We invest - rent in Turkey, its types, features, laws
Like many processes, renting an apartment in other countries has its own characteristics, and Turkey is no exception. In this matter, you should not rely on the experience gained in your homeland, because the rental process and conditions are most likely different from what you are used to. In this matter, unexpected turns, unusual features and important legislative nuances may await you, so it is better to study the market well and understand all the pros and cons of this type of investment for you.
In this article we want to give a general idea of the features of renting in Turkey and talk about important points that need to be adhered to when renting out housing. This information will help you decide whether this type of investment is suitable for you, whether you can control the process yourself or would you prefer to trust the help of specialists.
First, let's explain what affects the cost of rental housing in Turkey and determine the types of rentals.
Factors shaping the cost of rent
✅ market rental price;
✅ demand;
✅ features of the region, its infrastructure and transport accessibility;
✅ class and infrastructure of the house;
✅ number of rooms;
✅ repair;
✅ availability of a balcony / terrace;
✅ proximity to the sea / center / important cultural places.
In an application to Turkish reality, it is worth talking about the types of leases according to their long-term duration. And this is primarily long-term, short-term and, in its special form, daily rental. And immediately the first pitfall. Private individuals in Turkey cannot rent out apartments on a daily basis. The law of January 22, 2017 stipulated that daily housing can only be rented out by a legal entity that has received a special license for this type of activity, and the requirements for daily housing rental are quite high. You can find out more about these conditions in the news section of our website in the article about DAILY RENTALS.
Regarding the division of leases into long-term and short-term, Turkish legislation establishes that the term of a short-term lease is up to 100 days, i.e., a lease that exceeds 3 months is considered long-term.
In resort areas of Turkey, short-term rentals are more popular, but most often they are seasonal. The season in the Alanya region lasts longer, thanks to the warmer climate (the further east, the hotter the regions of Turkey), as well as the long sandy beach and the proximity of most areas of Alanya to the sea make the region more popular, so apartments for rent here are in demand.
Renting out an apartment to tourists for vacation is a great advantage for the owner, because... In addition to rental income, during the season he himself can take advantage of holiday housing by the sea. In most cases, apartments are rented for almost the entire season and the total annual profit exceeds the profit for long-term rentals. However, long-term rent has its own significant advantage - it is stability and constant income on a long-term basis. With this type of rental, there is no need to waste time and effort on constantly searching for tenants, registering them, monitoring the condition of the property and the absence of debts after each tenant.
And also, in light of the innovations about short-term rentals, long-term rentals are very advantageous in terms of resource and labor costs. You can find out in detail about the innovations themselves in the news section of our website about Turkish legislation, follow the link and find out the DETAILS.
Fines for illegal activities
Renting apartments in Turkey is strictly regulated and regulated by law. If an individual is engaged in short-term rental illegally, without appropriate registration, then the initial penalties are prescribed in the amount of $3,000. If there is a repeated violation, the amount will increase. The third time the offender faces imprisonment.
If a legal entity has a license to rent out apartments, but not all residents are registered in the apartment, then the fine will be thousands of lire for each unregistered tenant.
Having learned about some of the problems with the rental process in Turkey, many foreign owners prefer to seek help from special organizations in order to relieve themselves of the burden of responsibility and not waste time and energy searching for tenants and monitoring the payment for this service and the condition of the housing in the process operation.
What kind of professional help is this? These are companies that make life easier for homeowners, who take on the responsibility of finding tenants and monitoring payment for services and the safety of housing. It is worth highlighting this assistance as a separate type of rental; you have probably already heard this phrase if you are interested in purchasing real estate in Turkey, but perhaps you did not fully understand what kind of service this is, and we are talking about a guaranteed rental. You can find out more about this service HERE.
And we note that House Bind specialists have significant experience in matters of renting real estate in Turkey. We are always ready to help you in this area and fully take care of the legal leasing of your Turkish property, monitoring its safety during and at the end of the lease period, timely payment by tenants of the main and related, utility and other payments. With our help, you can benefit from investing in Turkish real estate without unnecessary worry and inconvenience.
