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Purchase costs

What can you expect when purchasing your Kalkan property?

The costs associated with buying a property are relatively small compared with many other European countries, but it is important to know exactly what those costs are when it comes to looking at your budget for the villa or apartment purchase you are considering.

We detail all those costs below:

Stamp duty

Payable at the rate of 4% of the title deed value. This is generally split evenly between the buyer and the seller. For example, if the title deed value were 250,000 Turkish Lira the stamp duty cost for the buyer would be 5000 Turkish lira (£1600 at current exchange rates), which is 2% of the title deed value.

Conveyancing

Costs vary, but expect a Turkish lawyer (Avukat) to charge between £500 and £1000.00 to complete the searches and produce a sales contract. We work with local lawyers to provide high levels of service and reasonable fees to our buyers, but you are, of course free to appoint your own lawyer.

Power of Attorney

Many buyers complete their property purchase having given power of attorney to their Turkish lawyer.  It is a strait forward process involving both buyer and lawyer attending the local Notary Public office who arranges for the relevant documentation to be signed. The lawyer is then empowered to sign the purchase contract on your behalf, administer bank accounts and complete the process of completing the sale and obtaining the title deed in your name, completing the purchase formalities.

The costs associated with appointing a Power of Attorney will be around £300-£500. A "general power of attorney to buy property" is required and is by far the most common with regard to Turkish property transactions.

Utility connection; Water, Electricity, telephone/internet.

The current cost (November 2013) for connecting utilities is around £175 for water and Electricity, and around £75 for telephone/ internet.

Dask Insurance.

It is a legal requirement that all property is covered by the governments DASK insurance. The policy covers up to 20% of the rebuild cost of your property in the event of an earthquake. Once buyers have received their property title deed,  they should arrange additional contents and building cover for all risks. This can be arranged with a Turkish insurer, or with a United Kingdom operator. We recommend intasure as they offer a policy for those wanting to offer their property for holiday rental which as well as contents and building insurance offers cover for public liability.

Property tax (Emlak vergisi)

This is the property tax payable by the buyer upon the transfer of ownership of the property at the Cadastral Office, at 0.1% of the value entered in the Property Registry.

The services of a translator

Your passport will require translation, as will your Turkish contracts into English. This should cost around £125 to £175. Please consider that the Turkish contracts will apply whatever the English ones say, so you do need to make sure that this is properly translated.

Belediye Tax

Approximately £150 - this is for the property to be registered and map referenced - similar to land registry in the United Kingdom.

Agents fees

We do not charge fees for any of our services.

On average all costs therefore equate to between 1.5% and 2.5% of the purchase price.