Is it profitable to rent an apartment in Turkey?
Many people, while vacationing in Alanya, think about buying real estate for the purpose of renting it out to tourists . The cost of real estate directly depends on the location (distance from the coastline). The Turkish authorities passed a law three years ago according to which private owners are prohibited from renting out apartments on a daily basis. Let's take a closer look at how and who rents and whether it is profitable.
Features of short-term rentals
For the third year now, individuals have not been able to legally rent out housing on a daily basis. This opportunity is available only to legal entities that do official business on this (have a license), strictly adhering to a number of requirements:
- manage the premises where all the rooms are rented. The number of beds must be more than 29. To obtain a license, the company must manage the apartments;
- the premises must have developed infrastructure typical of a standard hotel, in particular, a video surveillance system, emergency exit, fire escape;
- the company is required to register with the police and then gain access to the registration system. The operator must provide the police with information about all residents (in particular, infants) every day.
However, many owners decide: “I rent at my own peril and risk.” Breaking the law entails punishment. When the police notice that an apartment is being rented out without a license, the direct owner will be issued a large fine of 10,000 liras. Failure to pay may result in deportation from the country. If the company has a license, but did not register the tenants on time, a fine of 5,000 lire will be issued for each tenant.
Features of long-term rental
In Alanya and other cities in Turkey, individuals are allowed to enter into long-term contracts (for a period of more than 12 months) to rent an apartment or villa . In this case it is necessary:
- have the contract certified by a notary;
- register the tenant at the property address with the Office of Civil Status and Citizenship under the Ministry of Internal Affairs (Nfus Mdrl).
Such conditions are not difficult to fulfill. Renting income is affected by the location of the complex, housing conditions and demand. For example, a simple two-room apartment in a decent area can be purchased for $60,000 and rented out for $400 per month. But it is worth considering the costs of realtor services, repair work and the annual private property tax.
New articles:
How houses are built in Turkey
Apartments for sale (Türkiye) Alanya [catalog]
