Some Additional Costs to Consider

There are a number of additional costs that you need to take into consideration when buying a property in Turkey.

Property purchase tax is a one off cost and paid on completion. Currently it stands at around 3.3% of the property value tax.

Solicitor’s / Lawyers fees. These vary according to the services and office you choose. They start at around £400.

Notary. Approximately £100 in notary charges are required to grant a trusted party power of attorney to handle the documents relating to the property in your absence and to ensure your purchase contract is legal.

Agents fee. Target Properties Turkey charge a 3% agency fee that covers all agents commission and charges. This is usually payable at the time that the contract is made, together with the initial deposit payment on the property but may be able to be negotiated or paid with the first instalment depending on your circumstances.

DASK insurance. Earthquake insurance is compulsory in the Fethiye region. We also suggest that you take out home insurance as soon as the house is legally registered in your name. These costs vary depending on the value of the property, the contents and the number of months it will be occupied. Budget around £150 for this purpose.

Utility connection. There is a charge required to organise connection of water and electricity into your name so bills come directly to you. This can easily be done with the help of your solicitor or developer. It normally costs around £180.

As an example, the following are typical costs relating to buying an apartment with a purchase cost of £50,000:

Property Price £50,000
Purchase Tax (3.3%) £1,650
Solicitor £500
Notary Fees £100
Agency Fee: £1,500
Full Insurance (inc. DASK) £150
Utility Connections £180
Total: £54,080

An idea on yearly running costs:
Electricity c£150*
Gas c£25*
Water c£50*
Communal Maintenance c£350
Council Tax c£50
Total: c£625

(* Dependent on personal usage. We based our figures on moderate use for a 6 month period in a 2 bed apartment in a shared complex requiring a communal maintenance fee. Please use these figures as a guide only)