Feb 5, 2023

Turkey Real Estate: Revenues of Residential Complexes

What are the revenues of residential complexes in Turkey? When owning Turkey real estate, the buyer must realize that there are matters that occur after the purchase process and living in the apartment, namely the avenues that accrue to the apartment owners. The basic services provided by the management of apartments and residential complexes must have revenues in order for these services to be in constant continuity for the owners of these apartments. After completing the process of purchasing Turkey real estate, the service fees for maintaining public facilities and shared services must be taken into account. The maintenance fee is called “AİDAT” meaning revenue in Turkish.

Fees are usually calculated in equal shares between apartments in Turkey real estate. Yet there are also some complexes that assign a percentage of the revenue fees to each apartment owner depending on the size of their apartment. Whereas, owners of one-bedroom apartments pay a lower amount than owners of two- or three-bedroom apartments.

What are the revenues?

Revenues are not only limited for Turkey real estate, but it is a global system existed in all residential complexes around the world. It is the money received from tenants and apartment owners to cover the expenses of shared spaces in apartments and sites. The tenants and owners of apartments are also obliged to pay the monthly fees determined by the management of the apartment. The apartment fee schedule is prepared by the apartment management and shared with the tenants and apartment owners.

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The value of revenues in residential complexes

Of course, the value of returns on Turkey real estate in residential complexes and all apartments is not fixed or unified, as it varies according to the quality of the architecture or the residential complex.

In general, the value of the monthly revenues for regular buildings starts from 10kish lira0 Tur and reaches up to 600 Turkish lira (if there are no additional services in the building such as a gym or a swimming pool). As for residential complexes, the value of returns starts according to the number of square meters, and often starts from 20 liras per square meter.

The more developed the infrastructure of the housing complex, the higher the expenses and "aids". The largest part of the expenses is the salaries of the employees working on the site. If the complex is small, there can be only one ranger to take care of it. Residents can always ask him for help if a problem with the complex arises. Meanwhile, one concierge is not enough to take care of a large complex. Then more people are hired. It could be receptionists, gardeners, security, housekeeping, drivers, etc. Accordingly, labor costs will be higher and “aid” will also be higher.

Things to consider regarding revenue and construction commission

There are many things that must be taken into consideration when buying Turkey real estate regarding revenues, which we will summarize in the following points:

If someone asks you to pay the revenues, make sure you get a receipt for the payment. Consider the possibility of replacing the manager next year and that you should have proof of your payment on hand.
Pay the revenues directly to the manager or the building custodian, if authorized. Ask them to write the exact amount and the names of the months for which you are paying on the receipt.
To ascertain the amount of the revenues, ask for the minutes of the meeting and make sure that there is an additional amount for some repairs, so that the exact amount must be indicated in it.
Because foreign Turkey real estate buyers do not reside throughout the year, it is preferable to pay the amount once for each year in advance. And keep in mind that your late payment on time will result in late payment of construction guard salaries, bills, cleaning, pool maintenance on time.
In case that the amount of the revenues is in the minutes, you are obligated to pay, and the manager has the right to follow up the debts through the competent authorities. So try to establish a good relationship with the manager and let them know when you will come to Turkey.

How is the value of revenues determined in Turkey?

The division of revenues is determined under Section 20 of the Floor Property Law. Where the relative distribution of returns is determined as follows:

50% for the staff.
25% for energy and maintenance resources.
25% to manage the complex.

These percentages do not differ regardless of the size of the complex, the number of independent parts in it, or the diversity of the facilities of the residential complexes and their public or social services, such as sports clubs and health facilities.

Advantages of real estate investment in residential complexes in Turkey?

Turkey real estate in residential complexes is witnessing increasing demand by investors and buyers who want to live in Turkey, thanks to multiple investment advantages offered by these residential units from Turkey real estate.

Turkey real estate in residential complexes are also considered safe and protected areas, providing peace of mind to residents and enhancing the investment character. In addition, Turkey real estate within residential complexes in major cities such as Istanbul, Ankara, Antalya, and Bursa, makes it a good opportunity to achieve large and sustainable investment returns.

We will talk about the most important features of real estate investment in residential complexes through the following points:

Turkey real estate strategic location: Turkey has a vital geographical location between the Asian and European continents, making it a hub of trade and economy.
Turkey's strong economic growth: Turkey has witnessed significant economic growth in recent decades, which supports the strength of the real estate market and enhances confidence in investing in Turkish real estate of all types.
Motivational Laws: The Turkish government has taken measures to stimulate Turkey's real estate sector, including the possibility of obtaining Turkish citizenship through investment in real estate. This is done by purchasing a property worth 400 thousand US dollars. Or obtain real estate residency by purchasing a property worth $200,000.
Turkey real estate prices: Despite the economic development, Turkey's real estate prices are still reasonable compared to some other real estate markets.
High demand for Turkey real estate: The real estate market in major cities such as Istanbul, Ankara, Antalya, and Bursa is witnessing great demand by local and foreign investors and buyers.
Infrastructure development in Turkey: The infrastructure sector in Turkey is witnessing continuous development, which enhances the attractiveness of cities and contributes to the rise in real estate values.
Variety in Turkey real estate: The Turkey real estate market allows for the provision of various real estate options, ranging from residential apartments to commercial projects, hotels, and commercial malls.
Political stability: Turkey enjoys political stability, which enhances confidence among investors in the country and thus in the real estate market.

At the end of this article about the monthly returns for Turkey real estate in residential complexes, we can say: The revenues are considered a routine procedure and not a problem in and of themselves. Rather, they are small fees imposed by the management of residential complexes in Turkey, so that basic services continue for every person residing in these complexes. These services are indispensable, whether in summer or winter. These revenues are not expensive compared to luxury apartments in the world, as these returns are considered very low.

If you would like to know more about real estate investment in Turkey, do not hesitate to contact us via WhatsApp, here. Your international real estate consultant will contact you as soon as possible.

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