Expenses for the purchase and operation of real estate in Turkey
Expenses for the purchase and operation of property in Turkey
One-time expenses when processing Tapu:
1) The tax at the registration of title is 4.0% of the value of the property specified in Tapu, which is often underestimated, not real. The payment for it is made at a state bank, the expenses are typically borne by the Buyer.
2) Expenses associated with the registration of title to property (translation and notarization of passport, issuance of the power of attorney, various contributions), as a rule, do not exceed the amount of 600-700 TL.
One-time expenses for utilities:
Electricity connection will usually average 350-400 TL (when acquiring an apartment in a newly-built building) or a transfer of a subscriber’s account to another user name — 100 TL (secondary housing market); water supply — 300 TL (for new buildings).
Annual cost of property maintenance in Turkey:
1) The housing fund tax is 0.3—0.4% per year of the property value specified in Tapu. The tax can be paid in two equal installments (the first installment — by the end of May, the second one — by the end of November).
2) Depending on the location and type of the acquired property, the administration of the respective district also determines a tax on garbage collection, its total amount currently does not exceed 50—60 Turkish liras a year.
Utility payments (electricity and water) are made according to the readings of individual meters. Today the approximate cost of one cubic meter of water and 1 kW of electricity is
water ~ 4 TL / cubic meter, depending on region and consumed quantity.
electricity ~ 0.39 TL / kW, depending on the time of day and type of meter.
3) The cost of complex maintenance services (aidat). Today the prices for utilities in Antalya for monthly maintenance of real properties and surrounding area range from 40 to 250 TL (the latter — for houses with heating or complexes with developed infrastructure).
4) Compulsory earthquake insurance — DASK. To be calculated based on property area and the amount of coverage. Basically, obtained if necessary — reprocessing of documents, etc., and, considering the understated value in the policy, is 70-300 TL per year.
5) Voluntary insurance of the property purchased would be approximately 200—2000 TL, depending on insurance coverage and whether it includes insurance against earthquakes.