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Buying and Maintenance Costs

Posted by admin_grand on 11 March 2019

Like elsewhere in the world buying a property in Turkey implies certain costs:

Buying costs

Land Registry office registration fees about 320 TL

Documents registration fees about 600 TL

Translation services about 550 TL

Property buying tax (to be paid once): this amount is equal to 4% of the property market cost which shown in Title Deed (TAPU). This payment must be done to the Ziraat, Halk or Vakıf Banks.

Obligatory insurance against earthquake and natural disasters depends on property type starts from 120-160 TL

If done first timethe – obtaining a connection of electricity takes about 160 TL  plus a deposit of about 160 TL

If done first timethe – obtaining a connection of water 590 TL  plus a deposit of about 160 TL

Costs for maintenance and repair

One should pay attention to the fact that in Turkey the average annual expenditures for real estate maintenance and repair are below average expenditures in comparison with those in other world’s developed countries.

There is an annual real estate tax in Turkey. The amount of the tax depends on the area of your property and its market value.

Here is an example:

let’s say you have bought a residential property which can be an apartment or villa in the complex. Then in accordance with Management Plan of the residential complex you have to pay bills for administrative expenses for its territory cleaning, garbage pickup, gardening, pool cleaning, security and the etc. (Turkish: Aydat). The amount of monthly payments depending on the variety of services, may range from 25 TL to 5.000,00 TL.

In Turkey, water and electricity bills necessarily must be paid in time and terms specified in receipts. Otherwise, for non-payment at the time and non-payment after warnings your subscription will be suspended until payment of all amounts due plus penalty interest rates will be done.

Nowadays the prices for the electricity are as follows:

From 06:00 a.m. to  17:00 p.m = 0,5445 TL / kWh

From 17:00 p.m. to 22:00 p.m  = 0,7997 TL / kWh

From 22:00 p.m. to 06:00 a.m  = 0,3404 TL / kWh

Nowadays the prices for the running water are as follows:

From 1 to 20 m3   – 2,18 TL

Over 21  m3  – 4,75 TL

In addition, the standard monthly fee for home phone subscription is 35 TL, and the cost of Internet subscription fibro quality is about 65 TL.

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