Revenues or “service fees” in Turkey are those amounts that you pay on a monthly or annual basis, in exchange for services when buying or renting a property and living in it. In this article, you will know what these returns are, in exchange for what they are paid, in addition to the value of revenues in Turkey with Glovision' team.
Why does the housing complex or construction management collect the revenues?
In every building or residential complex, there is a department that is appointed either by election by the owners of the building itself, or by the construction company that built the building, and the responsibility of this department is to run all the affairs of the housing complex and take appropriate decisions for the benefit of all.
The value of the revenues that will be paid by everyone who lives in the housing complex is determined based on the set of services that exist in the housing complex or independent building, so that the costs of these services are collected and then divided among the residents.
What is measuring unit of revenue in Turkey?
It is customary in Turkey to estimate the value of service fees or revenue per square meter, for example, the revenue is 3.5 TL / square meter in a residential complex, this means that the revenueof an apartment with an area of 100 square meters gross (not net) will be 350 Turkish lira.
In case that the apartments are similar and close in size, the complex management may choose to give the revenue price for each apartment regardless of its area, which is a relatively rare case.
What are the expenses incurred by the management of the housing complex in return for collecting the proceeds?
Workers’ wages: Everyone who works continuously in the housing complex has a monthly salary commensurate with his position. There is the manager and administrative staff whose number varies according to the size of the housing complex, and there are workers responsible for cleaning, gardening, guards and security staff, reception department, maintenance staff, in addition to wages for those who are hired to carry out temporary tasks related to the complex.
Fees of consumables: such as cleaning materials of all kinds, consumable cleaning supplies, swimming pool cleaning materials, garden care, and office materials.
Bills of common use of the residential complex or construction: such as electricity, water, internet and gas used in places such as elevators, corridors, and every place that is shared or belong to employees in the residential complex.
How much is the revenue in general in Turkey?
The value of revenues in Turkey is generally related to the area of the apartments, but it can be said that ordinary residential buildings, which do not contain many service facilities or many employees, will have the lowest number of returns. The owners of each apartment may pay 50 lira per month as a minimum, or more.
As for the apartments in the residential complexes, there will be an average return rate of 300-400 Turkish liras, or an average of 35-45 dollars for a 1+1 one bedroom apartment with a salon, which has an area of about 70 square meters. Of course, there are numbers that are less or more than what we mentioned, based on the area and the quality of services provided in the residential complex or building.
Is it possible to avoid paying the revenues if I do not live in real estate?
In the event of buying a specific property, whether it is an apartment or an office, and if there are revenues that must be paid to the management of the residential complex, there is no escape from paying these revenues even if the property owner does not live in the property for a long or short period.
As long as the administration provides services and follows up on them on a daily basis, each apartment's owner or tenant must pay the revenues on a continuous monthly or annual basis as determined and accepted by the administration.
What happens in case of late payment of returns?
In this case, the administration will alert the owner of the property that he must pay the dues, and he will be contacted, corresponded or notified personally. The administrations of residential complexes differ in dealing with such an issue in general.
The Glovision Real Estate team is always following up with you on every issue related to life in Istanbul and buying a dream apartment that will meet all your ambitions. All you have to do is communicate and get real estate advice for the best housing options in Istanbul.
