Real Estate investment in Turkey in 2024: Registration, Expenses and Fees.

Investing in real estate in Turkey in 2024 comes with several advantages, including affordable property maintenance and registration costs. While the registration process may see some changes in 2024, it is essential to understand the associated expenses involved in registering real estate in Turkey. Like an owner of the apartment you will be responsible for paying all these expenses separate from the property price.

The costs for register property in Turkey include:

1. Title deed registration: This involves the registration of the property ownership certificate, which is essential for proving ownership and transferring the property.

2. Cadastral record and technical passport registration: For new properties, the registration of the cadastral record and technical passport is required. This document shows the information about the property details such as location, size, and technical details.

3. Registration for electricity and water, like property owner, you will need to register with the relevant authorities to receive electricity and water services.

While the exact costs of these expenses may vary depending on the location and type of property, you can expect to pay the following amounts on average:

• 1. Title deed registration: Approximately 0.1% to 0.5% of the property's purchase price

• 2. Cadastral record and technical passport registration: Approximately 0.1% to 0.5% of the property's purchase price

• 3. Registration of subscribers for electricity and water: Approximately 0.1% to 0.5% of the property's purchase price

It is important to know that these costs can be changed and may vary depending on the region and types of property. It is recommended to consult with a real estate agent or lawyer to get the updated information.

The expenses for obtaining the title deed (property ownership certificate) include:

The expenses for obtaining the Title deed (property ownership certificate) are 4% of the value declared by the seller in the property sale, based on the cadastral value. However, there may be changes and the cadastral value may be dependent on a real estate evaluation .

The fee for the cadastral management, for foreigners, is slightly higher than for Turkish citizens in the year 2024.

DASK – insurance against natural disasters (approximately from 550-600 lira and higher, depending on the age of the building and the area of the apartment).

DAB Certificate (Foreign Exchange Purchase Certificate) – a currency exchange certificate. It is a special document confirming that the foreign buyer has converted currency into Turkish lira, equivalent to the cadastral value of the property being acquired.

The expenses for the registration of ISKAN include:

The ISKAN is a technical passport for real estate, a document allowing the connection of utilities to the apartment, specifying the technical parameters of the property. When a construction project is completed, the construction company obtains a general ISKAN for the entire complex, as well as individual ISKANs (technical passports) for each apartment. The cost of obtaining a separate ISKAN for an apartment is borne by the buyer.

If the ISKAN was obtained by the previous owner, there is no need to reapply for it. The absence of ISKAN can affect the tariffication of electricity and water usage fees.

The amounts and tariffs may change depending on new regulations and changes in the law.