There are several types of nonrecurrent spending for real estate in Turkey:
– deal expenses including service of the notary officer which is required to sign the agreement – about 400 EUR;
– receipt of permit from the military department – 600 TRY;
– registration of ISKAN in case you buy an apartment in a new building – 1000 TRY;
– state duty for registration of TAPU – 175 TRY;
– real estate purchase tax – 4% from cadastral value;
– water supply connection – from 80 to 100 TRY;
– telephone number registration and connection – 35 TRY;
– energy supply connection – from 180 to 200 TRY.
Let’s count how much it is to maintain your property during one year. The owners of real estate in Turkey pay an annual tax which is count on the base of the minimal cost of 1 meter of the building and price for the land in the given region. The average rate of this tax is 0.4% from property cost. Basically, the annual tax for apartments doesn’t exceed more than 70 EUR while this sum is bigger for villas (about 100 EUR). This tax can be paid in two equal installments.
Another annual tax is charged for garbage disposal up to 40 EUR. The amount of water and electricity consumed is calculated according to the counters. The owners of apartments pay for maintenance of their residential complex. The amount of these payments depends on the infrastructure of the complex and security service. The more facilities your complex has (sauna, swimming pool, beauty salon, fitness center, etc.), the more expensive the maintenance charge is. The average maintenance charge varies from 200 to 1000 EUR per year. It important to notice that increase in costs for service can be accepted at the meeting of the owners of the flats after the property management company provides the expenditure report which shows shortage of funds required for complex maintenance.
Those owners who want to insure their property should add the cost of insurance which varies from 85 to 200 EUR. In case you don’t want to purchase a full insurance package you have to pay for the insurance against earthquakes as it is required by law. This obligatory insurance costs 50 EUR per one year. The tariffs and taxed in different regions of Turkey might slightly differ.
Monthly expenses depend on the season and vary from 25 to 75 EUR. The hot climate in summer makes people use air-conditioners that increase payments for electricity usage. The family of three people pays about 10 EUR monthly for water supply. Bottled gas is purchased from special companies which bring it and install. The 60 litre gas bottle costs about 30 EUR and it is used daily for the period of two or three months.
Text: Jevgeniy Nazarenko