Türkiye has tightened rules for renting housing to tourists
Turkey has introduced a permitting procedure for renting out housing to tourists. Now, to rent out housing for a period of less than 100 days, you must obtain permission from the Ministry of Culture and Tourism. The new requirements do not apply to housing that will be rented for a period of more than 100 days.
If the owner does not comply with these requirements, he may be fined 100 thousand Turkish liras (330 thousand rubles at the Central Bank exchange rate at the time of publication) for each object rented out without permission. In case of repeated violation, the fine can rise to 500 thousand or even 1 million liras (1.65–3.3 million rubles).
With these innovations, Turkey primarily resolves internal issues of regulating the rental market and seeks to bring it to European standards. This is done so that it is possible to officially impose taxes on owners who rent out residential real estate, because often the rental occurs spontaneously, in violation of the law, experts explain.
Changes in legislation are designed to bring the rental market under control. According to experts, in the last two years there has been a boom in the rental housing market in Turkey; renting an apartment for long-term rent is very difficult and expensive. In addition, due to the emergence of new residential complexes, the occupancy rate of hotels in Turkey is suffering, as tourists rent apartments for short-term stays.
The changes carry several objectives: to divide the housing stock into residential and tourist real estate, oblige landlords to pay taxes and lure tourists to hotels. In addition, the innovations should protect the landlords themselves from unscrupulous tenants - so that the rules are as regulated as in hotels.
The innovations will not have a significant impact on tourists, experts believe. The new rules are being introduced not to somehow scare off tourists, particularly Russian ones, but to regulate the rental sector, experts say.
The introduction of such licenses in other countries had no effect on demand in the rental market. According to experts, regulation of the sector will have a beneficial effect on its development; housing will not lose its investment attractiveness: such properties, when rented out, will be in great demand in percentage terms.
Recently, Türkiye has tightened the requirements for residence permits when purchasing real estate. We are talking about increasing the minimum amount required to obtain a residence permit (residence permit) when purchasing real estate, from $50–70 thousand to $200 thousand. This will lead to a decrease in demand for real estate in Turkey, including from Russians.