In Türkiye, at the end of 2023, an important law was adopted on the rental of real estate for a short term, “daily”, for vacation, short-term in other words.
Previously, the entire rental market for tourism was arbitrary, bringing virtually no taxes to the state treasury. At the same time, interest in rentals is growing rapidly, against the backdrop of significantly increased prices for hotel tours. The city is being built up at a crazy pace, there is more and more real estate, and the appearance of such a law was expected, justified and obviously necessary.
So, What is This New Turkish Rental Law 2023 Actually About?
Good news! Individuals apartment owners finally have the right to rent out for short-term OFFICIALLY, without fear of letters from the tax office, deportations due to illegal activities, and other unpleasant moments!
The new law had no effect on long-term rentals.
So, on 10/25/2023, the sensational Law No. 7464 on short-term rentals, that is, lasting no more than 100 days at a time, was adopted in Türkiye. Anything longer than 100 days is considered a long-term rental.
Key points from the text of the law that are important for investors and passive income from renting out apartments:
A premises (apartment) license is issued by the landlord to the owner in order to provide official permission to rent out his property.
Article 3 paragraph 3:
When submitting an application for a license, the applicant is required to present a decision on consent to conduct rental activities for tourism purposes, adopted unanimously by all owners in the block of the complex.
At the same time, an important clause of the Law states:
A license may be issued without the need to fulfill this condition for residential properties of a high level of quality, consisting of several independent premises, with reception, security and daily cleaning services located on the territory, with the possibility of providing services such as medical care, laundry, transfer, catering and trade, provided that in the charter of these objects, drawn up in accordance with Art. 28 of the Condominium Law No. 634 of 23/6/1965 states that short-term rentals are permitted.
The activity of leasing high-quality housing, in other words, a hotel-type complex, is possible through a housing management company. In this case, the license is issued in the name of the company operating the housing. Or through the intermediary of travel agencies of group A.
And all this will apply to almost any high-quality modern hotel-type residence in Alanya!
Basing on these provisions of the law:
If the so-called yönetim planı charter for the management of the complex indicates the possibility of short-term rental, you do not need to obtain a license for the apartment!
In new complexes just after construction this will already be taken into account. Consequently, all new Stay Property developments will be compliant with the new short-term rental law.
Now, let’s learn more about hiring an intermediary who can legally manage your property:
When conducting activities for renting housing for tourism purposes without the direct participation of the landlord, such rental can be carried out through the mediation of exclusively travel agencies of group (A), having a certificate provided for under the Law “On Travel Agencies and the Union of Travel Agencies” No. 1618 of 1972.
Stay Property has it all! And of course we will follow the law, renting out your property strictly in accordance with the requirements of Turkish law. Stay Property also has a large private transfer cars park, the opportunity to provide the highest quality service and increase the base of regular customers for your apartments!
And one more important point in the Law: subleasing is prohibited.
If renting without a license, an administrative fine of 100 thousand Turkish lira is imposed. And further on the rise, up to a million.
Conclusions About the Law on Short-term Rentals in Türkiye 2023:
The Law states that the purpose of its adoption is to establish the procedure and basic principles for renting out housing to individuals and legal entities for tourism purposes. Actually, there is nothing unusual or insurmountable in it for generating income. And it was impossible to rent out an apartment illegally without registering residents with the police and without paying taxes even before the adoption of this law.
Over time, this whole system will be built, there will be a clear understanding of how and what to do. If someone is surprised by the new law, you can read, for example, the laws of EU countries regarding daily and short-term rentals, taxes.
All information on procedures for obtaining a license and taxation will appear in official sources after the entry into force of this law, from January 1, 2024.
You can give your resort apartment in Alanya to the Stay Property company for management, and simply receive passive income without having to search for clients, check-in, check-out, cleaning, control, or communicating with people. In this case, you will have the opportunity to rest in your apartment during the agreed period. You can learn more about all the conditions of Stay Property during a consultation, write a message in the form to contact the manager directly on this website.
Will the Profit be Available for Landlords and Demand for Rentals? What Awaits the Market in 2024?
At 2022 Türkiye took 5th place in terms of tourist flow in the world among all 266 countries! This indicates both high demand and the prospects for the rental market under the new law. In the first half of 2023, the number of tourists further increased by 21% compared to the first half of 2022. Türkiye's tourism revenues in the first half of 2023 increased by 27% year-on-year, reaching $21.7 billion. The share of Türkiye's tourism income in GDP over 3 years has increased from 2.1% to 5.1%.
At the same time, 2022 and 2023 showed high demand for rental holiday apartments in Türkiye, and this is justified and objective! After all, for the same money, the vacation is at least twice as long. And with the comfort of home!
And “all inclusive” awaits vacationers in numerous colorful Turkish and European restaurants! Why deprive yourself of the pleasure of experiencing the diversity and atmosphere of the resort Alanya? When you call, any food from a wide variety of cuisines from around the world will be at your door in 10-20 minutes. In Alanya, the service sector is perfectly automated.
Stay Property is taking all necessary actions to enable our clients to earn money on rentals legally and safely from January 1, 2024!
Lately there have been a lot of big phrases and video titles about Türkiye. And they all collect views and ratings on a wave of hype. It is important to filter the flow of this information. Call, write, consult! Trust only accurate information!