Costs of Buying Property in Turkey

There are several costs associated with buying property in Turkey, including:

Purchase price: The purchase price of the property is the main cost associated with buying property in Turkey. This will depend on the property's location, size, and condition.

Taxes and fees: There are various taxes and fees associated with buying property in Turkey, including:

Value-added tax (VAT): This is a tax on the sale of goods and services, including property, in Turkey. The VAT rate for property purchases is 18%.

Stamp duty: This is a tax on the transfer of property ownership in Turkey. The stamp duty rate is 0.60% of the property value.

Property acquisition tax: This is a tax on the purchase of property in Turkey. The property acquisition tax rate is 3% of the property value.

Notary fees are fees for a notary responsible for witnessing and authenticating legal documents in Turkey. Notary fees are typically around 1% of the property value.

Legal fees: It's a good idea to hire a lawyer to handle the property purchase's legal aspects and review any contracts or documents. Legal prices will vary depending on the complexity of the transaction and the lawyer's hourly rate.

Real estate agent fees: If you use a real estate agent to help you find and purchase a property in Turkey, you'll likely be required to pay a commission. This is typically a percentage of the purchase price and will vary depending on the agent's fees.

Maintenance and repair costs: It's essential to budget for ongoing maintenance and repair costs for your property in Turkey. This may include things like painting, landscaping, and repairs to appliances and other systems.

Insurance: It's a good idea to insure your property in Turkey to protect against potential losses or damages. This may include things like fire, theft, and natural disasters.

It's important to note that these costs can vary depending on the location and specific circumstances of the transaction. It's a good idea to research and seek professional advice from a qualified real estate agent or lawyer to ensure a smooth and successful process.