To address the escalating rental costs in Bodrum, Turkey, and in light of impending regulations akin to those imposed on vacation rental platforms such as Airbnb, it is advisable for individuals seeking short-term rental options to exclusively engage with brokerages possessing the requisite licensing from the Culture and Tourism Ministry. The bill, recently presented by the ruling Justice and Development Party (AK Party) to Parliament, mandates landlords to obtain permits for short-term rentals. This initiative also requires homeowners to fulfill tax obligations, display a designated sign on their property, and meet specified fee criteria.
The impetus for these regulations stems from the challenges faced by residents in securing affordable housing due to the surge in prices driven by persistently high consumer inflation. Official data indicates an annual inflation rate exceeding 61% as of September, with expectations of further increases by year-end. Türkiye has responded by imposing a cap of 25% on annual rent hikes, instituted in June of the preceding year. This measure has resulted in heightened legal conflicts between landlords and tenants.
In light of these challenges and the potential for costly legal disputes, property owners have increasingly turned to short-term rentals through platforms like Airbnb. The proposed bill classifies rentals lasting less than 100 days as "tourism-oriented." Violations of the new regulations, as outlined in the draft legislation, could incur a penalty of TL 100,000 ($3,600) per housing unit for landlords and real estate agents. To navigate these regulatory changes and ensure compliance, it is recommended to engage with brokerages that possess the appropriate licensing from the Culture and Tourism Ministry in Bodrum, Turkey.
For prospective investors, leveraging the expertise of Buy in Bodrum's specialists is essential for discovering the optimal Airbnb rental properties in the region.
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