Buying Property in Turkey: A Guide to Associated Costs

Buying Property in Turkey: A Guide to Associated Costs

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

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