Turkey Imposes Tougher Rules for Holiday Rentals
Turkey has implemented stricter regulations for Airbnb-type rentals in response to concerns from hotels about tourists choosing more affordable alternatives.
Under the new legislation, homeowners are now required to obtain permits from the Ministry for Culture and Tourism to offer their properties for rent through Airbnb and similar platforms. Additionally, they must pay a specific tax and a new fee related to Airbnb and other vacation rental companies. In addition, they are obligated to provide customer information to the authorities, following the same procedures as hotels.
As a result of the new regulations governing daily, weekly, or monthly rentals, many property owners who previously used rental management companies, tour operators, and online platforms like Airbnb are finding themselves unable to rent their properties freely.
Individuals contemplating an investment in property for personal use, with an eye on generating rental income to offset their purchase costs or cover ongoing property expenses, must diligently assess whether the property complies with the updated rental laws.
Furthermore, investors and property owners with properties that meet the criteria of the new regulations, allowing short-term rentals, stand to gain significant advantages, particularly in terms of higher potential for capital growth and property appreciation. This advantage is especially pronounced in coastal resort areas when compared to properties restricted to long-term rentals.
It is imperative for current homeowners and potential new investors to proceed with extreme caution, as non-compliance with the recently implemented rental legislation starting January 1, 2024, will lead to substantial fines ranging from 500,000 Turkish Lira to 1 million for repeat violations.
Contact us today to explore the opportunity of purchasing a holiday home in Turkey, where you can enjoy personal use and rental income during peak holiday seasons. We can assist you in navigating the latest rules and regulations and help you find an investment that fits your needs within Turkey's thriving tourism sector.
More information and updates will become available as the new regulations are implemented.