PURCHASE COSTS
After you buy an issue in Turkey, there are some expenses that you must pay for your purchase to get the title deed. These expenses that we will help as Glin Invest are as follows;
AUTHORITY OF THE LAWYER
It costs about 80-100 € (including a Sworn Translator) to issue a power of attorney at a notary.
TRANSPORT TAX
4% of the property value stated in Turkey DEED office. This is paid at one of the local banks at the time of transfer (the amount stated in the TAPU Office is less than the real estate value and the plot is around 2000-5000 € depending on the size of the apartment, villa, shop, etc.).
SETTLEMENT
Receiving Completion Report named Iskan (for newly built properties only): Starts from € 300-350 depending on size and location. All buildings and flats need ‘housing’ to apply for water and electricity subscription.
OTHER FEES
Electricity subscription, new connection of the electricity meter: approx. 60-100 € (paid once only). Name transfer of an existing connection: approx. 30 € (paid once only). Water subscription, new water meter connection: approx. 30-50 €. Name transfer of an existing connection: approx. 30 €
Prices tend to change, the current cost can be found on the official website: https://www.turkiye.gov.tr/
ANNUAL EXPENSES OF PROPERTY OWNERSHIP IN TURKEY
- The owner of Turkish real estate pays an annual municipal tax – from 0.1 to 0.6% of the cadastral value.
- Owners of luxury expensive real estate pay an additional annual luxury tax – 0.3-1% on the part of the cadastral value over $280,000 (5,227,000 TRY).
- A seller of real estate in Turkey pays capital gains tax if he has owned the property for less than five years. Tax rate – from 15 to 35% of the increase in cadastral value.
- When transferring ownership of real estate in Turkey, they pay tax on the cadastral value of the object at a rate of 1 to 10% for inheritance, from 10 to 30% for receiving as a gift. Tax rates for transactions with close relatives are two times lower.
