Costs and requirements while buying property in Turkey are more reasonable than the other countries. While buying a property, there are some types of costs in addition to the property price. The required documents for purchase can also be easily prepared.
As it becomes one of the focal points of investment in Europe, the number of foreign investors who are looking for buying a property in Turkey is increasing day by day. Turkey is a lovely country for both investors and those who want to move to another country.
Buying a property is not only profitable but also can give advantageous benefits to its owner. The latest law regulations allow buyers to get a Turkey residence permit by buying property if the property is eligible.
Long beaches, profitable investment options, vibrant life, a large variety of social and daily activities, and low cost of living - there are numerous reasons why foreigners choose Turkey to live or invest. The benefits of buying property in Turkey have little cost in return.
What is the Cost of Buying a Property in Turkey?
While buying a property, the cost increases as there are some obligatory payments. They can be so concerning at first look, but knowing a little more shows that it is an easy list of payments, and they are not too expensive.
Learning the costs and requirements of buying property in Turkey for foreigners early is crucial. When buying property, planning the budget is an important issue. So, having the exact amount of money for buying a property can be not enough in some situations.
If you want to read more about the entire buying process step by step and the required documents, you may take a look at our “What Do I Need While Buying Property in Turkey?” blog.
In real estate sales from or to foreigners in Turkey, the appraisal report is obligatory. This cost varies on the aspect and size of the property. It is approximately between 2800-3000 TL.
Before the latest changes in the law, foreigners had to pay VAT ranging from %1 to %18 while buying property. Thanks to the latest regulations, foreigners who do not live in Turkey permanently can be exempted from VAT. You may take a look at our blog about VAT Exemption for Foreigners in Turkish Real Estate for more details.
While getting the property’s title deed, the buyers should pay a fee called Title Deed Conveyance Tax. The amount of this tax is %4 of the declared sales price of the property.
Also, you have to pay several one-time fees such as cadastre tax, circulating capital, document preparation for obtaining a tax number, and document translation. All of these one-time fees will cost around 5.000 TL.
Turkish law regulations on property purchases state that %2 of the sales price of the property can be charged as a real estate agent fee from both the buyer and the seller. Some sellers who want to sell faster their properties can also pay the buyer’s fee.
If you are willing to buy property in Bursa, you may take a look at our listing page which has numerous properties that do not require commission from the buyer.
Also, having a lawyer is strongly recommended while buying property in Turkey and citizenship applications. Bursa Homes’ lawyers will handle the entire property-buying process.
These are the initial costs when buying a property in Turkey. After being the homeowner, there are also some costs to pay, such as utility subscriptions, mandatory property insurance, and annual property tax.
What Documents Are Needed to Buy a House in Turkey?
The documents needed when buying house in Turkey are a tax number, a copy of the passport, 4 photos, and a bank account. These documents can be prepared easily. You must note that some documents must have apostilled translations.
You may take a look at our Purchase Expenses guide for more detailed information on tax costs, document translation costs, and others.
Buying an investment property in Turkey can open a door to high-income potential investments. Trying to get the result individually can be hard for foreigners. So, Bursa Homes welcomes all investors and property buyers to Turkey, to have a fast and easy buying process.
You may contact us anytime to get the best information and consultancy from our professional and experienced local team.