Many foreigners in Turkey, as well as native Turks unable to purchase real estate, turn to renting apartments due to the high property prices in Turkey compared to rental values. Rental prices in Turkey are relatively low compared to major capitals worldwide. Turkey, with its charming climate, enchanting green nature, luxurious and modern properties, and rich historical landmarks, attracts tourists, increasing the demand for apartment rentals in recent times.
Concept of Renting and Leasing Apartments:
Renting and leasing apartments involve the process where individuals seek to rent an independent apartment or one within a complex for a specified period, whether long or short term, in exchange for a predetermined amount of money and specific conditions agreed upon in advance between the tenant and the landlord.
Key Laws Tenants Should Adhere to:
- Tenants are not allowed to sublease residential, commercial, or investment properties without written consent from the property owner.
- Rent must be paid on time according to the agreed-upon day of the month specified in the lease agreement.
- Tenants must comply with paying monthly utility bills for water, gas, electricity, and internet.
- No changes to the property’s structure or room distribution are allowed without consulting the property owner and obtaining approval.
- Tenants must maintain the property and return it in the same condition as received.
- Tenants are required to compensate for any intentional damage caused to the property.
Key Laws Landlords Should Adhere to:
- Ensure ownership of the property by verifying the title deed registered in the property owner’s name with government real estate departments.
- Confirm the property is free of issues related to mortgages, tax evasion, or other legal problems.
- Thoroughly review and understand the terms of the lease agreement, seeking the assistance of a real estate consultant or translator if the tenant is a foreigner.
- Personally inspect and thoroughly examine the property or apartment before handing it over.
- Possibility of registering the lease agreement with local authorities, as some areas are currently restricted for foreigners in Turkey.
Key Information Included in the Lease Agreement in Turkey:
- Personal information of the property owner:
– Name, ID number (Kimlik), residential address.
- Personal information of the tenant:
– Name, ID number, previous address.
- Start and end dates of the lease agreement.
- Monthly or annual rent amount.
- Payment method: Whether by hand, monthly bank transfer, or annual payment.
- Legal status of the property: Under construction or ready for occupancy.
- Intended use of the property: Residential or commercial.
- A dedicated section outlining terms and conditions for the use of the apartment or property.
Renting apartments in Turkey, especially after purchasing them, is one of the key ideas that can be adopted for real estate investment in Turkey to achieve high returns and profits. Even if the investor intends to resell them later to benefit from the price difference between the buying and selling stages, this type of investment requires a complete understanding of the real estate market in Turkey.
Keywords:
Residential and Commercial Property
Real Estate Investment
Title Deed
Real Estate Consultant
