The Cost of Buying a House in Turkey

April 3, 2022

Buying a house in Turkey is an important condition for many foreign investors. However, it is necessary to evaluate what kind of applications and costs will be faced related to the investments that will take place in Turkey. Otherwise, it is likely to face surprises for foreign investors who are not aware of the costs in Turkey. Taking into account all the details listed below, you can start evaluating the cost of buying a house in Turkey.

The Costs of Buying a House in Turkey

Although Turkey offers quite special opportunities for foreign investors, it is necessary to know the costs and act on these costs. Otherwise, it will be unlikely to leave behind a correct investment process. Then it’s time to evaluate the costs for the process of buying quality and profitable house!

The Fee to be Paid for the House

Buying a house in Turkey is a fairly general statement. Because the standards of houses in the same neighborhood or even in the same apartment are different, the fees you have to pay are not the same. Therefore, it is worthwhile to carefully evaluate all the details that will determine the price of the house you are going to buy. Below are the most important details that determine the price of a house in Turkey!

Location of The House

If you want to buy a house in Turkey, you should first look at its location. Proximity to the hospital, school, shopping center, and other attractions increases the price of the house. Moreover, being close to public transportation points also plays an important role in the value of a house in Turkey. Choosing without taking into account these details, which, perhaps, are not important for a foreign investor, can cause disappointment. 

The Size of The House

The size of the house is a very valuable issue for investors who want to invest in Turkey. Because as the area of use of the house grows, the fees that must be paid will increase, as well as the scope of the investment will vary. For this reason, foreign investors should choose a house that will fully meet their needs. 

The City Where the House Is Located

The most preferred cities for investing and buying houses in Turkey are Istanbul, Antalya, Izmir, and Ankara. The choice of these cities means that they are attractions and provide opportunities for people in a social sense. However, when evaluations are made at the point of prices, it will also be seen that these cities are expensive.

For a foreign investor, it is necessary to act this detail, which should be paid attention to in order to buy a house in Turkey, without ignoring it. Otherwise, it may be necessary to allocate serious capital only because of the city where the house is located. 

Extra Features

The fact that the house to be purchased is located on a site, has an indoor parking lot, or all other details determines the cost of buying a house for foreigners. In this regard, it is necessary not to act without taking into account the details that are expressed as extras and directly affect prices. If you are also a foreign investor, you should definitely pay attention to such details.

Stamp Duty

One of the most important expenses for foreigners who want to buy a house in Turkey is considered to be stamp duty. It should be known that this tax amount, which is equivalent to 4% of the amount of the house when you want to buy a house, must be paid at the time of registration of the title deed. However, it should also be noted that 60% of house prices in Turkey are officially reported. This, in turn, reduces the amount of stamp duty that must be paid.

Attorney’s Fees

Foreign investors are often required to pay attorney’s fees to buy a home in Turkey. The main reason for this is the desire to evaluate the legal situation and put the foreigner’s investment in an official framework. It is very important to make a decision by researching these fees in advance, which will differ depending on the size of the investment, in order to ensure the profitability of the investment.

Real Estate Consulting Fee

Real estate consultancy is considered to be one of the solutions that foreign investors must support to buy a house in Turkey. Therefore, it is necessary to act taking into account the real estate evaluation processes. In particular, people who do not know the investment processes in Turkey and therefore are likely to have problems should get real estate advice. In this way, both a better quality investment process takes place and there are no surprises for foreign investors. Of course, a certain fee must also be paid for this service.

The amounts that must be paid for real estate consulting are usually set at 3%. However, it is also possible that these amounts may increase or decrease depending on the agreement.

Paperwork and Other Expenses

The most important thing to know for investors who want to buy a house in Turkey is that the bureaucratic processes are quite long. In addition, there are also paperwork and extra costs. When considering expenses such as notary approval, property tax, paper, and fees, you may face payments between 500 and 1000 euros.

As a foreign investor, you should evaluate all the costs to evaluate the most ideal alternative for buying a home. In order for the costs not to discourage you from investing as an investor, you need to consider all the details.

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