Investing in a buy-to-let property in Turkey is big business these days in that those in the know are certainly making the most of the opportunities available before prices inevitably start to rise.
However, it’s not just a case of buying a suitable Turkey property then advertising it for holiday home use six months later and pocketing the profits. Instead, there are plenty of areas that have to be considered before you actually take the plunge into home ownership abroad.
Here at Oceanwide Properties we’ve prepared an Essential Guide to Renting Your Property in Turkey. Here’s a summary of some of the Guide’s main points:
Where should I buy?
Just like in the UK you’ll find a difference in renting attitudes in cities and in coastal areas ie city renting tends to be long-term while coastal renting mainly comprises two to three week holiday lets and is much more seasonal in nature.
Turkey, like the UK is suffering from an under-supply problem in terms of housing. At the same time it has a vibrant young working population who are flocking to the cities seeking work.
May to October is the busy period for holiday renting with the Aegean and Mediterranean areas proving particularly popular. As a result you can expect to attract a premium rent here. The nearer the coastline the better in terms of rental value. Rural areas can also be profitable provided the property in Turkey is property advertised as a country retreat.
What kind of property brings the best returns?
Furnished self-catering properties at tourist resorts will always prove popular with holiday makers. Families and young couples book one to two bedroom villas or apartments with a pool and other facilities nearby. Younger groups tend to prefer three to four bedroom villas near the beach.
There is also a market for Turkish business letting and for students. These apartments tend to be more city based and have nearby transport links. The properties are anything from one to three bedroom and tend to be off-plan but often come with rental guarantees.
How much furniture should I provide for guests?
Your guests should feel comfortable but not pampered. In other words it’s best to go for mid-range basics which you’ll get quite a bit of wear and tear from. Stick to a natural colour palate which is designed to appeal to the majority of potential renters. Add colour with cushions, curtains, bed spreads and throws.
What’s the best way to market my property?
Present your property well either via an online agent or do it yourself with your own website or through holiday letting websites. It’s vital to provide clear, attractive photographs of the interior and exterior of your property (and on a good day with the sun shining and everything sparkling!). See our Essential Guide to Renting Your Property in Turkey for how to layout your property description.
Do I have to pay tax on my Turkish rental income?
Unfortunately yes. This has to be declared in your own country. If paying taxes in Turkey too then this will be taken into account and deducted from your general tax bill. Income tax varies in Turkey on a progressive scale – the more you earn, the higher the tax rate.
The above are all explained in much more detail in our Guide which is available to download from our website at Oceanwide Properties Turkey.