Turkey is a country that is strategically situated between Europe and Asia and that offers incredible investment opportunities for both domestic and foreign business owners. It also has a vibrant national flair, opulent resorts, and a rich historical heritage. For local homebuyers, the potential for high rental income is an alluring benefit. The key is to understand the complexities of the country's rental market, which we will cover in this article.
Content:
- Rentable real estate in Turkey
- Finding the ideal rental home
- How and where can you rent out your property?
- Show that your home is unique
- Locations with the best rental properties in 2024
- Conclusion
Rentable real estate in Turkey
Investors are drawn to this place because of the potential for stable income from renting homes or apartments in Turkey, in addition to the excellent capital growth brought on by rising real estate prices. Housing rentals are rising in popularity across the nation. Consider the circumstance using various tenant groups as an example.
Aspiring professionals
Turkey has experienced significant social change over the past ten years. Turkish citizens are now more intelligent and financially secure. Young workers are migrating in great numbers from the countryside to the big cities in search of employment, and they are looking for housing nearby. Additionally, Turkey is a popular destination for relocation for digital nomads from a variety of nations because it offers excellent opportunities for comfortable living and recreation, reliable electricity, and a relatively low cost of living.
Vacationers and travelers
Turkey has never experienced such a large influx of visitors. 44 million foreign visitors came to Turkey in 2022, according to the Ministry of Culture and Tourism of Turkey.
Luxury-travelers
Wealthy visitors. This social group, which is at the top of the list for luxury villas in Turkey, is searching for something special. Tenants who favor homes with stunning design, total privacy, and views of the ocean make up this group. When a unique apartment or villa is offered on the Turkish real estate market for a reasonable price, buyers are willing to pay more for it.
Finding the ideal rental home
It will be challenging for the owner to find tenants if the rental property is in a poor neighborhood. Make sure the area is appropriate for renting before making a purchase. You must ask the following questions in order to accomplish this. Simply activate "explorer mode" to learn all the specifics.
- Is there public transportation available? How does the location connect to the city center?
- How are the local amenities set up, is the neighborhood safe, and how simple is it to reach the airport?
- How close is your property to the beach? How good is the public transportation linking the property to the sea? How quickly and how much does a taxi to the center and to the beach cost?
- Are there markets nearby and tourist attractions? Is the home or apartment suitable for families with children?
- Try to imagine your future tenants if you plan to rent out the property all year long. Students will value the university's proximity, several schools and kindergartens close by are for families with young children.
How and where can you rent out your property?
The profits from renting out your property will be reduced if you do so through a real estate company. Renting out your house is incredibly simple today. While some time will be required, the savings will be significant. For advertising, follow these guidelines:
- Word-of-mouth advertising among friends and family. Post pictures of the terrace view on Instagram and your vacation home on Facebook. Word of mouth is very effective in Turkey.
- Online. Use VRBO, Owners Direct, Holiday Lettings, Booking, and Airbnb. It is the impression of the photo that affects the number of people who want to rent a house, so make sure that your photos and descriptions are up to par.
- Personal website and Facebook page. After doing so, you can post the link in the Facebook, VK, or messenger groups for moving to Turkey. Expatriates search for rental property on social media.
- Neighborhood marketing. This form of advertising is very well liked in Turkey. You can advertise in your neighborhood newspaper, post flyers in stores and public places, and use billboards.
- Banner. Place a sign with a contact number on the rental property. You can use a banner and hang it from the apartment's window or the house's fence.
Show that your home is unique
The market for vacation rentals in Turkey never declines, but your house may have a distinct advantage. Consider that the rental property is part of a sizable complex where there are additional apartments available for summer rent. Consider how you can distinguish yourself from their background.
To make your object stand out, follow these steps:
- Take quality pictures. Vacationers frequently base their decisions about their future residence on photographs and rely heavily on them. Verify the quality of your photos. Occasionally switch out the images.
- Be more marketing-savvy. Make sure your description is accurate and flawless in terms of spelling, grammar, and style. This makes it simpler to read and enhances your reputation as a reliable host.
- Check other options. Examine the most prosperous rental homes in your neighborhood to learn their secrets. In a crowded market, being unique will help you stand out. Don't copy. Use only what has proven effective for others. For instance, the photograph's aesthetic or the description's laconism and thoroughness.
- Spend some time and money on home improvements. Although not every property has something unique to offer, you can improve it. If you're willing to put in a little work, even a plain apartment can have its own unique charm. Consider the lighting, images, and color palettes—minor details that will make photographs stand out.
- Don't be rigid. Since they don't think you can get much use out of renting a property for just a day or two, many landlords set a minimum term. The mistake is right here. Don't restrict yourself to weekly rentals, especially if your property is close to popular tourist destinations. To make more money, let visitors stay for a while.
It's important to note that foreign homeowners in Turkey can only independently rent out their own homes and apartments for an extended period of time. Only when a management company is involved is it legal to offer a service for short-term rent. This is a crucial consideration when picking a vacation rental to offer to tourists. Be aware that a portion of your income will go to the management company if you don't have Turkish citizenship.
Locations with the best rental properties in 2024
1. Istanbul
Suitable for: Purchasing with the intention of renting it out.
The biggest city in Turkey is going through an unheard-of economic boom, and rents and property values are continuing to soar. Every year, hundreds of thousands of people relocate to the city, including a sizable number of professionals looking for commercial real estate close to their places of employment in Istanbul's downtown or Atasehir, the city's new financial district.
Income Potential: In Istanbul, you can anticipate an annual rental income of between 5 and 7 percent of the property value.
2. Kalkan
Suitable for: High-end short-term rentals are appropriate.
Kalkan, a stunning Mediterranean city with whitewashed homes descending the hillside to the historic harbor, is a perennial favorite among tourists. It has evolved into a luxurious resort where the wealthy and extremely wealthy go to unwind today. In Kalkan, private luxury real estate is in high demand.
Income Potential: Renting out your villa during the summer in Kalkan can bring in an annual income of about 7%. That number will be increased by effective marketing.
3. Antalya
Suitable for: Perfect to gain a reliable annual income from housing rentals to young professionals and tourists looking for want short-term accommodations.
The population and wealth of Antalya have increased significantly over the last ten years, making it one of the richest cities in the eastern Mediterranean. Young professionals moving to Antalya are lining up to rent modern apartments, which is great news for investors. Visit Konyaalti or Lara Beach; these popular rental destinations are coastal areas that are brimming with things to do and have great access to the city.
Income Potential: Renting out homes or apartments in Antalya has the potential to bring in a yearly income of 5% to 7%.
4. Fethiye
Suitable for: A rental business that caters to families traveling with children.
Every tourist's dream destination is sunny, tranquil Fethiye. Sand beaches, historical sites, and breathtaking scenery can all be found in the area. It is well-liked by families and couples seeking a relaxing vacation close to well-known beaches, particularly in the area of Oludeniz.
Income Potential: Rental income in Fethiye is forecast to be between 5% and 6%.
5. Bodrum
Suitable for: A variety of rental businesses.
The age-old tourist location in Turkey was Bodrum. Bodrum is incredibly popular, attracting not only sun-seeking tourists but also Turkish politicians, international celebrities, expats, and Turkish professionals who work remotely.
Income Potential: In Bodrum, you can expect to make between 5 and 6 percent from rentals.
Conclusion
These tips are meant to boost your self-assurance and assist you in picking the ideal rental home or apartment. The most important thing is to start your house hunting for real estate in Turkey right away!