Buying Turkish property explained: Costs

Turkey’s immense coastline, Mediterranean weather and countless outdoor lifestyle options are drawing in property buyers from all over. Robert Nixon of Nirvana International believes although Turkey has yet to be a part of the European Union, many property buyers have seen a golden opportunity to purchase real estate now and “watch as the property boom moves from other popular European countries”.

Fortunately, the process of buying property in Turkey is a lot easier than in other European countries, confirms Nixon. He explains some of the cost procedures involved in purchasing properties in Turkey.

Investors must be aware of the number of fees and taxes on top of the purchase price of the Turkish property. According to Nixon, a lawyer or solicitor’s fee is around £750. Although it is not required to hire a solicitor, Nixon recommends that those who are not familiar with the buying process should appoint one.

The notary fee to cost is about 1.3 per cent of the real estate value. Nixon explains that the notary, a public official, certifies that the title deeds have been exchanged and understood by parties concerned. “After the signing, the notary witnesses the payment, or an acknowledgement that the payment has been made, and this is incorporated in the title deeds of the property.”

Another 0.75 per cent of the property value is added to the price for stamp duty. The notary public collects the stamp tax. For estate agent fees in Turkey, these are paid by both parties at three per cent each. “These are standard terms offered by all Turkish estate agents”, adds Nixon.

Real estate tax is part of the ongoing costs, computed on the basis of the declared value of the asset at the current rate of 0.1 per cent for residential property. This tax is updated every year, factoring in account inflation and collected by the local government. Finally, Nixon reminds buyers that they will need to take out compulsory earthquake insurance on their property. A national uniform tariff is implemented on the insurance.

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Buying Turkish property explained: Costs

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