Alanya is an atmospheric resort town on the Mediterranean coast of Turkey. Despite its remoteness from airports, it is popular among holidaymakers and foreign investors. Tourists are attracted by the warm sea, Blue Flag beaches and reasonable prices for real estate and its maintenance. Villas prices in Alanya are absolutely affordable for foreigners while the variety of choice impresses even the most critical buyers. However, to get the best experience of owning a villa in a sunny resort, it is advisable to become aware of all the key issues beforehand.
The real estate prices in Alanya
No surprise that the real estate prices are constantly rising. The increase in cost is obvious in new developments as well as in the secondary market. In addition, the cost of housing is affected by a mass of factors: the location, size, proximity to the sea, the infrastructure of the area and the residential complex, the number of floors and even the view from the window. Therefore, the best way to find out the price is to look through the topical real estate website Turk.Estate. So it will be easier to orient yourself and compare your financial capabilities with your desires.
The average prices on real estate in Alanya are the following:
- New buildings within walking distance of the sea in Alanya cost from € 150 thousand.
- A few kilometers from the sea you can find options in the range from € 100 thousand to € 150 thousand.
Taxes on real estate purchase in Alanya
Be ready for the additional taxes established by the government. The first extra payment is 4% of the cadastral value. As a rule, it is paid by the buyer. To avoid high extra payments, the developers often set up the cadastral value below the market value. If your purpose is obtaining a residence permit or citizenship, and not saving the tax, you should pay attention to this.
In Turkey, you pay registration fees and duties for the registration of tapu, iskan, and the transfer of personal accounts for water and electricity. Usually they are €500-700, but in a rush period may be higher. Annual taxes are not high. For luxury housing, they are somewhat higher.
Real estate maintenance tax
The tax rate of cadastral value greatly depends on the type of property. The higher value of a housing object and the more beneficial its location, the higher tax rate is. The detailed information is in the table below.
|Apartments and villas||0,1% if the object is located in a province
0,2% if the object is located in a city
|Residencies from 5.227 million to 7.841 million Turkish liras||0.3%|
|Residences from 7.842 million to 10.455 million Turkish liras||0.6%|
|Residences of 10,455 million Turkish liras and over||23,526 million Turkish Liras fixed amount + 1% of the amount exceeding the taxation threshold|
Real estate maintenance in Alanya
Property owners are also obliged to pay for maintenance regardless of their presence or absence in their properties. Owners of apartments in residential complexes pay aidat or a monthly fee for the maintenance and upkeep of common facilities: the surrounding area, gyms, swimming pools, recreation areas, playgrounds and concierge. The price may vary from 20 to 100$ for one apartment.
Water and electricity supply have established prices for a metric unit. The actual information and the online-calculator are available on the official websites of organizations.
The costs of the Internet, communication, and other facilities depend on the personal needs of a buyer or a tenant.
Property insurance in Alanya
In the Republic of Turkey, there are two types of real estate insurance: voluntary and compulsory.
Compulsory insurance includes DASK earthquake insurance. Payment of DASK is controlled at the level of the municipal authorities. In the case of earthquakes, losses are compensated by the state insurance company. The cost of DASK insurance is calculated by special coefficients depending on the construction of the building and the seismic activity in the region.
Voluntary real estate insurance protects against damage from fires, floods, power outages, various accidents and breakdowns, including furniture and household appliances. Voluntary insurance is provided by banks and private insurance companies. Depending on the size of the maximum payout and the risks covered, the policy will cost the owner between 400 and 830 TL per year.
Investing in real estate in Alanya is a wise decision for foreigners. Along with affordable prices and low taxes, a buyer gets a comprehensive pack of benefits. Alanya in Turkey is a place where everyone can find a vacation to their liking and pockets. Lovers of secluded relaxation will suit areas away from the party areas, where you can quietly sip refreshments on the beach and not go out of the hotel. Younger guests will enjoy the clubbing hotels and noisy parties near the marina and in the center of the resort.
We hope you found this blog post on Key moments in buying real estate in Alanya useful. Be sure to check out our post on How to Invest in Real Estate Overseas for more great tips!
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