By Justin Mays:
The idea of owning a buy-to-let property appeals to many because of the regular rental income it can bring property owners. It is, in fact, one of the most lucrative long-term investments one can make. Turkey’s real estate market has attracted many investors for this reason. The low property prices, potential high capital gains, stable real estate sector, and all the latest constructions in Turkish real estate continue to earn the interest of foreign buyers.
Moreover, 1.8 real estate sales transactions were made alone in the first seven months of 2022. Many of these were residential units, including apartments. Among all of Turkey’s regions, Istanbul leads the way with 240,644 property sales in the first seven months of 2022, followed by Ankara with 123,861 property sales.
Are you also looking into buying a rental property in Istanbul, Turkey? If yes, read this post till the end to get Prime Property Turkey’s 6 amazing tips for owning rental properties in Istanbul, Turkey.
1. Grab the Perfect Property
Buying the perfect property is crucial for getting a high rental income. You have to ensure the property you purchase has an excellent location, is close to public transport facilities, and is close to the city center.
Additionally, properties close to the airport and transport links perform better as rentals. In fact, the property’s location is what will determine its success. Locations with great employment opportunities and little-to-no crime are great to consider since the properties there can attract numerous tenants.
Moreover, the rental property’s proximity to other amenities, such as malls, cafes, restaurants, schools, hospitals, etc., can also determine its performance.
Properties in the popular districts of Istanbul are the most desired by people, so they are likelier to make reliable rental revenue. However, Istanbul’s newer parts, such as the Basaksehir-Bahcesehir districts, are also seeing a massive demand for foreign real estate investments because of the modern transportation facilities, proximity to major highways, and diverse property portfolio.
We have a considerable collection of properties for sale in Istanbul for foreign buyers. All our properties are in prime locations, so check them out and let us know which interests you.
2. Market the Property Effectively
Once you have the perfect property, the next step is to market it to ensure you get the best potential tenants. You can do this yourself or hire a company to help you.
However, if you don't want to bear the extra marketing costs, here is what you can do to attract more eyes to your property.
- You can use social media to put your property out there. Post about it on Facebook and Twitter. Upload pictures or record some footage of your property and the terrace-views and share it on your social media.
- Facebook also has countless expat groups you can join and share about your property, along with all the details.
- Put up a custom sign with your phone number and other details outside your property to let people know it is available for rent.
- You can even use platforms such as sahibinden.com and create an online listing for your property, mentioning all the features to reach a wider audience. Besides this, websites such as Airbnb are great for attracting tenants quickly and easily.
3. Make Your Property Unique
The market is filled with Istanbul real estate options available for rent. So, how do you make yours stand out from the competition?
The first thing you can do is take attractive pictures that display your property's details. Many property owners ignore this, so having eye-catching pictures of your property for people to see can definitely help pique the interest of potential tenants and holidaymakers.
Your property also doesn’t have to be the most sophisticated in the market to gather high interest from those looking to rent. Tweak and decorate your property to make it better. Do the best you can and decide the appropriate rent for your property.
This way, you can ensure you don’t undervalue your property and make the most rental income possible.
Further Reading: 5 Reasons to Buy Property in Istanbul, Turkey
4. Consider All Costs
Make sure you pay the appropriate taxes for your property. Consider all the taxes you have to pay and the maintenance expenditure. The best way to do this is to enlist the services of an accountant so that you are not missing out on any payments and abide by the law.
Further Reading: How to get a Tax Number (Vergi Numarasi) in Turkey as a Foreigner
5. Handling Management & Maintenance
The Turkish real estate market has modernized immensely, and now we see foreigners purchasing property without physically being in Istanbul. What’s more interesting is that property owners don’t have to be present in Turkey to ensure their property's regular management and maintenance.
All you have to do is hire a professional company to take care of it while you are away and make sure it is in top condition. At Prime Property Turkey, we don’t just help international buyers buy high-value real estate and guide them through the legal aspects of the process; we also provide after-sales services. These services involve looking for suitable tenants for the property, taking care of the necessary maintenance, such as cleaning and repairs, and keeping the property secure. We have Turkish team members that can handle everything, so you don’t have to stress about anything.
- Communicate clearly with the tenant to ascertain the number of people who will live on the property.
- Add every detail in the lease contract.
- Find out the value of your property and other rental properties around it and decide on a realistic rental amount.
While it takes some time to find suitable tenants, you should follow the above tips and document every detail of the agreement to avoid any hassle or disagreements.
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