6 Tips for Owning a Rental Property in Istanbul, Turkey

The idea of ​​a rental property purchase appeals to many because it can generate regular rental income for the owner. In fact, it's one of the most profitable long-term investments a person can make. For this reason, the Turkish real estate market has attracted many investors. Low real estate prices, potentially high capital gains, a stable real estate sector, and the latest construction in Turkey's real estate sector continue to attract interest from foreign buyers.

Additionally, there will be 1.8 property sales in the first seven months of 2022 alone. Many of these are residential units, including apartments. Among all regions in Turkey, Istanbul leads the list with 240,644 property sales in the first seven months of 2022, followed by Ankara with 123,861 property sales.

Are you also looking to buy a rental property in Istanbul, Turkey? If so, read this article to know Property Superiors 6 amazing tips for owning a rental property in Istanbul, Turkey.

1. Grab the Perfect Property

Buying the perfect property is essential for high rental income. You want to make sure that the property you buy is in a good location, close to public transport, and close to the city centre.

Additionally, properties close to airports and transport hubs outperformed rental apartments. In fact, the location of a property determines its success. Locations with lots of job opportunities and little crime are good choices because properties there can attract a lot of renters.

Also, the proximity of a rental property to other amenities such as shopping malls, cafes, restaurants, schools, hospitals, etc. can also determine its performance.

Properties in popular areas of Istanbul are the most coveted and therefore likely to have reliable rental income. But even the newer areas of Istanbul, such as the Basaksehir-Bahcesehir district, are seeing huge demand for foreign real estate investment due to modern transport facilities, proximity to major highways and a diverse property portfolio.

We sell a large number of properties in Istanbul for foreign buyers. All of our properties are in prime locations, so take a look and let us know which ones interest you.

2. Effectively Market Properties

Once you have the perfect property, the next step is to bring it to market to ensure you find the best potential tenants. You can do it yourself, or hire a company to do it.

However, if you don't want to incur additional marketing costs, here are some things you can do to attract more attention to your property.

You can use social media to showcase your property. Post about it on Facebook and Twitter. Upload photos or take some pictures of your property and patio views and share them on your social media.

There are also countless expat groups on Facebook that you can join and share all the details of your property.

Post a custom sign outside your property with your phone number and other details to let people know it's available for rent.

You can even use a platform like sahibinden.com and create an online listing for your property, mentioning all features to reach a wider audience. Plus, sites like Airbnb are great for finding tenants quickly and easily.

3. Make Your Property Unique

The market is full of real estate options for rent in Istanbul. So how do you stand out from the competition?

The first thing you can do is take attractive photos showing the details of your property. Many landlords overlook this, so letting people see eye-catching pictures of your property can definitely help attract the interest of potential tenants and vacationers.

Your property doesn't have to be the most refined property on the market to attract a lot of interest from potential tenants. Tweak and decorate your property to make it even better. Do your best to decide on the right rent for your property.

This way you can ensure that you do not undervalue your property and get the highest possible rental income.

4. Consider All Costs

Make sure you pay the proper taxes on your property. Factor in any taxes you will have to pay and the maintenance costs involved. The best way to do this is to hire the services of an accountant so you don't miss a payment and comply with the law.

5. Handling Management and Maintenance

The Turkish real estate market has undergone a huge modernization and now we see foreigners buying properties without being in Istanbul. Even more interesting, property owners do not need to be resident in Turkey to ensure regular management and maintenance of their properties.

All you have to do is hire a professional company to look after it in your absence and make sure it's in top condition. At Property Superiors, we not only help international buyers purchase quality property and guide them through the legal aspects of the process; we also provide after sales service. These services include finding suitable tenants for the property, performing necessary maintenance such as cleaning and repairs, and securing the property. We have Turkish team members who can do anything so you don't have to worry about anything.

Other Tips

• Communicate clearly with tenants as to how many people will live in the property.
• Include all details in the lease agreement.
• Determine the value of your property and other rental properties in the area and determine a realistic rent.

While finding the right tenant will take time, you should follow the tips above and document every detail of the agreement to avoid any hassles or disagreements.