What are the resale costs of the property?
Freehold resale costs are around 5% of the property value (comprising sales tax, local documentation and legal fees). Property may be sold to Turkish, or foreign nationals without restriction. What are the tax implications for property owners? There are several taxes in Turkey, both purchaser and vendor is liable for a 1, 5 % property transfer tax, based on the declared price of the property. There is also a municipal property tax, at the rate of 0.1% of declared value of property annually. The newly built residential properties are exempt from the municipal property tax for the first five years. And the first that you would need to know about is the buyer’s property tax. What are the extra costs of buying property in Turkey? . 1,5% property purchase tax (only once) . 1% lawyer fee (only once) . € 60 registration of title deed on your name (only once) .
