Closing Costs

Ongoing & Closing costs of purchasing a property in Istanbul are;

Title Deed Expenses

The free hold title deed (TAPU) is an official document that shows you have the complete ownership rights regarding your real estate in Istanbul, Turkey. The property owner’s full details, photograph and detailed information about the property, land or any real estate is stated on the title deed.

Title deed expenses refer to 4% of the property value stated in the title deed office. Sometimes projects/developers offer to pay half this amount. We advise you to contact our real estate consultants for the title deed expenses on specific projects.

Notary Fees

A notary is a solicitor or a person with legal experince who is licensed by the government to perform acts in legal affairs, in particular witnessing signatures on letters and other documents. The notary approves passport translations which can be used for future legal affairs such as bank account openings and the issue of a tax number or title deed.

The notary also legitimatises the contract between the buyer and the seller. The notary fees may change. This can depend on the project itself and the volume of the documentation. We advise you to consult our real estate experts for title deed expenses on specific projects.

Taxes

VAT ( value added tax ) is a kind of consumption tax. Actually it is a tax on the purchase price. Concerning to the new regulation published by the Turkish Government, VAT can be either 1% or 18 % depending on the construction registration date. The new law is 18% therefore almost all projects require a 18% VAT payment now.

Stamp Tax is a type of tax which is collected on legal documents. Each agreement or contract should be declared to the Government’s Office. For this declaration 0,948 % of the purchasing price is paid as Stamp Duty Tax and usually required before delivery of the property.

Annually property tax is a type of tax on the property that the owner is required to pay each year. It refers approximately 0,1 % of the value of your property. This property value is declared by the local municipalities every year.

VAT and Stamp Duty Tax are paid only once with the purchase of the real estate. Property tax is paid annually.

Insurances and Subscriptions

Each person who purchases a property in Istanbul has to complete a earthquake and natural disaster insurance (DASK) which is compulsory in Turkey. The amount changes between 40 TL to 300 TL depends on the size of the property. Without this insurance you will not be able to connect any utility such as Gas, Water and Electricity.

There will also be some expenses for the subscription of electricity, water, gas and telephone. Total Subscription fees which are paid are usually between 1.500 – 1.700 TL only once in terms of connection or a deposit, the bills are paid according to your own usage every month.

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