Due to the Turkish lira’s depreciation and enticing incentives for investors, real estate in Turkey has recently become a desirable option, so if you have made or intend to invest in Turkey by buying a property in Turkey, congratulations! This is one of the best and most lucrative investments you could make. Of course, buying property in Turkey is advantageous if you want a second home in a beautiful nation, but why not make the most of your investment by turning your home into a rental property that generates income? As a real estate agent and a property developer, API Investment has a wealth of knowledge about property in Turkey. Here is everything you need to know, whether you want to buy as an investment, rent a house in Turkey as a holiday home, or year-round for a fixed income.
Is Renting your Property in Turkey Profitable?
If you choose to sell your house in a few years, you will likely do so for a sizable profit. One of the top nations in the world for real estate sales is Turkey. However, earning extra cash while your property’s value increases is a smart move. You can make an excellent additional income if you rent your property in Turkey daily or weekly. This is particularly true if your home is located in a destination that draws visitors or business travelers. Many ex-pats in Turkey have tested and proven this can be a successful business prospect.
How to Rent your Property in Turkey
Turkey’s real estate market has evolved over the last 20 years into a high-performing enterprise driven by the finest and brightest in the sector. Nowadays, buyers have access to many buy-to-let properties that rival other overseas markets’ sophistication. As a result, property rental in Turkey can be quite lucrative if done correctly. So, if you’re considering becoming a landlord in Turkey, let’s look at how to do it right. The first step is to familiarize yourself with Turkish tenancy laws. The next step is to brush up on your marketing techniques, especially if you plan to advertise your property in Turkey as a short-term holiday home. You can use local community organizations on Facebook or other free social media sites to advertise your rental home and get feedback from previous tenants. Unlimited marketing opportunities exist, and astute investors will more than makeup for their lost time.
Rent your Property in Turkey Short Term
The main thing you need to be aware of is the most recent Identity Declaration Law modification regarding short-term rentals. According to a legislative update from 2016, if a home is advertised as a holiday rental, the landlord must enter the tenants’ identities into the KBS database (Temporary Residence Identification System).
Owners can access their software for free by going to their neighborhood police station to register. Legally, the individual supplying names will also sign for the password. If a management company looks after your tenants and rental property in Turkey, they should assume this duty. They must also provide proof of identification and a copy of your signed contract to demonstrate that they manage the property on your behalf.
Turkish Law requires you to input your tenants’ names into the system, even if they stay for one or two nights. A daily fine will be imposed if you fail to update the details of the property’s residents. In addition, after registration, the gendarmerie will investigate the renters’ records. This policy is set to counteract terrorist activity.
Rent your Property in Turkey Long Term
It may be beneficial to engage a lawyer if you intend to lease your property in Turkey for a more extended period and need to familiarize yourself with Turkish legislation or the language. This is especially important when creating a contract. Most importantly, never take verbal promises to make regular rent payments as guarantees. You might decide against drafting an agreement to save money by not engaging a lawyer. However, removing them without legal backing will be difficult if they are squatters. Additionally, after you’ve completed the contract, make sure to have it notarized so that all parties are aware of their respective obligations.
Online Channels to Rent a House in Turkey
The most popular online marketplace for secondhand goods in Turkey, Sahibinden.com, supports the English language. It is a well-liked platform among Turkish citizens and foreigners who live there since you may advertise various commodities there, including electronics, vehicles, properties for sale or rent, and smaller items. This is a fantastic place to start if you want to connect with a large Turkish and ex-pat audience. HepsiEmlak, which literally translates to “all real estate,” is another hugely popular online Turkish website specially dedicated to property rentals and will give you access to many potential tenants.
As Turkey is a sought-after destination, you don’t have to limit yourself to the Turkish rental market. Instead, listing your property on a global online travel agent like AirBnB or VRBO will instantly give you access to the international market and ensure your property in Turkey has maximum exposure to a vast market.
Find your Ideal Property in Turkey with API Investment
If you are looking at buy-to-let real estate in Turkey, the features, amenities, and facilities of any home can go a long way toward promoting the property. For instance, a house close to a beach, restaurants, stores, and transportation hubs will be in higher demand than properties off the beaten path in tourist areas. The spectrum of available infrastructure and facilities exemplifies why Turkish real estate represents excellent value, but where do you start looking? At API Investment, our advisors are well-versed in the nuances of the Turkish real estate market and the processes for foreigners buying property in Turkey. Our sizable property portfolio features properties suitable for long-term lets or holiday rentals from various prime locations in Turkey. Contact our team of real estate professionals right away if you have any queries about how to start exploring the Turkish real estate market to find your dream property in Turkey.