Real Estate

How much does it cost to maintain Turkish real estate? 

Buying a property in Turkey is a profitable investment. Nevertheless, before investing in your first apartment abroad, you shouldbe aware of how much you will have to pay for it later. A source tell you how much it costs to maintain Turkish housingand what taxes non-residents pay in Turkey.

About property expenses in Turkey 

Turkish apartments and villas are serviced much cheaper than similar housing units in Italy, Spain, and other European countries. There are property taxes here, but they are small. The same goes for utilities. Foreign homeowners have the same rights and obligations as Turks. Foreigners should take care in advance of payment methods, the frequency of receipt, and repayment of bills.

Annual tax collections

There are no additional taxes for non-residents in Turkey. They pay taxes like the locals. 

Tax types

Property tax – its amount depends on the real estate type. The corresponding amount is calculated depending on what type of property you own.

  • Housing in the province – 0.1%; 
  • Housing in large cities – 0.2%;
  • Commercial real estate in the province – 0.2%;
  • Commercial real estate in large cities – 0.4%;
  • Plot without construction permit in the province – 0.1%;
  • Plot without admission in large cities – 0.2%;
  • Plot with a construction permit in the province – 0.3%;
  • Plot with admission in large cities – 0.6%.

The tax amount also depends on the cadastral value of the housing. You can find it in TAPU. Usually, it is lower than in the market, so the tax is small – from $120 to $150 per year. This fee is paid twice a year, but you can pay the entire amount in a one-time payment.

Luxury housing tax 

The initiative was introduced in 2019. The program affects real estatefor over $620,270 (5.25 million liras). When calculating the tax base, they are based on the property valuation.

  • Real estate from $620,270 to $870,713 – 0.3%;
  • Real estate from $870,713 to $1,161,688 – 0.6%;
  • Housing units priced from $1,161,688 – a fixed rate of $2,489 + 1% over the tax amount.

Garbage collection 

This includes small utility bills for garbage collection and removal, as well as street cleaning. The city administration sets the tax amount. On average, the tax amount is 11.5 – $46.2 per year.

Assistance in purchasing real estate in Turkey

Are you planning to change your place of residence or start investing abroad? Turk.Estate specialists will help you buy a property in Turkey. Depending on the objectives of the housing purchase, you will have a suitable option for the price, location, and individual characteristics. Look for accommodation yourself or contact the manager on the property portal.