The costs of buying a property in Turkey are value added tax, title deed tax, real estate agent commission, valuation report and translator fees. I explain the breakdown of costs for buying real estate in Turkey as a foreigner.
Title deed tax in Turkey is 4%. It is calculated from the value declared at the title deed office for the transaction. If the property value is 3,000,000TL, then the title deed tax is 120,000TL. The 4% title deed tax in Turkey is split equally between buyer and seller.
The real estate agent commission is 4% in Turkey. The buyer pays 2% and the seller pays 2%.
Foreigners need to do valuation report before they purchase the property. GEDAŞ company is responsible for the valuation reports. It costs approximately $1,400.
If you want another person to complete the purchase on your behalf, you can give power-of-attorney at a notary in Turkey. The notary cost is approximately 15,000TL to give a power-of-attorney to purchase property.
If the foreigner doesn’t speak Turkish, then there has to be a translator. The translator fee depends according to the city. It is between $100-$200.
Finally, for new properties from projects in Turkey, there is VAT (value added tax). VAT for up to 150sqm is 10%. For the portion above 150sqm, VAT is 20%.
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