Property Purchase Costs in Turkey

When considering the costs of buying a home in Turkey, one of the most frequently asked questions is about the additional expenses over and above the purchase price. Clients are advised to budget around 7 to 8 percent of their purchase price to cover these expenses. These are one-off costs, with ongoing costs of property ownership, such as Turkish property taxes and maintenance fees, being considerably lower in Turkey compared to other countries, about one-third of those in Spain and less than a quarter of those in France.

Let's look at an example. If you bought a home in Turkey for 600,000 Euros, your purchase costs would be around 45,000 Euros on top of the price.

Stamp Duty in Turkey

Also known as Turkey property buying tax, this amounts to 4% of the assessed value of the property. The assessed value normally comes in at around 60% of the purchase price. Stamp duty is payable upon the registration of the property title deed in your name. Therefore, if you are buying an off-plan property in Turkey, you won’t need to worry about paying this until the build is finished. Assessed value is also known as the declaration amount of a property. Under-declaration is common in Turkey, and tax authorities have methods to test the reasonableness of declarations. On average, 50-60% of actual market value is accepted as reasonable.

Lawyer / Legal Fees in Turkey

Generally, a real estate lawyer in Turkey will charge between £2,000 and £2,500 (2,500 Euros - 3,000 Euros) for services. This can vary depending on the complexity of the transaction and property purchase. Legal fees are payable upon the signing of your property purchase contract. Investing in a lawyer is highly recommended as it provides security in your purchase: in 99% of cases where a buyer has been scammed, they skipped this vital step.

For expert advice and assistance in purchasing property in Turkey, contact UNITED WORLD. Their experienced team can guide you through every step of the process, ensuring a smooth and secure transaction.