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Possibilities for letting out in Turkey – Scangroup Homes

Letting of residence

Compared to many other countries in the Mediterranean area the high season in Turkey is relatively long, lasting from April and well into October. The low season, lasting the reaming part of the year, is still attractive for letting out in certain areas. A holiday city like Alanya maintains a comfortable average temperature also in the winter and therefore, to a certain extent, can be considered as a whole year market for letting out. Long term renting is getting more popular, particularly as pensioners and Norwegians in general are getting more accustomed to Turkey. Building and sales of residences have been quite extensive during the last years leading to a consequent competition in the letting market. For the same reason quality is essential.

It should also be taken into consideration that when speaking of letting out on a whole year basis Alanya is probably the most actual city on the Turkish coast. The micro climate is warmer, and the golf courses in Belek are not far away. Most golfers prefer to play during the winter season because of the climate.

Type of residence and demand

A three room flat with good location in Alanya can yield up to 625 € during high season but about 315 € per month during the low season from January to March. Larger residences with three or four bedrooms – ore so called penthouse apartments – will as an estimate bring in 1.000 -1.250 € during one week. Villas are at the same level. One should calculate about 25 percent commission when using letting out agencies.

When you are going to buy a residence in Turkey it is important to decide for the right area if you wish to let out as much as possible. Being close to Alanya centre is important (Think of letting out during winter). It is also important that the area is suitable for children with large restricted outdoor area where the children can play safely (See Scan Group Home’s OBA HEIGTHS RESORT, a fantastic construction at a very favorable price. This construction will be completed during spring 2008 – THE BEST IN ALANYA ?)

The easiest type of residence to let out during high season is a flat with at least two bedrooms. Turkish authorities have little or no control as regards payment of rent which means that strictly speaking one do not have to pay tax on collected rent. However, this might probably change, but at least for the time being possibilities are small. Typical common expenses for a flat with two bedrooms in a good project would be about 750 € per year. Tax on property, however, is low – calculated per thousand related to square meter. Together with electricity, water and sewer it will amount to about 125 € per year.

(Extract from article in “Bolig I Utland” – March 2007)