Turkey’s tourism industry is on the list of the top ten most visited countries in the World and is working on achieving a top-three position. Turkey’s growth as a tourism destination is likely spread more demand to the rental and the coastal and historical regions.
The vacation rental market has grown exponentially in recent years. This is mainly because short-term rentals have become a more appealing and cheaper alternative to hotels for tourists and business travelers looking for accommodation. Therefore, they are able to attract many guests. Being a current market trend, making more benifits through vacation rental is very promising.
Turkey is adopting a new tourism promotion strategy in 2021 with the “Go Turkey” platform, using the latest technology and communication models, as well as focusing on advanced public relations that will bring 81 provinces under one roof and boost Turkey’s tourism performance, according to the Culture and Tourism Minister Mehmet Nuri Ersoy’s declaration on a press briefing adding that Turkey showed a better performance thanks to the Turkey Tourism Promotion and Development Agency (TGA), which actively began its operations in 2020 and is made up of sector representatives as well as professional promotion experts with good knowledge of new-generation communication models and Technologies.
Many studies results unveil a transmission channel that indicates the higher inbound tourism demand raises both house prices and rental prices. Variance decomposition and historical decomposition show that both inbound tourism demand shock and manufacturing technology shock are the key driving forces of the fluctuations of house prices, consumption, and investment, whereas housing preference shock plays the most important role in determining the volatility of rental prices. The policy implications indicate that any shocks to tourism could easily spill over to housing market dynamics and aggregate fluctuations.
Whatever any property on the market can not be appropriate to the short-term rentals, first the location is particularly important it must be safe, central or with high transportation accessibility, and the property must be well maintained and clean.
When buying a property with the aim to operate it as a short-term rental, there are other costs to factor in, including things like licensing, taxes, insurance, cleaning fees, supplies…. all these costs must be included into your calculations to determinate the prices and the profit.
We can not forget that operate that kind of properties need time, care and patience so if you are a busy person you can use the help of property management companies operating in the short-term rental sector to economize time and effort.