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A Guide to Turkey - The Value

Living in the Sun - International Property Sales

Information kindly provided by Living in the Sun - http://www.livinginthesun.com


The Value
This is where Turkey scores against its neighbours - their run of popularity has inevitably bought price rises as more and more get away to livingin the sun. 

Looking at properties in Turkey is like stepping back 10 years in time - everything looks as rthough there's been a mistake in the price!

Have a look at these figures, then check out the properties page - you will see immediately that a dream home really is within reach.

 


Budget
 
Furniture/Appliances International Removals
Cost of Living House Running Costs Car

Budget

These figures are a guide to what you would expect to pay to run your home in Turkey, and will vary according to the size of property you buy.

An average sized villa could expect to use per annum:

Electricity and Water                                    450 approximately
Gas(bottled) cooking/hot water                     150
Pool Chemicals:                                           200 depending on size of pool
Communal charges if on Complex:                200.00 i.e. Communal Gardens and Pool
Buildings and Contents insurance:                 120.00 approx.
Council Tax                                                 60
                                                      Total  1180 or just 23 per week ! 

Gas is normally used for cooking and can also be used for water heating. Cylinder refills cost approximately 10.00 and lasts approximately a month for water heating and two months for cooking (a deposit is taken for each gas cylinder).

Electricity is cheap approximately 0.05p a kilowatt. Bills are payable monthly at a local bank or directly at the Turkish Electricity Board. Water costs approximately 0.40p per ton (1,000 litres on mains supply) or 3.00 per ton when bought from a bulk tanker.

Annual fees and taxes will vary according to the size and value of the property you purchase.Currently Council tax is charged at about 60.00 per annum. This is usually paid in two instalments. One in May and the other in November. A small charge is also levied for refuse collection. 

Site maintenance, groups of houses, particularly developments will form a management service, committee or company, to maintain common facilities, common gardens, repainting, etc. The cost of this will vary from development to development, but generally starts at around 200.00 per annum. Their conduct is governed by Turkish law.

All the above amounts can only be used as a guideline as actual costs will vary dependant on property size and usage.

Costs of purchase will include the actual price - say 40,000, plus:-
Other costs etc approx 10%     4,000

Because the basic purchase price is low, the associated costs are low too.

Furniture/Appliances

There are a wide range of furniture and electrical goods shops in Turkey, and prices vary according to quality. To furnish a two-bedroom apartment with enough to make it comfortable for holiday purposes, you should expect to set aside a minimum of 1,500. Please note that this price is without air-conditioning.

Furniture is generally cheap, and can be custom made by local craftsmen if required. It is possible to buy in most towns at very competitive rates, with a wide range of goods. Electrical items are less expensive than in England. Towels and linen are cheaper than Europe, however, household goods are extremely cheap and can be purchased at the local markets. For non national residents it is possible to import household goods providing they hold a suitable residency permit.

Furniture: www.kelebek.com/index2.htm 

Bedroom furniture and linens: www.yatas.com.tr

International Removals

There are many companies offering international removal services. However, fopr a permanent removal we would recommend selling your furniture at home and buying the items in Turkey instead. Electrical goods are heavily taxed on entry, plus the whole process can be a lengthy and stressful one.

However - there are those precious things which you will want to take, and for these you may want the services if international removers. Please let us know if you would like the contact number. We can then arrange for an exact quote to be provided for you.

Every year, Harrow Green International takes care of hundreds of moves for individuals and families leaving the UK for life in a new country, providing high-quality moving and storage services anywhere in the world. Email via the link to receive more information.

Harrow Green International
Mallard House
402, Roding Lane South
Woodford Green
Essex
IG8 8EY
 
Tel:  020 8551 9188
Fax: 020 8551 9199
Cost Of Living

TAX REGULATIONS
Any earnings from property lettings in Turkey is subject to tax in Turkey. For international tax issues and double taxation relief and for information on your UK tax liabilities visit www.inlandrevenue.gov.uk

SOCIAL SECURITY
For general details and information of the social security agreement between the UK and Turkey explaining national insurance contributions and benefits visit www.dwp.gov.uk (Dept. for Work and Pensions) or obtain explanatory leaflet SA22 from the Department of Health and Social Security.

UK PENSION
United Kingdom retirement pension is payable in Turkey at the rate which is payable as if you were in the United Kingdom.

Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year. In the UK capital gains may be taxable depending on the individuals situation. Current tax conditions were originally agreed in a double taxation treaty signed in 1986. These were amended in October 1988 and cover the reciprocal agreement relation to income tax and corporation tax in Turkey and income, corporation and capital gains taxes in the UK. This also includes a non discrimination clause "Nationals of a contracting state shall not be subjected in the other contracting state to any taxation or requirement connected therewith which is other or more burdensome than the taxation and connected requirements to which nationals of that other state in the same circumstances are or maybe subjected". (Article 24). However, we would always recommend you consult an accountant because each individual's circumstances are different.

The extra charges involved for a freehold or leasehold purchase payable by the purchaser amount to approximately 10% of the purchase price paid. These are broken down as follows:

Stamp Duty

Stamp duty also has to be paid which is calculated at 1.5% to 3% of the government valuation of the property.  

Property Tax

There exists an annual property tax, collected by the municipalities (i.e. local governments) at the rate of 0.3 per cent for private buildings. The newly built properties are exempt from the annual property tax for 5 years. All properties are subject to revaluation for every five years for tax purposes.

It is advised that funds for the purchase should be transferred into the country through a Turkish bank and specifically identified for that purpose, i.e. (transfer purpose for the purchase of Villa Safron Title Deed No. 9980). The foreign currency should be sufficient to cover both the purchase cost plus other costs incidental to the purchase. You should keep all receipts to prove the original purchase to enable easy repatriation. A recent decree aimed at aligning Turkey's currency laws with the EU states that importation of foreign currency is free, it cannot be subject to any legislation and it's origins cannot be questioned. Decree 32 August 1989 Article 4.0.

Property tax, paid annually at a fixed percent of the declared value, (on a new home a 25% reduction is given until the revaluation conducted after the first five years).

Building insurance is compulsory for leases arranged through Yapi Kredi, the premium is approximately 2 per mil. It is also mandatory to purchase State earthquake insurance.

4% purchase tax (stamp duty) on registration of freehold, (new properties can be exempt from purchase tax).

750 legal fees variable dependant on the amount of work, i.e. full investigations, proxy, translations, etc. Try Turkish Attorneys Paralegals Online, Turkey's leading English speaking legal service on 00 90 533 513 5117 or by contact by email.

6% of the sale price property broker commission split 50/50 between buyer and seller.

Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year. In the UK capital gains may be taxable depending on the individuals situation. Current tax conditions were originally agreed in a double taxation treaty signed in 1986. These were amended in October 1988 and cover the reciprocal agreement relation to income tax and corporation tax in Turkey and income, corporation and capital gains taxes in the UK.

House running Costs

MAINTENANCE SERVICES
For your peace of mind, if you are a non resident, all our Developers and Real Estate companies offer a full maintenance service to ensure your property is kept in A1 condition during your absence. Details of services and costs are available on request in relation to a particular property.

When purchasing a property in a complex with other homes, the average annual charge for up-keep is 200-300. The charge depends on the complex and any work that has been carried out.

 



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