Owning real estate in Turkey, it is necessary to understand what fixed costs you will expect to maintain the property. We decided to put together all the costs of maintaining a property that await you after the purchase. They are divided into annual and monthly which we will examine each one below.
To know the price of the property, you can refer to the page of property in Turkey.
Annual expenses
1. Annual tax on property ownership
The amount of this tax varies from 0.1 to 0.6% of the cadastral value (depending on the type of your property; read our previous article. "Property and taxes in Turkey"). This tax is paid at the city administration and has 2 payment schemes:
• Once a year, the entire amount is paid
• The amount is divided into two installments and paid in late spring or late autumn.
Also, to get information about the price of apartments in Antalya, you can refer to the page of apartments for sale in Antalya.
2. DASK - mandatory earthquake insurance policy
According to the Turkish Catastrophe Insurance Fund (TCIP), everyone who owns real estate is insured. Without this policy, you will not be able to execute transactions for the right of ownership in the future, and most importantly, without it, you will not open a water or electricity account.
This insurance policy is valid for one year, after which it must be renewed.
DASK is recognized as the most successful natural disaster insurance system in the world. Compensation payments are guaranteed in case of direct or indirect material damage to housing caused by an earthquake and as a result of a natural disaster caused directly by an earthquake: explosion, fire, landslide and tsunami. The losses are reimbursed by the state.
The cost of property maintenance in Turkey
3. Voluntary real estate insurance
Voluntary real estate insurance is issued at your request, it is not mandatory. We recommend that you take out such insurance in order to reduce the risk of damage to your property from fire, flooding, actions of third parties, etc. We can voluntarily insure everything in your apartment, including furniture. You can also take out this insurance policy for a year.
Monthly expenses
1. Utilities
• Water supply. The tariff for water in Antalya is 8.25 TRY per 1 cubic meter.
• Electricity. The tariff for electricity is from 1.37 to 2.06 TRY per 1 kW, depending on the volume of consumption, as well as the time of day when you use it. There are 3 types of tariffs: daily, peak and preferential:
Daily consumption period: from 6 am to 5 pm the price per kilowatt is 1.37 TL/kWh.
Peak period: from 5 pm to 10 pm, the price per kilowatt of electricity is 2.15 TL/kWh.
Grace period: from 10 pm to 6 am, the price per kilowatt of electricity is 0.74 Turkish Lira/kWh
• Gas. The tariff for gas consumption is from 0.945 TRY per 1 cubic meter. If your property is connected to gas communications, then in summer you will pay only for the use of a gas stove, and in winter heating will be added.
• Internet. Internet rates range from 150 to 250 TRY depending on the speed and additional services. Internet modem installation is usually performed free of charge by employees of the Internet provider.
To know the price of a villa for sale in Istanbul, you can refer to the relevant page.
2. Payment for the maintenance of the complex
Aidat is a monthly fee received from tenants or owners of apartments to cover the costs of maintaining and maintaining the internal infrastructure of the residential complex in which the apartments are located. The price of Aydat includes such services as cleaning of the territory, maintenance of the pool, security and maintenance of social amenities. The more services (swimming pool, fitness, spa, etc.) the complex offers to residents, the higher the amount of monthly Aidat will be.
How much does property maintenance cost in Turkey?
There are two types of Aidat
• Fixed - monthly aydat in Turkey is charged on all current expenses of the residential complex.
• Targeted (Demirbas Aidati) - establishes a committee of tenants for a specific purpose, for example, if you need to make repairs, purchase additional equipment.
Get expert advice on property in Turkey
If you intend to find out enough information about the monthly and annual maintenance costs of real estate in Turkey to make a financial estimate for buying or renting a property, you can contact Antalya Estate Group and benefit from expert advice in this field.
