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Property Maintenance in Turkey

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Property Maintenance in Turkey

Buying an overseas property is a very serious business and you need to consider plenty of things. Any property needs to be properly maintained, which involves certain costs. It is important to consider this fact before buying a property. Our experts have prepared this article to make it easier for you to understand what the costs of maintaining an apartment in Turkey include.

Table of contents

1. Living expenses in Turkey

2. Annual property tax in Turkey

3. Utility bills in Turkey

3.1. Electricity

3.2. Water

3.3. Gas

3.4. Heating

3.5. Telephone, television, internet

3.6. Insurance

3.7. Aidat

4. Property rental fees

4.1 How much is the tax in Turkey on rental income

4.1 Property transaction fees.

Living expenses in Turkey

As a rule, the annual expenses for an apartment or a villa in Turkey are significantly lower than similar expenses for real estate in Europe. The owners of Turkish apartments also pay taxes and pay utility bills, but all of them are relatively small. Foreign property owners are subject to the same rules as local property owners.

The key expenses for maintaining an apartment include:

  • Property tax;
  • Utility bills;
  • Rental income taxes;
  • Property sale tax.

Let's take a closer look at each of these points. This will help you assess how profitable buying Turkish real estate is depending on your goals.

Annual property tax in Turkey

According to Turkish law, taxes for foreigners are exactly the same as for residents of the country:

  • The real estate tax is Emlak vergisi. It ranges from 0.1% to 0.2% of the cadastral value indicated in the TAPU. On average, it is no more than € 100 per year, usually less. The tax is paid twice a year - until the end of May and until the end of November. The entire amount can be paid at one time.
  • Garbage collection fee. This is another mandatory payment for homeowners. The amount of the fee is determined by the municipality. It usually ranges from €10 to €40 per year.

Utility bills in Turkey



The payment for housing and communal services in Turkey includes the payment of utility bills by the meters and the so-called aidat, the payment for the maintenance of a residential complex.

Electricity

Electricity in this country is considered cheaper than in many other European countries. But its consumption in a Turkish apartment will be rather big. Electricity is required for air conditioners, underfloor heating and heaters in winter and other home appliances. For example, in the summer, when the air conditioner is constantly on in a one-bedroom apartment, you will have to pay €50 - €60 per month.

There are two electricity rates in the country. The night rate is cheaper than the day one. Average electricity prices in Turkey are €0.11 - €0.18 per kW.

Water

The average price for 1 m³ of water is €0.5 - €1.5. There is no central hot water supply in houses, there are boilers or solar panels.

Gas

Gas cylinders are commonly used. Their cost is €15 - €30. A cylinder is enough for 3-4 months for a family of 3-4 people.

Heating

Houses with central heating are very rare. Most often, residents install heating boilers in their apartments. They can use electricity, gas or liquid fuel. In some old buildings, you can find potbelly stoves.

On the coast, the weather in winter is milder, so an air conditioner with the heating option or heaters are enough to keep an apartment warm. Although they significantly increase energy consumption, they allow you to safely maintain a comfortable temperature in the house.

Telephone, television, internet

If you need home Internet, then it is most profitable to choose a package along with television. Both services will cost around €15 - €30 per month. Usually contracts are concluded for 1 - 2 years, and fines may be provided for early termination.

Insurance

For all owners of Turkish real estate, it is compulsory to have an earthquake insurance - DASK. Depending on the insurance coverage and the characteristics of the property, its cost can be €15 - €150 per year. When buying an apartment, contracts with utility providers must be re-signed. In new buildings, this will cost €200 - €300, resale properties - twice cheaper.

Aidat

Aidat is a payment for the maintenance of a residential complex, which all residents of a project pay. The purpose of these payments is to keep the overall infrastructure in good condition. This money is used to clean swimming pools, maintain elevators, install and repair surveillance cameras, automatic gates, etc.

The size of the aidat depends on the facilities a development project has. The more facilities a project has, the more expensive their maintenance will be.

The amount of payments is determined at the meeting of residents. A management company may be hired to manage the building or residents themselves can manage the maintenance under the direction of an elected project manager.

The average size of aidat varies from €10 to €100 per month, depending on the class of the residential complex.

Property rental fees

For many, a seaside apartment is a source of income because such housing is in high demand among numerous tourists. But renting out housing also involves certain expenses on the part of the owner, and also has its own nuances.



For example, private owners cannot rent out apartments for a short term. This segment is tightly controlled by the authorities and a license is required for a rental business. But long-term rentals are still available to apartment owners. There are also options for purchasing housing from companies that have a rental license. These companies handle the whole renting out business and the owner only receives their own income minus the payment for the property management services.

Long term rentals in Turkey can bring up to €350 per month for a 1+1 apartment. In this case, utility costs and part of the taxes are paid by tenants. But the owner is obliged to pay a tax on the income received from the lease of the object.

How much is the tax in Turkey on income from rental property?

Income

Tax

Up to 13 thousand liras

15%

Up to 30 thousand liras

20%

Up to 70 thousand liras

27%

Over 70 thousand liras.

35%

Property transaction fees

Another way to make money on housing in Turkey is to profitably resell it. Prices on the market are growing, so residential complexes at the construction stage are a profitable investment that can bring passive income immediately after completion of construction. Apartment prices are growing by 10-15% per year and so is the demand. Therefore, it will not be difficult to sell quality housing. In this case, the seller will incur the following costs:

  • Tax on income from the sale of real estate;
  • Realtor's commission.

According to Turkish law, individuals including foreigners do not pay income tax when selling a property if it has been in their ownership for more than 5 years. The tax must be paid if the holding period is less than 5 years. The rates are the same as for rental income.

As for realtor's service, there is no fixed price. The cost of the service is determined individually. On average, the cost of realtor's services ranges from 3% to 6% of the transaction amount.

Turkish real estate is all about excellent quality, favorable cost and comfortable living conditions. You get all of this if you purchase a property directly from a trustworthy developer. For example, Yekta Homes. On our website, you will find great overseas property deals. Find your dream apartment in Turkey in our catalog and leave a request on the website. Talk with our our specialists today +90 242 221 0000.

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