You’ve chosen your property, have your finances ready and are eager to jump into the Turkish real estate market so what happens next.
As well as a budget for the actual price of property, set aside money for purchase costs including a lawyer, notary, taxes, and relevant fees. Service charges such as lawyers and translators can vary depending on whom you choose to use. Other official costs are also set in Turkish lira, and the amount in your home country currency will change according to exchange rates at that time. So the below are approximate costs only but generally, you should work on roughly 9% to cover all fees and charges.
Cost of Buying Property in Turkey
Lawyer: Prices vary depending on whom you choose to use. If you need to find an attorney proficient in buying property in Turkey, this list from the UK government will help.
Translation services: Some translators charge by the hour while others offer a set package specifically for property purchases. Please note that translators in Turkey must be officially registered and licensed. Notary offices in each district have a list of licensed translators or alternatively, we can recommend one for you.
Our Fee: 3% of the purchase price
Transfer Deeds Tax: This is now 3% as of May 2018 instead of 4.4% .
Notary Fees: £150.00
Exper Fee: £300
DASK Insurance: This compulsory earthquake insurance is needed at the time of signing for your title deeds.The cost depends on the square meterage of your property. DASK for a two-bedroom apartment measuring 70 square metres is roughly 250 lira a year.
Military Checks: £100 (A formal application is made to the government to check the property you are buying is not within a military zone and that you as a foreigner are within your legal limits of assets you can buy. This is now abolished for all foreign investments in Turkey as of 6th of August 2018. )