Are you interested in property for sale Turkey based? It is not difficult to understand why you would be. After all, Turkey is a location that offers an interesting culture, stunning scenery, and a beautiful climate. The property that is available also provides value for money for the investor.
However, you may be wondering how much it will cost exactly to purchase property in Turkey. Of course, this depends on the type of property you are interested in and the area in which you want to buy a villa or apartment.
But, there are costs to be aware of. Buyers are advised to budget 7 – 8 per cent to be added on top of the purchase price of their property. This should cover all additional costs and expenses. These are one-off costs that will need to be paid upon property ownership. You will then have on-going expenses to deal with, i.e. maintenance fees and taxes.
So, what are the one-off expenses for property for sale in Turkey? Firstly, there is the agency fee, which is three per cent as a standard in Turkey. If an agency charges excessively more than this, you should be wary. You also have the legal fees to factor in. Typically, you can expect to pay roughly £1,000 for the services of a real estate solicitor.
You also need to be aware of stamp duty, which was previously called Turkey property buying tax. This is usually payable when you register the title deed of the property in your name. Stamp duty amounts to 4.4 per cent of the property’s assessed value. The assessed value will usually come in at about 60 per cent of the purchase price.
The three costs mentioned above – agency fees, legal fees, and stamp duty – are the main added expenses you need to be aware of when it comes to property for sale Turkey wide.