to consider:
- Notary fees
- Legal fees
- Bank transfer fees
- Furniture and appliances
- Homeowners insurance
