People coming to Turkey for residency think of how to buy a property? and what is the amount of tax for buying property Turkey? And above all what is the price for purchasing it?
Real estate ownership by foreigners in Turkey has become very important for foreigners looking forward to being residents of Turkey after the laws were amended so that foreign real estate owners in Turkey are able to obtain Turkish citizenship on the condition that the property value is only 250,000 US dollars (quarter a million US dollars) after it was previously a million US dollars before, and this is according to the latest amendments in September 2018, and in this article, we will talk about tax for buying property Turkey and fees imposed on real estate ownership in Turkey.
Get to know with us about the fees and tax for buying property turkey through this article on your site “Turkey for Expats”.
What is the tax for buying property Turkey and how much is it?
The real estate tax for buying property Turkey is estimated to be about 0,003% of the property’s value paid annually, meaning that if the property’s value is $ 100,000, you will pay $ 300 annually to the municipality in Turkey and this tax for buying property Turkey is paid for the services provided by the municipality for the property.
You also need to learn about taxes imposed on foreigners in Turkey in detail:
Are there other fees or taxes for buying property Turkey that foreigners pay on real estate ownership in Turkey?
- Monthly revenues: It is an amount of money paid monthly for the place in exchange for residential services, and it is called (monthly revenues) and it is paid for the electricity services for corridors, guarding registration services for the residential compounds, and other services and this amount ranges between 1-9 Turkish liras Per square meter.
- Mandatory insurance against earthquakes, which costs about $ 2 annually per square meter.
- The fee for establishing a new water meter is about $ 200. (Paid only once)
- The fees for establishing a new electricity meter are about $ 200.(Paid only once)
- The fees for establishing a gas meter of $ 100.(Paid only once)
Other fees and charges:
There are other fees than the tax for buying property Turkey; there is a one-time fee you pay when making the purchase step is done, and it is as follows:
- The translation and certification of the passport by a notary cost about $ 100.
- Governmental fees for the title deed (tapu) of about $ 100.
- The cost of a translator (certified) and you pay about $ 100 upon registration of the contract.
- Purchase tax, which is paid once upon the transfer of ownership, about 4% of the declared value.
- Land Department fees are estimated to be about $ 200.
- If you are not in Turkey and want to appoint a person to complete the purchase process, the cost of the agency and its certification will be about $ 200.
- As for the use of a lawyer to complete the transaction, legal advice, his fees will be equivalent to 1% of the property’s value or according to the agreement.
KNOW IF FOREIGNERS BUY PROPERTY TURKEYHERE
And by calculating the total costs, we find that they reach about $ 500 in addition to 4% of the value of the declared property. Sometimes it is agreed that the party selling the property will include it as expenses within the sale process.
These expenses are divided equally between the seller and the buyer, or according to the agreement.
It became easy now to check the property for sale through various websites such as Sahibinden.
Learn about the conditions necessary to obtain Turkish residency permit and their types through the following article: