Additional costs in Turkey
You have to take into account that there will be more costs than the purchase price when you buy or own a second home in Turkey. For example:
- Buyers costs
You can take into account some of the additional costs such as taxes and registration fees, but hiring an estate agent or a solicitor will cost you extra. All in all, you will probably spend about 10% of the purchase price on additional costs. But this amount may vary according to your personal circumstances.
- Insurance costs
You can buy contents insurance as well as buildings insurance from many different insurance companies and local insurers. Always check out the coverage and the costs as these may vary when it comes to holiday homes. It is compulsory to take out a DASK (Dogal Afet Sigortalar Kurumu) insurance. This insurance covers damages resulting from earth quakes. Turkish insurance policies automatically expire after a year, so you are responsible for the renewal of your policies.
- Utility costs
If you buy a second home in Turkey you have to transfer the utility contract to your name. This is sometimes difficult for foreigners, but an estate agent will be able to help you. Before you sign the final buyers contract ask the estate agent if he has the power of attorney to take care of this for you. You have to have an occupancy permit (Iskan) and a proof of registration in the Turkish municipal personal records database (ikametgah) when applying for permission to buy. You can obtain an occupancy permit from the Municipality.