Fees, taxes, and legal requirements, ensuring a transparent approach to real estate investments
You will be pleasantly surprised to learn that the cost of buying real estate in Turkey is much lower than in other countries. And of course, before you buy an apartment in Alanya, you will be interested in how much the long-awaited purchase of a property by the sea will cost.
Certificate of Ownership (TAPU)
Before obtaining the title deed (Tapu), it is necessary to pay a tax, which amounts to 4% of the cadastral value of the real estate. In addition, the buyer pays the stamp duty for the TAPU process. If the buyer is a foreigner, he must pay the costs of an authorized translator.
Annual property tax
Once a year (until the end of May), the municipality pays a state tax in the amount of 0.3% of the cadastral value of the property.
Technical passport (Iscan)
Iskan in Turkey is a technical real estate passport. There are 2 types of searches: general (for a building) and personal (for an apartment or villa). In case there is no technical passport, the buyer bears the costs of obtaining it.
The price depends on the square footage.
Legal costs
The amount of court costs can reach 1% of the real estate value.
Property insurance
Earthquake insurance (DASK) is mandatory in Turkey. When a bank loan is used for the purchase of real estate, in this case the building must be insured. As a rule, the bank that issues the loan helps in concluding an insurance policy. If you buy a property in Turkey without taking out a mortgage, then it is possible to insure the property with local insurance companies. Insurance prices depend on the location, area and quality of the building.
Subscription for electricity and water
After buying a property and getting a TAPU (certificate of title), you will need to get a subscription for electricity and water.
