You've fallen in love with Turkey's beauty, you're encouraged by its healthy economic outlook, you've found the perfect
property in Turkey for you and finally agreed the purchase price with the vendor. To ensure that you don't get any unwelcome financial surprises when it comes to the actual purchase process, House Sales Turkey (
http://www.housesalesturkey.com/) guides you through the buying costs in Turkey.
First let's look at legal advice. You will need a Turkish solicitor to carry out the purchase process of your
property in Turkey on your behalf through a power of attorney. Of course each solicitor charges differently, but as a guideline you should expect to pay around the equivalent of £500 for conveyance and another £500 for the completion of the purchase process. Setting up the power of attorney will cost the equivalent of around £150 on top of the solicitor's fees, a fee which is paid at the Notary office.
Then there is stamp duty on
real estate in Turkey which is levied at 3.3% of the value of the property as laid out in the official title deed. The cost of stamp duty is usually shared at 1.65% each between buyer and seller. Completion of the purchase is dependant on the property having DASK insurance, earthquake insurance imposed by the government which covers 20% of the cost of rebuilding the property in the case of earthquake damage. However unlikely this may be, the DASK insurance is still a pre-requisite for all property completions. It is normal for most property owners to take out more comprehensive property insurance to cover the remaining rebuild costs after completion. Also after completion comes the registration costs with the local authority which covers municipal taxes such as council and refuse tax. All electrical and water services for the
property in Turkey must be transferred to the new owners, a service which carries a nominal fee.
Of course, the definitive costs of buying
real estate in Turkey vary from property to property, but as a general guide and encompassing all of the above, purchasers should budget for between 2% and 5% of the total purchase price of the property on top for costs, not including any real estate agency fees. If you would like further information on the process of buying property in Turkey then visit
http://www.housesalesturkey.com/.