Buying in Turkey
On agreeing the purchase price, we recommend that you set aside money for purchase costs including a lawyer, notary, taxes, and relevant fees. Service charges such as lawyers and translators can vary throughout the region. Other official costs are also set in Turkish lira, and the amount in your home country currency will change according to exchange rates at that time. You should work on roughly 8-9% to cover all fees and charges. Please note as of 1st of January 2020 title deed transfer tax is 4%.
Cost of Buying Property in Turkey
Legals: We can assist you to source a suitable lawyer to deal with the legal process if you require. Prices vary depending on whom you choose to use.
Translation services: Some translators charge by the hour while others offer a set package specifically for property purchases. Please note that translators in Turkey must be officially registered and licensed. Notary offices in each district have a list of licensed translators or alternatively, we can assist and recommend one for you.
In accordance with Turkish Law, we charge the buyer 2.4% (inclusive of any related Vat or taxes) of the agreed purchase price (unless agreed differently in writing), this is standardised throughout estate agency in Turkey.
Typical fees;
Solicitor/Lawyer fee £800 - £1000 (if you chose to have one)
Our Fee: 3% (inclusive of any related Vat or taxes) of the purchase price
Transfer Deeds Tax (similar to stamp duty): It is 4% - this is often split eaqually between the buyer and the seller.
Tapu Registration (Title Deeds): Approx. £100.00
Notary Fees: Approx. £350.00
Utility company connections £150 - £200
Dask insurance £60 approx.
DASK Insurance: This compulsory earthquake insurance is needed at the time of signing for your title deeds. The cost depends on the square meterage of your property. DASK for a three-bedroom apartment is roughly £60
Selling in Turkey
AGENCY TERMS
If you instruct us to sell, you will be liable to pay our fee, in addition to any other costs or charges agreed on the successful sale completion.
Estate agency selling fees are typically 2% - 3% of the agreed sale price (depending on size of property), this fee can vary in some cases and should be agreed in writing by both parties at the outset.
Our selling fee: we have different marketing packages to suit all sellers needs
Capital Gains Tax: This is required if selling within 5 years of initial purchase - the charge is variable.
Stamp Duty: 4% of the agreed sale (plus some admin fees). Turkish Law suggested that this should be split equally between the seller and the buyer, this can be negotiated differently if required and should be agreed in writing at the point of agreeing the sale.
