Annual Costs of Owning Property in Turkey

Investing in Turkey is lucrative, with high property value growth rates and affordable prices compared to Europe and the USA. However, before buying a holiday home in Turkey, it's essential to be well-informed about the ongoing costs of property ownership and annual taxes. Here’s what you need to know about one-time and annual expenses:

Real Estate Appraisal Fee

Before receiving the title deed, an appraisal report is required, especially if using the property to apply for Turkish citizenship. This report, which assesses the property's value, must be paid directly to the Real Estate Appraisal Department of Land Registry and Cadastre. The cost starts at 5500 TL, depending on the property's location and takes about three days to process.

Title Deed Charges

A title deed, or TAPU, is the official document proving property ownership in Turkey. The charge for this is 4% of the property's value. The title deed can list one or two names for joint ownership. Typically, the buyer and seller share this cost, but the buyer can pay the full amount.

Property Tax

An annual property tax is required, based on the property's location. Properties in metropolitan areas are taxed at 0.2% of their value, while non-metropolitan properties are taxed at 0.1%.

Maintenance Fee (Aidet)

Aidet is a maintenance fee levied in some apartment buildings, condos, and housing complexes. Always inquire about the aidet fee when purchasing property. It is commonly a monthly cost, regardless of whether you live there permanently or occasionally. The fee varies depending on the resident’s needs, requests, and the quality of services provided. Luxury buildings have higher fees, while basic service buildings may charge small fees for cleaning shared spaces. The aidet fee ensures all facilities in the complex are well-maintained.

Home Insurance Policies

Home insurance policies are reasonably priced in Turkey. Turkish law requires an up-to-date earthquake/Natural Disaster Assurance insurance policy (DASK), which must be renewed annually. Home contents insurance and property insurance policies are also advisable to cover any loss due to unpredictable events. Rates vary, so it's worth getting multiple quotes from insurance brokers.

Utility Subscription Fees

Utility subscription fees are another cost of property ownership in Turkey. Internet and telephone connections cost between 250 and 500 TL monthly, depending on the operator. Electricity subscription fees are similar, taking a day or two to set up. Water subscriptions from Iski cost 600 to 700 TL for new builds. For existing properties, buyers can transfer the subscription to their name in 1 to 3 days.

Real Estate Agent and Lawyer Fees

The real estate agent fee in Turkey is set at 2% of the selling price, included in the property's price. Lawyer fees vary, so find a professional who speaks Turkish and English to understand the terms and conditions. Easy Buy Estate provides in-house lawyers to guide you through the purchasing process, whether buying online or in Turkey. They also offer multi-lingual real estate agents to cater to your needs and preferences.

Note: Prices are subject to change, and the prices mentioned were valid at the time of posting.