New regulations reduce supply, pushing owners to long-term rentals
Turkey’s “Airbnb law,” which came into effect on January 1, 2024, has significantly reduced supply in the short-term rental market. According to Emlak Kulisi, the number of apartments rented out for short-term (up to 100 days) has decreased from 13,500 to 3,000 in just two months. For example, in the Esenyurt district of Istanbul, only 12 out of 224 properties remain available.
Key requirements of the new law for rented apartments:
- Tourist Certificate: Property owners must obtain a “tourist certificate” to rent out their properties on a daily basis. To do this, they need to collect signatures from other property owners and residents in the apartment building. Once majority consent is obtained, an electronic application must be submitted on the government website.
- Signage: A sign indicating “Accommodation for Tourist Purposes” must be displayed at the entrance to residential buildings and apartments.
- Hotel Amenities: Rented accommodation must be equipped according to hotel standards: pillows, blankets, bathroom and toilet accessories, etc.
Challenges in Obtaining Tourist Certificate:
According to an expert from the HomesOverseas portal, in practice, owners are required to obtain consent from not just a majority, but all property owners in the apartment building. This has become the main obstacle to the legal short-term rental of housing.
Shift to Long-Term Rentals:
As a result, many property owners (about 10,000 apartments) have reoriented themselves towards long-term tenants. “No license is required for long-term rentals. There are no criteria set for long-term rentals that are set for short-term rentals,” the expert emphasizes.
Impact on Long-Term Rental Market:
The increased supply in the long-term rental market has led to a decrease in prices in this segment, which has calmed tenants. Moreover, many furnished apartments have become available for long-term rentals, although Turks, unlike foreigners, prefer to rent empty apartments and furnish them themselves.
