Buying a Property in Turkey
If you are reading this, you are probably considering or have decided to buy an apartment or house in Turkey. If you have a budget for buying the property, consider other expenses as well. So what are they?
Power of Attorney/Official Translator
When buying the property, all documents are prepared in Turkish, so you must read, understand and approve them. You will need either a lawyer or a translator. Lawyers’ service fees may vary between £800 to £1,500 who you are working with. But, It is good to know that you don’t have to work with a lawyer. If you are going to work with a translator, make sure that they have full licenses. Translators can generally charge hourly as well as charge per word. You can also negotiate for a fixed price with a translator. A translator may charge you £100 or more for translating the sale documents of a property.
Real Estate Agent Commission
If you have contacted a real estate office to buy a property, be aware that they may charge you a legal commission of up to 3% of the sale price of the property. If you have directly dealt with the owner of the property for the sale, you will not pay such a commission.
Transfer Deed Tax
When buying a property, you must pay Title Deed tax which must be paid by the buyer. This will cost you 4% of the sale price of the property and fixed fees of £70.
Earthquake Insurance (DASK)
This insurance is required by the government. Charges are made per square metre. This insurance covers your property against costs caused by natural disasters such as earthquakes and floods. For instance, a DASK insurance policy for a 200sqm apartment will cost you around £25.
Property Valuation Report
Before buying a property, you will need to get a valuation report for it. This process takes 3 to 10 working days. Be aware, the property valuation report must be get done by a licensed company in Turkey. This will cost you around £100.
