Property Ownership Costs | Inheritance Issues

Overview:
Property owners in Turkey will usually have to bear the following ongoing costs:

Annual Real Estate Tax (ARET)
This tax, which will be levied at c.0.1% of the declared value of your property, will be due annually. Normally, the seller of your property will have paid the ARET for your year of purchase.

Environment Tax
This tax will be collected through your water bills at a rate of c.0.13 YTL/m3 for residential property.

Communal Maintenance
This figure will be in line with the estimate included in your specific contract. As an example, £55-80 for a 2-bedroom apartment is normal, depending on facilities.

Insurance and DASK
Although the rebuild value of your apartment will need to be agreed, buildings insurance, including glass cover and contents cover and the legally required DASK earthquake insurance will be c. £200 per annum, for an average 2 bedroom apartment, depending on the levels of cover you require.

Utilities
Although it’s impossible to quantify the ongoing cost of your utilities, as they are charged on a meter basis, £40-50 per month is average for a couple living full time in a property. This figure is an average, in order to reflect the differences between summer and winter usage.

Individual Property Maintenance
If you wish to have your property cleaned and inspected regularly during the year, above and beyond any standard rental package services, this will be available from either a developer direct, or many third party sources.

Quotes in the region of £200-250 per annum are normal, depending on the level of service you require. If you have any problems with your property, which are not covered by the building and manufacturers guarantees, then you will of course be liable to cover these maintenance costs.

Rental Packages
This will depend on your choice of company and there tariff. Packages can either be on a one-off fee basis (Approx £200 per annum), or a small annual charge (Approx £50 per annum), followed by a percentage of your return.

Cost of living
Foreign visitors enjoy high purchasing power, with the cost of living far below European levels, even in the relatively expensive coastal resorts. For example, the cost of a mineral water is about 50p, while a beer in a bar costs around £1. Dinner with local wine in a restaurant in a tourists are a typically costs about £12 per head – although you can eat for a fraction of that elsewhere.

Modern supermarkets are now commonplace, but shopping for locally grown fruit and vegetables in a market is extremely cheap, as well as being fun.

Local produce is of very high quality and available on a seasonal basis, with some imported items available in the largest supermarkets. The selection includes temperate species such as apples, pears, plums and cherries, in addition to more.

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