How much does it cost to purchase a property in Turkey?

Buying a home is not an easy process. It is important to foresee all the details and expenses in advance. Let's take a closer look at what expenses need to be taken into account at the stage of registering property in sunny Alanya on the Mediterranean coast.

One-time expenses when buying a home in Alanya

The purchase tax will be 4% of the cadastral value of the property. A mandatory condition for transactions with foreigners is an expert assessment - 13,200 lira. The average cost of a technical passport for an object is 500 euros. It is also necessary to pay for cadastral management services, banking operations and earthquake insurance.

The main amount of expenses is one-time, paid upon registration. The cadastral value is usually underestimated compared to the market value to reduce taxes. As for insurance, it is mandatory for everyone.

Let's use an example to look at the costs of purchasing a new building in Turkey worth 700,000 lira.

1. Registration fee - 4% of the cadastral value. In our case, it is 28,000 lira.

2. Object examination – 13,200 lira.

3. Determination of cadastral value - 1750 lira.

4. Turnover tax for settlements - 5640 lira.

5. Bank commission for a currency transaction – from 50 to 200 euros.

6. Translation services – about 100 euros.

7. Cadastral office work – 3000 lira.

8. Registration with tax authorities - 1750 lira.

9. Earthquake insurance - approximately 500 lira.

10. Registration of meters - 7100 lira.

11. Technical passport of the property – on average 500 euros.

In total, it comes to about 1900 euros for a secondary home and about 2500 euros for a new building. These are the buyer's expenses, without the seller's tax.

Housing costs in Turkey

There are also two types of mandatory payments for property maintenance: fixed and variable.

The permanent ones include:

1. Property tax. It is 0.2% of the cadastral value per year. For example, with a value of 700,000 lira, the tax will be about 1,400 lira (approximately 43 euros).

2. Monthly fees for the maintenance of the residential complex. On average from 30 to 50 euros, for premium housing - up to 100 euros per month.

Regardless of where you live, these expenses must be paid.

Variables include:

1. Electricity. The cost of 100 kW is currently around 7 euros.

2. Water supply. The tariff is approximately 1.5 euros per 1 cubic meter of water.

Electricity and water costs depend on the volumes of their actual consumption. The amount of payments may vary depending on the exchange rate and changes in legislation.

If you have any questions, please leave a request on the website UPTRENDHOMES or call +90 (549) 528 70 51 and consult with a specialist.