Overseas Information

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.

Buying in Spain

Buying a property in Spain can be a rewarding investment, but it’s essential to be aware of the additional costs involved in the process. When planning your budget, it’s prudent to allow an extra 14-15% on top of the property price to cover various fees and taxes. Here’s a breakdown of these costs:

  1. Taxes:
    • Transfer Tax (Impuesto de Transmisiones Patrimoniales, ITP): This is usually between 6-10% of the purchase price, depending on the region.
    • VAT (IVA): If you are buying a new property directly from the developer, you’ll pay VAT at 10%.
    • Stamp Duty (Actos Jurídicos Documentados, AJD): Typically ranges from 0.5% to 1.5% of the purchase price.
  2. Notary Fees:
    • The notary fee is for the formalization of the property deed (escritura) and can vary but is generally between 0.5% and 1% of the property price. The exact amount depends on the property’s price and complexity.
  3. Solicitor (Abogado) Fees:
    • Hiring a solicitor is highly recommended to ensure the legalities of the purchase are handled correctly. Solicitor fees usually range from 1% to 1.5% of the purchase price. Your solicitor will also provide you with a definitive amount for all costs involved.
  4. Land Registry Fees:
    • After the notary signs the deed, it needs to be registered with the local Land Registry. This fee is typically between 0.5% and 1% of the purchase price.

Summary of Additional Costs

  • Taxes: 6-11.5% (depending on ITP, IVA, and AJD)
  • Notary Fees: 0.5-1%
  • Solicitor Fees: 1-1.5%
  • Land Registry Fees: 0.5-1%

Example Calculation

For a property priced at €200,000, the additional costs could be estimated as follows:

  • Taxes: €12,000 to €23,000
  • Notary Fees: €1,000 to €2,000
  • Solicitor Fees: €2,000 to €3,000
  • Land Registry Fees: €1,000 to €2,000

Total additional costs: €16,000 to €30,000, making the total purchase cost between €216,000 and €230,000.

Important Note

These figures are estimates, and the actual costs can vary based on the property’s location, the purchase price, and other factors. Always consult with a solicitor who can provide a detailed breakdown tailored to your specific situation. They will ensure that all legal and financial aspects of the purchase are accurately handled, providing peace of mind during your investment process.

Villa with pool in Turkey

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