REASONS TO BE CHEERFUL
If you’re not careful, you can find yourself being a little dispirited by news about the Turkish property rental market at the moment.
It’s certainly true it’s become a little more complicated to let out a villa or apartment since the Government in Ankara increased security in the wake of the attempted military coup and a spate of terrorism attacks in 2016.
But the measures were not meant simply to make life more difficult for landlords from overseas. Indeed, the restrictions were largely around beforehand; the only difference is that, these days, they’re being enforced to make it harder for those who want to do harm to disappear and to close a tax loophole which was being exploited both by owners from home and abroad.
What’s Going On?
It has meant some landlords who rented out property on a casual basis now face having to deal with Turkish officialdom on a more regular basis. It’s now a requirement that your property is registered with the local Jandarma, for example, and you have to use software provided by them to ensure records of who is staying at your property are regularly updated.
Some simply can’t be bothered and have decided to drop out. As a result, there has been a glut of property formerly owned by overseas investors coming onto the market – some keen to get out as soon as possible offering property at discounted prices.
But, if you remember the old adage “buy when everyone else is selling and sell when everyone else is buying”, now is actually not a bad time to invest in property in Turkey.
Things Are Looking Up
There are some truly lovely homes which have been well looked after coming onto the market at very reasonable prices – and just at a time when the Turkish tourism market is beginning to show signs of a resurgence (more on that here:https://www.dailysabah.com/turkey/2017/08/08/brits-eye-for-turkeys-aegean-region-as-second-home). It’s true there have been a couple of years of “drought” but they’ve been caused not entirely by terror attacks but by the British media’s hysterical and largely inaccurate reporting of the security situation in Turkey.
Of course, there are no guarantees that an investment in property in Turkey will see a massive and consistent return. We don’t hold a crystal ball and can’t predict how world events will unfold in the months and years to come.
However, what we can say is that, if you’re new to the investment game and have no preconceived ideas about “the good old days” and if you’re prepared to be thorough, make sure you tick all the boxes when it comes to the regulations and you have smart brain when it comes to marketing, there’s a good chance Turkish property will still prove a sound investment.
Just give us a call or drop us a line if you’d like a chat about your options. We’re here to help.