Expenses on buying a new property in Turkey
When you buy a property in Turkey and pay the principal value to the seller by bank transfer or by hand. You should take into account that you will incur additional expenses on this property. But what kind of expenses are these and how much they are worth!!
One of the first of these expenses is in the transfer of ownership of the real estate, which amounts to 4% of the value of the real estate registered in the Land Registry. It is paid in half between the seller and the buyer
Or pay by one of the parties by mutual consent. These expenses are paid officially by banks linked to the tax department and state system such as ZİRAAT BANKASI or the tax department.
This is done after submitting the ownership transfer application and receiving a text message to the applicant bearing the application number and the amount to be paid before buying the property. This question must also be answered. Does the displayed property price include value added tax?? or not . Note that the rate of this tax is between 1% and 8 for non-commercial real estate. As for non-commercial real estate, the tax rate is 18%.
Foreigners can be exempted from it, but with special conditions
– After owning the property, and if this property is new, there is the DEMİR BAŞ tax, which is a one-time tax to be paid to the management of the complex in exchange for basic equipment made during the construction process. This tax varies from one complex to another.
The proceeds are an amount paid to the complex or building in which the property is located, and its value varies from one residential complex to another according to the location and the services provided in it, such as the maintenance of elevators, gyms, swimming pools, security, heating, cleaning and other facilities and services. These expenses are calculated on the square meter of the area of each apartment .
– Monthly subscriptions: the monthly subscriptions fall under the additional expenses resulting from the purchase of the property, such as the subscription of the Internet, gas, water, electricity, etc. or gas, or the value of each varies according to consumption.
– The annual property tax, which is a tax imposed on real estate at a rate starting from 2 to 6 per thousand, with an average value of between 2.5 to 3 per thousand, to non-commercial real estate, and this tax is greater on commercial real estate. It can be paid to the municipality in which the property is located. It is paid in two installments. The first payment is in May and the second in November of each year. Either through the bank or via the Internet via the target municipality’s website…