The annual running costs of property in Turkey are relatively lower than western countries. This explains why it is a popular choice for expats. The below are approximate amounts only and will differ slightly according to the type of property and where it is. Naturally, someone who is only using the property as a holiday home will incur lower costs. All the prices are in Turkish lira but use Google or XE.com to convert to Euros, pounds or USD.
Monthly Utility Bills
Electricity: For a two-bedroom apartment, monthly electricity bills vary from $50 - $100, equivalent in Turkish Lira per month. The primary contributing factor to high electricity bills is air conditioning units that consume much power. For this reason, some people lower their electric bill by installing stand-up or ceiling fans.
Gas: Generally, gas is only used in Turkey for the oven. Rather than being connected through pipes, it is sold in large bottles, of which the current price is approximately $15 - $17 equivalent in Turkish Lira. Depending on how much you use your oven, a gas bottle will last an average of 6 to 9 months. Also, please note in bigger cities like Istanbul, Izmir, Ankara, and Antalya these days, all homes are connected to natural gas supplies.
Water: The old-fashioned water meters are slowly being phased out and replaced with pay-as-you-go meters. A large family should invest approximately $5 - $7 equivalent in TL a month for water.
Internet: For permanent all-year-round living, the Internet will cost about $15 equivalent in TL a month. If you use your property only as a holiday home, you can rent dongles from companies that deliver them to your door.
Annual Costs for a Property in Turkey
Council Tax: The charge for your council tax varies depending on the number of people on the tapu (title deeds) and the price of your property. An average 2-bedroom apartment can expect to pay roughly $25- $30 equivalent TL per year in Didim but higher in other places.
Rubbish Tax: This is a one-off annual tax collected with the council tax and is around $10 equivalent in TL a year in Didim.
DASK Insurance: This earthquake insurance is compulsory by law. The cost varies between companies who use the square meterage of your apartment to calculate it. A 70-square meter apartment is roughly $125 - $130 equivalent in TL a year. Obviously, the cost rises if you upgrade to contents and fire insurance.
Service Charges: A monthly maintenance fee is required to purchase an apartment in a complex. This fee goes towards costs such as communal electricity, water, swimming pool maintenance and any other communal facilities as agreed by the official management committee. They vary from complex to complex, from $50 - $200 or more, depending on the complex's luxury and facilities.
Additional Costs
* A villa with a swimming pool still requires maintenance, so you can learn to either maintain the swimming pool yourself or employ a company for roughly $75 up to $150 equivalent in TL, subject to the size of your pool. Generally, villa owners only keep their swimming pools open from May to October if they live there all year round.
* If you use the apartment as a holiday home, you may wish to employ a management company to perform cheques, handle bills, or clean the apartment before you arrive. We will guide all buyers and connect them with established local companies for these services.
* If you choose to live in Turkey all year round, consider the costs of residency fees and health insurance. We discuss this in our next article here, or you can see a series of articles about buying property in Turkey here.
1: Organizing Finances, Turkish Mortgages & Currency Exchange
2: Cost of Buying Property in Turkey
3: Best Places to Buy Property in Turkey
4: Advice on Choosing your Property and our Responsibilities
5: Process to Buy Property in Turkey
6: Annual Running Costs
7: Moving to Turkey, Cost of Living and Residency
8: Renting out your Turkish property
9: Inheritance Laws and Wills
