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Cost Of Buying Villas In Turkey Besides Purchase Price: Why An Istanbul Villa Is Affordable
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One of the most commonly asked queries regarding real estate and villas in Turkey is how much does it cost to purchase property in Turkey beyond just the price tag of the property. Realtors estimate that 7 to 8 percent additional costs need to be added to the purchase price of the property to cover expenses and additional purchase costs. One-off costs of purchase means these have to be paid only once, when the purchase is made. Ongoing and continuous costs such as fees for maintenance, taxes etc are way lower than EU countries like France and Spain.
Stamp duty: An Additional Cost
This is also known as property buying tax in Turkey and if you purchase an Istanbul villa, expect to pay this amount as well. Stamp duty is around 4.4 percent of the property value, as assessed by the realtor. The assessed value of a property is nothing but 60 percent of its price for purchase. Stamp duty is payable following registration of the property title deed in the name. If you are purchasing an off-plan property in Turkey, this amount needs to be paid only after its completion.
Assessed Value and Declarations
Assessed value is known as declaration amount of a property. Under-declaration is a common aspect of property purchase in Turkey. So, the reasonableness of the declarations is generally tested by the authorities. Anywhere between 50 to 60 percent, on an average, is accepted as a reasonable market value as against the actual price. Stamp duty is around 4.4 percent of 50-60 percent of the purchase or actual market value. For conservative estimates, clients have to account for 60 percent of the value for their stamp duty. So around 4.4 of 60 percent is 2.6 percent of purchase price as purchase tax or stamp duty.
Around 53% of the total purchase cost will be stamp duty, whereas 35-37 percent if the buyer fee (agency fee which is standard 3 percent of sales price in Turkey according to law) and around 7 percent for legal lawyer fees. So, buying a villa for sale in Istanbul is highly affordable.
A real estate lawyer in Turkey charges around 1,200 euros for services used. This can vary from one time to another on account of property purchase and transaction. Legal fees can be paid following the signing of the property purchase contract.
This is a agency fee which is generally 3-5 percent. Agency fees are payable on signing of the property purchase contract as standard. Paperwork and other approvals on the property amount to Euro 500 in all. Overall fees involved in purchasing the property in Turkey is cheap when compared to EU nationals like France, Italy and Spain where you can purchase between 10-20 percent more in fees. Making Turkey your home or retirement spot has its benefits. VAT is payable while purchasing real estate in Turkey. This is part of the purchase cost, inclusive in the sale. No extra costs are needed. Once the new home is purchased in Turkey, recurring maintenance is carried out and property is easy to manage and maintain. Purchase a villa for sale in Turkey and get the benefits of a stunning home at budget prices.
I am real estate consultant in Turkey, Istanbul at www.investinistanbulrealestate.com , Our range of residential and commercial real estate investment services include villas sale, apartment sale, homes sale in Istanbul, and interior design services Internationally. Get reliable property and houses for sale in Turkey, Istanbul.
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