The Costs of Possessing a Property in Turkey

As a foreigner, there are several costs associated with owning a property in Turkey. Here are some of the main costs you should be aware of:

Property purchase costs: When buying a property in Turkey, you’ll need to pay a range of fees and taxes, including a title deed fee (approximately 4% of the property’s value), a value-added tax (VAT) (currently set at 18% but may vary), a stamp duty fee, and an appraisal fee. You may also need to hire a lawyer to assist with the purchase, which will come with additional costs.

Property ownership costs: Once you’ve purchased a property, you’ll be responsible for paying annual property taxes, which are generally calculated based on the value of the property. You’ll also need to pay for utilities such as water, electricity, and gas, as well as any maintenance and repair costs associated with the property.

Property management costs: If you’re not planning to live in the property full-time, you may need to hire a property manager to handle things like rental management, maintenance, and cleaning. These services can come with additional costs.

Exchange rate fluctuations: If you’re paying for your property in a foreign currency, you’ll need to be aware of exchange rate fluctuations, which can impact the cost of your property over time.

It’s important to note that the costs of owning a property in Turkey can vary depending on the specific location, size, and type of property you’re interested in. It’s a good idea to do your research and speak with a local real estate agent or lawyer to get a better sense of the costs associated with owning a property in Turkey as a foreigner.