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The cost of buying property in Turkey

Our potential customers will be pleasantly surprised to learn that the cost of buying property in Turkey is much lower than in other countries. And of course, before you buy an apartment in Alanya, you will be interested to know how much the long-awaited purchase of a property by the sea will cost.

A Certificate of ownership (TAPU)
Before obtaining a certificate of ownership (Tapu), you need to pay a tax, which is 4% of the cadastral value of the property. In addition, the buyer pays a state fee for the TAPU process in the amount of 560 Turkish lira. If the buyer is a foreigner, then you will still need to pay the costs of a sworn translator.

Annual Property Tax
Once a year (until the end of May) the state tax in the amount of 0.2% of the cadastral value of the property must be paid at the municipality.

Technical passport (Iskan)
Iskan in Turkey is a technical passport of a real estate object. There are 2 types of iskan: general (for the building) and personal (for the apartment or villa). In case there is no technical passport in place, the buyer bears costs of obtaining it. 
Price depends on square metres, varies from 1200-3000 Turkish lira.

Legal Costs
The amount of legal expenses can reach 1% of the real estate value.

Property Insurance
Earthquake insurance (DASK) is compulsory in Turkey. Estimated value is 50 Turkish lira. When a bank loan is used to buy a property, then in this case the object is required to be insured. As a rule, the bank that issues the loan assists in taking out insurance policy. If you buy a property in Turkey without taking out a mortgage, then it is possible to get the property insured in local insurance companies. The insurance rates depend on the location, area and quality of the building.

Electricity and Water Subscriptions
After purchasing a home and getting a TAPU (a Certificate of ownership), you will need to receive the electricity and water subscriptions.

• Initial registration costs 450 - 550 TL, re-registration - 120 TL;

• Initial registration costs 410 - 500 TL, re-registration – 100 TL;
Cost of one kilowatt of electricity is approximately - 0.54 TL;
Cost of one cubic meter (m3) of water - 3 TL;

Note: The above prices are approximate. For more information, please contact our specialists. 

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