Annual fixed expenses
After purchasing a property in Turkey, there will be some regular payments throughout the year. These payments are such as property tax once a year, but can be paid in two instalments, one in March and September, electricity every month, water every month, monthly fee for the property due to complex maintenance, compulsory earthquake (natural disasters) insurance (dask), optional home insurance which insures property and the things/ones inside against possible risks such technical risks, theft, fire and 3rd parties’ liabilities.
Property tax is the amount paid to government for the properties owned. Amount is calculated by multiplying the market value by the tax rate of the related year. These rates are revalued every year by ministry of finance.
Normally, property tax is paid in two installments, one in March and second one in September. However, it can be paid at once too. It is paid to town hall (Belediye in Turkish) by cash, credit card or through automatic bank order.
Current property tax rates in 2016 are like;
Dwellings: % 0,2
Commercials: % 0,4
Commercial lands: % 0,6
Non-commercial lands: % 0,2
Electricity usage and subscriptions are regulated by CK Akdeniz Electricity Authority in Alanya region.
It is calculated by checking the electricity meters of the properties monthly. Payments are done monthly by cash or credit card to CK payment-offices or through automatic bank order from any of the bank or on internet from all over the world.
Water usage and subscriptions are regulated by ASAT ( Authority which is responsible for water related cases)
Water usage is checked by ASAT officials monthly and payments are done to ASAT offices by cash or credit card, through automatic bank orders from any bank or on internet from all over the world.
Monthly fee is for the maintenance of the complex and paid monthly or in periods decided differently.
It is paid directly to complex management by cash, through automatic bank orders from any bank or internet from all over the world if complex management has a bank account.
Compulsory Earthquake Insurance (DASK)
DASK is the Turkish word which means ‘’ Natural Disasters Insurance Institution ’’ So the insurance is also called as DASK.
Compulsory earthquake insurance is the insurance, which is made in order to avoid the risks and the losses by not only earthquake but also possible natural disasters such as flood, hurricane, landslide etc.
For example; for an apartment of 100 sqm, Annual DASK policy premium is around 100 ₺ (Turkish Lira) but of course this example is just to give an opinion to you. Otherwise, due to location of the property, purchasing value of the property, floor of the property and some other factors, DASK policy Premium can vary.
Optional Home Insurance
Optional home insurance is an insurance made in order to avoid the risks and the losses which can occur in property, such as accidents taking place in property, theft, burglary, fire, 3rd parties’ liabilities and all kinds of technical risks such as water leakage, gas leakage, electrical short-circuits etc.
After preparing some necessary documents such as title deed of the property, ID/pass of the owner, insurance company official visits the property and takes the inventories of the goods and all other items such as personal belongings which should be shown on insurance policy. Following this process, insurance company decides on a compensation amount which will cover your possible future losses. This amount is, of course, counselled with policy owner.
Despite that this kind of insurance is optional, it is strictly advised to have it made in order to avoid possible risks which can cost you much more than the insurance policy premium.
For such procedures or whatever else related with yourself or your property, contact Property in Alanya in order to be informed and have a reliable service which will make your life easier and secure.