Who will manage your property to rent in Istanbul Turkey?
If you are staying in Turkey on a long-term basis, then you can look after the property by yourself.
But if you want to manage your rented property from your home country, then you better hire a property management company to take care of all the legal work and manage the property.
Abiding Legal obligation when putting your property to rent in Istanbul Turkey
1. Short-Term Rentals
If you are planning to rent your property on a short-term basis, there are a few steps laid down by the Turkish Government- to prevent terrorism.
· If you look after the property by yourself: You need to visit a local gendarme station where you will be given access to a software a password. The person who signs for the password is legally responsible for submitting all visitors’ names and details.
· If a management company looks after the property: First, the company has to submit some proof of them managing the property on the owner’s behalf along with a copy of the written agreement between the two. The local station can ask for the identification proof of the owner as well.
All details of the person renting the property must be entered into the software. Any failure penalizes-700 lira a day.
2. Long-Term Rentals
This one is as simple as renting properties in any other Western countries Whenever you are putting your best property to rent in Istanbul Turkey on a long-term basis, it is advisable to draw up a contract between both parties.
Here are 3 rules to follow if you are putting your property to rent in Istanbul Turkey for long-term
Just like other Western Countries, you have to pay tax on your rental income to the tax office. If you have hired a company or have signed the GIYKIMBIL system, you can claim tax deductions in terms of- water, electricity, and the Internet.
How much rent can you expect to receive?
Well, it solely depends on the area where you choose to put your property to rent in Istanbul Turkey.
For example: if you are renting your apartment in an expensive area in Turkey, you can expect a rent of 3000 lira and more. Putting your best property to rent near Istanbul Turkey in mediocre areas, you can expect an average rent of 800 to 1200 lira per month.
Putting your property to rent in Istanbul Turkey is not that complicated. With 3 million tourists flocking to Istanbul every year, renting a property can give glorious returns