Sometimes two, sometimes four times the fee is charged for title deed transactions

Istanbul Chamber of Commerce (ITO) Assembly member Mustafa Hakan Özelmacıklı made an assessment regarding title deed fee revenues. Özelmacıklı said, "In 2022, 3 million 434 thousand real estate sales were made across all property types. In 2023, there was a decrease of approximately 14 percent compared to the previous year, with 2 million 949 thousand 437 sales transactions. While the total title deed fee revenue was at the level of 41 billion 555 million in 2022, it exceeded the target of 54 billion 762 million and reached the level of 60 billion 59 million. In this respect, while the number of sales transactions at the land registry office decreased, fee revenues increased," he said.

"Title deed costs will increase in 2024"

Stating that the revaluation rate for 2023 was determined as 58.46 percent, Özelmacıklı said, "The indicator used in the calculation of the revolving fund fee, which is increased every year by the revaluation rate, has risen from 519 TL to 822 TL as of the new year. This fee affects all services provided by the General Directorate of Land Registry and Cadastre, from sales to mortgages. For example, in Istanbul, the revolving fund fee charged for a single sales transaction has increased from 1,297.5 TL to 2,055 TL. For transactions where the revolving fund service fee was collected in 2023 but could not be concluded for any reason, if an application is made by 31.01.2024, the transactions will be concluded without collecting the difference in the revolving fund service fee. In addition, property taxes in 2024 will also be calculated by increasing them by 29.23 percent. Due to these two changes, the costs of title deed transactions have also increased," he said.

"In some transactions, it is charged twice, in others four times"

Expressing that the regional coefficients of the provinces and districts where the title deed transaction is performed are different and therefore revolving fund fees are charged differently according to transaction types and provinces, Özelmacıklı said, "For example, if a sale and mortgage establishment are made in a single request for one property, two transaction fees are collected as the revolving fund fee. In out-of-jurisdiction title deed transactions, twice the transaction fee calculated based on the regional coefficient of the authorized land registry office is collected as the revolving fund fee. In international title deed transactions, four times the transaction fee calculated based on the international regional coefficient is collected as the revolving fund fee," he said.

News Source: 12punto