Turkey is a large temperate country with three coastlines and plenty of excellent opportunities for renting your property in Turkey. If you are considering buying tolet as an investment or if you are looking to rent somewhere for a short or long termlet, it’s important to get qualified advice from experienced agents as not all areas will be ideal for your purpose. It’s essential to know that Turkey is experiencing a propertyboom and is currently considered a property ‘hotspot’. In many of the coastal areasdemand for property for holidays in Turkey is greatly out stripping supply, so buying a rental property in Turkey is an excellent investment.
It is thought that twenty million tourists will visit Turkey next year, and with many preferring privately owned villas and apartments to a hotel room, this is the perfect time to buy to let. For this reason, buying a property with the intention of renting in Turkey is considered to be a great investment for foreigners looking to see an additional income from their outlay, doubly so if the property is bought on an off plan development which will already have increased in price by the time it is ready to berented.
For those wishing to rent property in Turkey, the prices range drastically. The most expensive areas (apart from the luxury properties) are most likely to be by the coast orin major cities. Short term & holiday lets – ie. weekly, fortnightly and monthly are fairly widely available, whereas long term rentals of six months or more, which are popular with people retiring or working in Turkey are a little more difficult to find. Long-term rentals are likely to be six-month initial contracts that are then renewable on a monthly basis there after and are relatively cheap compared to many other countries – i.e a 2bed 2 bath apartment for as little as 300 euros per month. Since holiday lets are lucrative, they are more expensive during the April to October period of the year.
Renting is still popular in the off-season but the prices are likely to be more reasonable and less inflated by tourist arrivals. To ensure a high quality of service, contact an estate agent who is renting property in Turkey on behalf of their clients in the area that you are wishing to stay. It’s best to negotiate with an agent that fluently speaks your language. This allows for specificity in having your requests fulfilled and that a legal rental contract will be drawn and signed. It also means an ease of communication if there is a problem during the rental period. Many British, Dutch, German and French agents now exist in most areas as the property business is a thriving industry in the Turkish economy.
If you are looking to rent within Turkey for a considerable time, perhaps due to your job or retirement, it is worth visiting the country first and having an agent show you around some of the properties. If you are coming for a holiday of any length, you would have to book the property in advance, and by contacting any owners directly,they can help you find a holiday home that fits your personal requirements and make your dreams of living in Turkey a reality.
When buying with the intention of renting property in Turkey, research areas andget an idea of the type of property that you are looking for and the amount that you have to spend. A property in land with no running water is unlikely to be popular with holidaymakers so it is important to look at local facilities, distance to beach, bars & restaurants. Ask other people in the area what it is like during summer and winter asmany areas become ghost towns out of season.
To obtain the maximum rental potential possible it is essential to do as much research as you can as well as visit a couple of areas that your research shows to have all the points mentioned above. Istanbul is one area that we would recommend for excellent rental potential, especially corporate lets.