The costs of buying an apartment in Türkiye
What are the costs of buying an apartment in Türkiye? That is one of the questions that concerns those who are about to buy an apartment in Türkiye. Therefore, in this article from Ebla Real Estate, we will answer this question and we will provide some other important information.
What are the costs of buying an apartment in Türkiye?
The prices of apartments in Türkiye vary, according to the location of the apartment, the size of it and the services available in it. In addition to the price of the property, there are additional costs that the buyer has to pay to transfer the ownership of the property to his name.
These costs are as follows:
The cost of reserving the property (the down payment):
Due to the increasing demand for real estate purchasing in Türkiye, when you want to reserve an apartment, you must pay a deposit. The deposit is estimated mostly between 500 to 1000 US dollars. Moreover, some real estate owners request 5% of the value of the property.
The value of the property:
For the value of the property, the buyer can pay the full amount in one payment in cash, or he can pay in installments. That can be agreed between the seller and the buyer.
The title deed tax:
When buying a house in Türkiye, the buyer gets a title deed, “Tapu” in Turkish, which comes with a fee of four percent of the price of the property. This amount is usually paid by the buyer and the seller. However, depending on the agreement between the two sides, the buyer or seller might be required to pay the whole fee.
Value added tax:
When you want to buy a property in Türkiye, you are required to pay value-added tax known in Türkiye as “KDV”.
Mostly, the value added tax is estimated at 1% of the value of the property. And it may reach 18% in commercial and luxury real estate.
How to buy a property in Türkiye?
- Connect with a trusted real estate advisor to have an idea about the most important information related to real estate ownership in Türkiye.
- Visit the best real estate project with the real estate advisor.
- When you choose the property, you pay the deposit.
- After extracting the real estate appraisal, you sign the purchase contract.
- The sales contract must be notarized by the Turkish Notary.
- It is worth noting that the buyer must sell the foreign currency to the Central Bank of Türkiye. Then he must transfer the price of the apartment to the seller in Turkish lira.
- Then the seller and buyer must go to the General Directorate of Land Register and Cadastre (Tapu ve Kadastro Genel Müdürlüğü – TKGM) to complete the necessary procedures to obtain the title deed (Tapu).
If you are looking for an experienced and trustworthy real estate consultant.. Contact us at Ebla Real Estate, as we provide various real estate services in Türkiye.
Conditions for buying a property in Türkiye:
- Obtaining the security and military approval from the competent military authorities in the area in which the property is located.
- The area of real estate in Türkiye that a foreigner owns should not exceed 30 hectares.
- Real estate in Türkiye that foreigners own must not exceed an area of 10% of the total area of the administrative region.
Advantages of buying a property in Türkiye:
- Obtaining a real estate residence in Türkiye.
- You can also, by purchasing a property in Türkiye, obtain Turkish citizenship.. Provided that the price of the property is not less than 400,000$.
- By obtaining Turkish citizenship, you will also be able to obtain a Turkish passport.
- The Turkish government supports foreign investments in Türkiye, and provides them with many facilities and services.
- The continuous and increasing rise in real estate prices in Türkiye. Thus, the buyer can achieve high retuns.
- The ease of real estate ownership procedures in Türkiye and the ease of Turkish laws
Tips for those who want to buy a property in Türkiye:
When you want to buy an apartment in Türkiye, you should first choose an accredited real estate consultant to be your guide.
You should know everything related to the real estate market. In order to obtain comprehensive information about it.. You must ask about all the laws related to the purchase of real estate by foreigners in Türkiye.
Consider the importance of the location (services – amenities – future investment).
Ensure that the value of the property is compatible with the current market prices, and commensurate with the specifications of the property.
It is worth noting that you can communicate with Ebla real Estate to help you to own a property in Türkiye.
Edited by: Ebla Group Real Estate
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