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When planning buying apartments in Mahmutlar, Antalya, Istanbul, or another region of Turkey to make a profit from renting out, it will be reasonable to know in advance the costs of its maintenance. Taking them into account, the profitability index is calculated, allowing you to find out the net profit from the property disposal.
The cost of maintaining an apartment in Turkey
If we compare the cost of utilities for housing maintenance in major European resorts, we can see that the cost of real estate in Turkey is an order of magnitude lower.
Utility bills look like this:
- Aydat. This is an annual contribution to the maintenance of the residential complex. The amount depends on the degree of infrastructure development. Complexes with swimming pools and fitness centers are more expensive for owners than typical houses with apartments. The annual fee is determined at the general meeting and can start from 100 euros.
- Payments for electricity. With a relatively low fee for one kilowatt, the total bill turns out to be significant since the air conditioning system is used in summer and winter, acting as an alternative to heating. If the apartment has gas, which is not available in all regions, you can save on electricity.
- Payment for water. The cost of a cubic meter depends on the region and can reach 1.5 euros. The centralized water supply is cold, and heating is carried out using boilers that can operate both from solar panels and from electricity.
- Gas. In most of the country, residents use cylinders.
- Fee for garbage collection. It includes the cost of cleaning the surrounding area. The amount can reach 40 euros per year.
Payment for electricity and water is carried out by meters. After buying an apartment, the owner bears additional costs, as he is obliged to conclude service contracts with utilities, for which a fee is charged.
Property taxes abroad
Foreigners bear the same tax obligations to the state as Turkish citizens. The real estate tax amount depends on the object type and location. Provinces set the number of tax collections independently.
It is calculated from the cadastral value:
• 0.1% for flats and apartments in provincial towns;
• 0.2% for housing in large cities;
• from 0.2 to 0.4% for the ownership of commercial real estate;
• from 0.3 to 0.6% for a building plot.
For luxury real estate, higher rates are provided. They vary in cost and can reach 0.6% or a fixed amount. In general, you have to pay a tax of 100 euros for a typical apartment. The amount is paid once a year or divided into two payments.
Real estate prices in Turkey in 2023
Real estate prices depend on the following:
- area of premises or land;
- location of the object in the city;
- The locality where the property is located (for example, an apartment in Istanbul and a similar apartment in Mahmutlar will cost differently);
- stories of the building;
- year of commissioning.
In 2022, the cost of apartments and villas in Turkey increased sharply due to the price of some building materials (iron, cement, and steel) by about 10%.
In addition, last year, to revitalize the sale of apartments, the Turkish authorities made it possible for citizens of the country to purchase housing on a mortgage loan at reduced interest rates (up to 0.64%). The Turks rushed to take apartments, which led to a stir in the real estate market. The increase in demand for the purchase of villas and apartments has increased housing prices.
According to representatives of construction companies operating in Turkey, in 2023, at least 120,000 new apartments will be sold in the country every month.
According to experts, this year, apartments in Turkey will become more expensive, and many of them will increase by up to 50%.
Buy an apartment in Turkey from the developer
You can buy an apartment from developers at different prices, which depend on many factors (this was discussed above), including the popularity of the area where the housing or commercial premises are located among immigrants and travelers.
Assistance in the acquisition of Turkish real estate
The official website Turk.Estate offers from developers and local real estate agencies. In the catalog, you can find an option for moving to a permanent residence or as an investment. Aggregator specialists are ready to advise on the purchase of housing stock in Turkey. The aggregator site has many profitable offers for the sale of housing, including real estate in Turkey, from developers. To find a villa or apartment, go to the main page of the web portal.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
