Published on and written by Cyril Jarnias
Seasonal rental in Turkey is scaling up. Between the explosion of tourism, the rise of Airbnb-type platforms, a new highly structuring legal framework, and a real estate market in a stabilization phase, the country today offers a particularly interesting playing field for both investors and individual hosts. But it is also a more technical market than it seems, with yields that vary sharply depending on the city, strict rules for stays under 100 days, and a tax burden not to be underestimated.
This article details the seasonal rental opportunities in Turkey for 2025-2026, analyzing available data, major tourism and real estate trends, as well as the new regulatory framework, notably Law 7464 on short-term rentals.
A tourism and real estate market undergoing major restructuring
The first thing to keep in mind relates to the macroeconomic and tourism context. Turkey has risen to 5th place worldwide among the most visited destinations, with over 49 million international tourists in 2023, over 52.6 million in 2024, and a target of 65 million visitors in 2025. Between January and November 2025, more than 58.48 million people (including residents abroad) have already stayed in the country. Tourism revenues follow the same trajectory: $61.1 billion in 2024, a target of $64 billion in 2025, and $68.7 billion aimed for in 2026.
More than 50,000 properties were listed on Airbnb in Turkey in 2023.
At the same time, the real estate market is going through a phase of normalization. After years of high inflation, the monetary tightening policies of 2023–2024 have kickstarted a stabilization. In 2025, the national average gross rental yield stands at around 7.7%, with a slight increase between Q1 and Q3. Nominal housing prices continued to rise – around +32.8% year-over-year in summer 2025 – but inflation around 32–33% makes the real increase nearly zero in the short term. In hard currency, the national average price is around $1,025 per square meter, which remains competitive compared to many competing Mediterranean markets.
The combination of fast-growing tourism, still affordable real estate prices in foreign currency, and gross rental yields around 7 to 8% creates a favorable environment for seasonal rental projects. To succeed, it is essential to integrate two key parameters: geography (location choice) and the current regulations.
Yields and dynamics by major tourist cities
Turkey is not a homogeneous market. Performance differs markedly between economic metropolises, seaside resorts, and inland cities. For seasonal rental, most of the potential is concentrated in a few major hubs: Istanbul, Antalya (and its region), the Aegean coast around Izmir, and the Mediterranean coastal resorts.
Istanbul: economic engine and hub of urban rental
Istanbul concentrates most of the country’s real estate dynamism. A city of over 15 million inhabitants, it combines a very solid local demand base (students, families, professionals, expats) and massive tourist flows, all supported by a dense transportation network (11 metro lines, two major international airports) and a cost of living that remains competitive on a European scale.
In real estate terms, the average price per square meter in the metropolitan area is around $1,630, with significant differences depending on the neighborhood: from $1,800 per square meter in central areas like Beyoğlu, Kadıköy, or Şişli, to more than $4,000–$5,000 for some Bosphorus waterfront properties. Gross yields average between 4.5% and 8% depending on the source and district, with pockets of higher profitability in peripheral or developing districts.
Available data allows comparison of a few emblematic sectors:
| Istanbul District | Estimated Gross Yield (range) | Primary Profile |
|---|---|---|
| Kadıköy | 4.32% – 5.86% | Lively neighborhood, mix of long stays and city breaks |
| Şişli | 6.06% – 8.95% | Business and leisure center |
| Maltepe | 6.24% – 7.32% | Residential district on the rise |
| Esenyurt | 8.00% – 9.77% | Peripheral sector with high yield |
| Beylikdüzü | 7.63% – 13.91% | Emerging zone, highly sought after for rental investment |
| Küçükçekmece | 7.63% – 10.91% | Transforming district, close to infrastructure projects |
| Kağıthane | 6.46% – 7.52% | Urban neighborhood undergoing redevelopment |
| Istanbul Average (all) | 8.15% | Average gross yield across all zones |
For seasonal rental proper (stays of a few days to a few weeks), the historic and hyper-central neighborhoods remain the most promising: Sultanahmet, Taksim, Beyoğlu, Galata, Fatih. In these areas, the combination of a high occupancy rate (often above 80% in peak season) and sustained daily rates makes it possible to achieve gross yields of 9 to 12% according to studies, provided regulatory compliance is maintained.
In neighborhoods like Esenyurt or Beylikdüzü in Istanbul, rental yields are very attractive. They are mainly based on medium-term furnished rentals, targeting for example digital nomads, young professionals, or families, rather than short-term tourist rentals like Airbnb. For an investor, an effective strategy can be to mix stays of a few weeks with leases of a few months, an approach facilitated since the introduction of the digital nomad visa in Turkey.
Antalya and the Turkish Riviera: heart of vacation rentals
On the purely seaside segment, Antalya and its region occupy a central place. The recently expanded airport can handle up to 82 million passengers per year, and the city enjoys over 300 days of sunshine annually. The cost of living is noticeably lower than Istanbul, with monthly expenses estimated between $600 and $1,200 excluding rent, attracting tourists, retirees, and remote workers alike.
Overview of key indicators of the Antalya real estate market, including prices and rental yields.
The average price per square meter is around $1,200.
Gross yields frequently range between 8% and 15% for well-managed vacation properties.
Yields average between 6% and 9% for more traditional leases.
Data by district illustrates the diversity of the area and the opportunities.
| Antalya Zone / District | Estimated Gross Yield | Dominant Rental Profile |
|---|---|---|
| Kepez | 7.12% – 8.59% | Long-term rental, moderate budget |
| Muratpaşa | 6.31% – 7.76% | Mix tourists / locals, proximity to center |
| Konyaaltı | 5.93% – 7.12% | Beach, modern residences, strong seasonal demand |
| Alanya (coastal town) | 3.44% – 5.36% | Established tourist market, rising prices |
| Antalya (all zones) | 6.28% | Average all segments |
While the province average shows 6.28% gross yield, well-located coastal properties with a short-term rental license can exceed 10% thanks to strong summer demand (May–October) and the growth of winter tourism and wellness (thermal springs, spas, cures) in Antalya, Alanya, and Bursa.
Resorts like Kemer, Belek, Side, or Alanya amplify this potential, each with a different positioning: all-inclusive resorts, European families, young crowds seeking nightlife, foreign retirees… For an owner of a villa or apartment with a pool, well-priced seasonal rental can generate up to 30% additional income compared to a standard annual lease, as several analyses confirm.
Izmir, Bodrum, Fethiye: the Aegean coast, between chic and slow travel
On the Aegean coast, the region of Izmir, Bodrum, Fethiye, Marmaris or Kuşadası, often called the “Turkish Riviera” or “Turquoise Coast“, attracts a broad audience: families, sailors, lovers of “slow travel” stays, affluent clientele in Bodrum, but also tourists on a more moderate budget.
Izmir, the country’s third city, shows an average rental yield around 7.38%, with districts like Karşıyaka, Konak, Karabağlar, Buca, or Bornova combining local demand and seasonal tourist influx. The surroundings – Çeşme, Alaçatı, Foça, Urla, Sığacık, Ildır – perform very well for seasonal rental: beaches, fishing villages, vineyards, gastronomy.
Bodrum, the summer nightlife capital of Turkey, functions as a premium market with seafront villas for an international clientele. Percentage gross yields are lower due to high purchase prices, but demand remains strong. Seasonal rental, particularly lucrative in July-August, can easily be combined with personal use of the property.
In more off-the-beaten-path locations like Gümüşlük, Datça, Bozburun, Akyaka or Kabak, a more alternative tourism is developing: yoga retreats, nature stays, bungalows, small traditional houses, chic camping. These destinations are ideal for weekly or bi-weekly rentals, focused on tranquility, wellness, and proximity to the sea, with purchase prices often lower than central Bodrum, but sometimes a slightly shorter tourist season.
Other cities: Ankara, Bursa, and the interior
While seasonal rental is mainly concentrated on the coasts and in Istanbul, other cities present interest for mixed strategies (medium-term, targeted seasonal, rental to professionals or students). The average yields recorded are as follows:
| City | Average Gross Rental Yield | Main Demand Drivers |
|---|---|---|
| Ankara | 8.67% | Administrative capital, students, civil service |
| Adana | 8.87% | Regional center, industrial and agricultural activity |
| Konya | 7.85% | Inland city, limited religious and cultural tourism |
| Bursa | 7.79% | Industry, winter and thermal tourism, proximity to Istanbul |
| Kayseri | 7.05% | Industrial center, access to Cappadocia |
| Izmir | 7.38% | Combination of tourism, students, services |
In Ankara, pure seasonal rental is less structuring than furnished annual rental or student co-living. Bursa, on the other hand, benefits from the rise of winter tourism and wellness, which can justify hybrid formats: furnished apartments rented during the ski season, then to families or digital nomads the rest of the year.
Seasonal, medium-term, long-term: understanding net yields
The figures given for yields are, in most sources, gross yields. They are typically calculated as follows:
Gross rental yield (%) = (Annual gross rent / Purchase price of property) × 100
For a seasonal rental investor, it is essential to think in terms of net yield, after deducting the main costs: taxes, charges, maintenance, management, vacancy, license fees, furnishings. Available analyses indicate that net yields are generally 1.5 to 2 percentage points lower than gross. A gross yield of 10% thus often translates into a net yield around 8–8.5% if management is well optimized.
The most significant recurring cost items are: salaries, rents, energy bills, social charges, insurance, and maintenance fees.
The main recurring costs include: management fees (10–15% of turnover for long-term, 20–30% for seasonal with services), a maintenance budget (1–2% of property value/year), condominium fees, as well as local taxes (property tax, DASK earthquake insurance, tourist contribution). Also plan for costs related to the tourist rental permit for short stays (< 100 days).
Another key parameter is the payback period. In 2025, average estimates by city fall within the following range:
| City | Average Payback Period (ROI) |
|---|---|
| Istanbul | 15 – 18 years |
| Antalya | 13 – 16 years |
| Izmir | 16 – 19 years |
| Ankara | 17 – 20 years |
| Bursa | 17 – 19 years |
For seasonal rental, a good part of the performance then hinges on three levers: the annual occupancy rate, the average nightly (or weekly) price level, and the ability to smooth seasonality by attracting off-peak stays (digital nomads, wellness stays, retreats, sports or cultural events).
Tourism increasingly spread throughout the year
Long associated with a summer tourism heavily concentrated between June and August, Turkey is repositioning itself towards a more “four-season” model. Several trends point in this direction.
First, the rise of what is called “slow travel” and experiential stays. More and more visitors are opting for longer stays outside the peak season to take advantage of softer prices between September and November or in spring. The growth of villa and apartment rentals, eco-friendly accommodations, camping and bungalows supports this trend.
More than 2 million medical tourists chose Turkey for healthcare in 2024, attracted by competitive prices.
Finally, the arrival of a new audience: digital nomads.
The “Digital Nomad” visa: a new driver for medium-term stays
Officially launched in spring 2024, the digital nomad visa is changing the game for medium-term furnished rentals in Turkey. This renewable one-year residence permit is aimed at citizens from 32 countries (mainly EU, UK, USA, Canada, Russia, Ukraine, Belarus) aged 21 to 55, with a stable monthly income of at least $3,000 and working remotely for employers or clients outside Turkey.
Candidates must first submit their documents on a dedicated portal and obtain a digital nomad certificate. Then, they must finalize their application at a consulate or the migration directorate. For those already in the country on a tourist visa, a specific procedure sometimes allows switching to a residence permit.
This scheme has several direct consequences on the rental market:
– Growing demand for furnished housing for intermediate durations, often 3 to 12 months.
– A marked interest in well-served neighborhoods with cafes, coworking spaces, good internet connection, and reasonable cost of living.
– Less sensitivity to traditional tourist seasonality: these tenants come in all seasons, smoothing the occupancy rate.
Discover the top destinations in Turkey, combining suitable infrastructure, attractive cost of living, and exceptional quality of life.
Attracts with its extensive coworking offerings and dynamic cosmopolitan ecosystem.
Appeals with its mild climate and moderate cost of living, ideal for working in the sun.
Similar to Antalya, it combines a pleasant climate and affordable beachfront living.
Relies on quality of life and a relaxed urban setting on the Aegean coast.
Offers an idyllic setting and high quality of life, favoring landscapes and serenity.
Dalaman for its coastal landscapes, and some areas of Cappadocia for its unique and historic setting.
For owners, this new clientele allows complementing a seasonal model: renting by the week or night in high season, then offering multi-month stays to digital nomads or foreign retirees during autumn and winter, at competitive monthly rates but higher than a standard local lease.
Platforms, technology, and remote management
The development of seasonal rental in Turkey owes much to the rise of digital platforms. Airbnb, present in the country since 2010, has gone from 76 listed accommodations to more than 50,000 in about twelve years. Other players round out the landscape: Vrbo, TripAdvisor/FlipKey, Booking.com (mainly hotel but also offering vacation rentals), as well as regional platforms like Flat4Day.
A well-managed listing on short-term rental platforms can generate 30% more revenue compared to a traditional long-term rental.
Remote management is facilitated by an extensive range of services:
To manage a seasonal rental, several solutions exist. Local specialized agencies handle all tasks (listing, pricing, cleaning, maintenance, check-in) in exchange for 20 to 35% of revenue. Meanwhile, online management tools (channel managers, property management software) allow syncing calendars across different platforms, centralizing messages, and automating part of the pricing. Finally, using technologies like smart locks, key boxes, noise sensors, smart thermostats, and outdoor cameras helps secure the property and significantly reduces the need for physical presence on site.
In Turkey, companies like TEKCE Property Management, local operators on the Antalya or Alanya coast, or real estate agencies specializing in foreign clientele offer “turnkey” solutions. Some announce target occupancy rates around 80% for well-located and properly priced properties.
However, the more management is outsourced, the higher the cost. The time saved and peace of mind must therefore be weighed against the erosion of net yield, especially in cities where purchase prices are rising and rules are becoming more complex.
A much stricter legal framework for rentals under 100 days
This is the major change in recent years: Turkey has very precisely regulated short-term rentals with Law 7464, which came into effect on January 1, 2024. Officially named the “Law on the Rental of Residential Premises for Tourism Purposes and Amendment of Certain Laws,” it targets stays of 100 days or less.
What Law 7464 changes
The law introduces several structuring principles:
– Any rental of a dwelling for a period less than or equal to 100 days for tourism purposes now requires a specific permit, issued by the Ministry of Culture and Tourism or authorized provincial governorates.
– The dwelling thus operated legally becomes a “tourist home“.
– Without this permit, short-term rental is illegal and subject to heavy fines.
This permit entails a number of conditions and procedures:
Displaying an official plaque at the entrance is mandatory. The dwelling must meet minimum standards: one bedroom with bed, one bathroom with toilet, a living area, a equipped kitchen, fire safety devices (extinguishers, smoke detectors, evacuation plans), and a maximum capacity of 12 people (2 per bedroom + 2 additional, children under 3 not counted). Cleaning and disinfection before each arrival are required.
Co-owner agreement and limitations per building
One of the most sensitive points for investors is the requirement for agreement from other co-owners:
– In a standard building, unanimous agreement from all owners is required to obtain a permit for a given apartment.
– In residential complexes with multiple buildings, this agreement only concerns the co-owners of the building where the rental unit is located.
– In principle, the same owner can only hold permits for 25% of the units in a building with more than three dwellings.
– Beyond five units in the same building, a commercial operating license is required, along with unanimous agreement from all co-owners of the entire complex.
Exceptions exist for high-end residences that include a tourism purpose in their condominium bylaws (hotel-like services, reception, cleaning, security). In this case, the permit can be issued to a management company on behalf of the owners, without requiring unanimity.
Guest registration and tax obligations
Properties with a tourist home permit are subject to the law on the obligation to declare identity. The permit holder (owner or management company) must:
It is mandatory to record daily the arrivals and departures of occupants on the e‑GUEST platform and to maintain a register of stays including passport identifiers, stay dates, and the number of people.
Tax-wise:
– Income from very short-term rentals (by the day or week) is considered commercial income, not simple property income. It is therefore subject to 20% VAT and heavier accounting obligations (invoicing within 7 days of the service, bookkeeping, etc.).
– Owners must also pay a “tourist contribution” to the Tourism Promotion Agency, based on turnover.
– Capital gains on resale are taxable if the sale occurs within five years of purchase (with a progressive scale reaching approximately 40%). After five years, the gain is exempt for individuals.
Foreign owners may benefit from double taxation treaties, but should seek advice from a tax specialist to optimize their situation.
Fines and risks in case of non-compliance
Penalties are deterrent:
Fine per property for renting without a permit, with a 15-day period to get into compliance.
Add to this the sanctions provided for by the identity declaration legislation (potentially leading to criminal prosecution), risks of service disconnection (water, electricity), or even permit revocation in case of repeated violations or public order disturbances.
For an investor, the consequence is clear: it is no longer possible to “test” seasonal rental illegally or rely solely on an informal Airbnb model. Projects must be designed from the purchase stage incorporating the regulatory aspect: type of property, condominium bylaws, acceptance of other owners, tax model.
Choosing the right segment: urban apartment, beachfront villa, serviced residence
In practice, three main types of assets stand out for seasonal rental in Turkey.
Urban apartments in major cities
In Istanbul, Izmir, Antalya, Ankara, well-located apartments (center, near metro or tram, sought-after neighborhoods) are ideal for a short and medium-term clientele: cultural tourists, city-breakers, exchange students, consultants, digital nomads.
Seasonality is more spread out than on the coast, thanks to business demand, events, and academics. Gross yields can be very attractive in some peripheral districts, but competition is strong in central areas. The new law on stays under 100 days is also more sensitive here, as co-op living is dense and consensus among owners sometimes difficult to obtain.
A coherent urban strategy can consist of:
To optimize your rental investment, target 1-to-2-bedroom apartments, located near transportation and easy to furnish, as they are highly sought after by couples and small groups. Prioritize newer buildings or residences already oriented towards a tourist or business clientele, to avoid potential roadblocks when obtaining a tourist rental permit. To maximize profitability, adopt a mixed rental strategy: alternate throughout the year between multi-month rental contracts (suitable for digital nomads or expats) and shorter tourist stays during peak seasons.
Villas and houses on the Aegean and Mediterranean coasts
For pure vacation rentals, villas and houses with pools – in Bodrum, Kalkan, Kaş, Fethiye, Göcek, Marmaris, Antalya, Belek, Alanya, Side, Çıralı, Faralya, Gümüşlük, etc. – constitute the archetype of the seasonal asset.
They meet current expectations: privacy, space, equipped kitchen, ability to accommodate families or groups, sometimes tailored services (chef, daily cleaning, transfers). Specialized agencies frequently present these villas as more profitable and flexible than an apartment, notably because they are often on individual plots, simplifying the tourist rental permit process.
Annual gross yields can reach 8 to 12%, or even 15% for well-placed high-end villas with a good occupancy rate. To optimize profitability, it is essential to extend the season (spring, autumn) by targeting diversified clientele: European families, retirees, honeymooning couples, groups for wellness retreats, and remote workers.
Serviced residences and aparthotels
Finally, we see the development in Turkey of residential complexes managed in a quasi-hotel manner: residences with reception, security, cleaning, common services, where apartments are rented seasonally by a centralized operator. This model is particularly appealing in Istanbul, Antalya, Alanya, and some seaside resorts, where condominiums have integrated tourist operations into their bylaws.
For an investor, the interest is twofold: on the one hand, the regulatory burden (permits, guest registration, standards) is handled by the operator; on the other hand, marketing is pooled across several channels. In return, the owner must share a significant portion of the revenue (sometimes 40–50%), and has less leeway over pricing or furnishing.
Demand profiles and consumer trends
Alongside the figures and regulations, it is useful to understand who rents what, where, and how.
The main clienteles for seasonal rental in Turkey are:
Overview of target clienteles and their motivations for traveling to Turkey, highlighting the diversity of demand.
From Germany, UK, Russia, Nordic countries, Netherlands, Poland. Mainly seek all-inclusive beach holidays or family villa rentals.
Strong demand for ‘family’ villas or those suitable for halal practices (pool privacy, no alcohol, specific catering).
Fast-growing market, with a recent increase of over 30% in visitor numbers.
Turks are increasingly traveling within their own country, especially to the Aegean coast, the Black Sea, and Central Anatolia.
A clientele encouraged by the new dedicated visa, seeking long-term stays to work.
Furthermore, Turkey is a highly connected country: nearly 88% of the population is online, 97.6% of internet users over 16 own a smartphone, and over three-quarters use at least one social network. Instagram, TikTok, and Facebook play a decisive role in discovering destinations, accommodations, and experiences, especially among those under 35. Online reviews strongly influence decisions, reinforcing the importance of careful reputation management for any seasonal rental.
Opportunities and risks for the investor
Given all the elements, Turkey today offers a rather unique opportunity profile in the seasonal rental segment.
Strengths
– Some of the most attractive gross yields in the region (often 7–10%, or even higher in certain coastal or emerging urban segments).
– Acquisition prices still attractive in hard currency, despite the recent rise in Turkish lira values.
– Fast-growing tourism, with a stated willingness to smooth seasonality and diversify offerings (cultural, medical, sports, wellness).
– A digital nomad visa creating additional medium-term demand, particularly profitable for well-located furnished properties.
– A varied offering of professional management and digital tools, facilitating remote management.
Points of vigilance
– A regulatory framework now strict for stays under 100 days, with sometimes complex procedures (co-owner agreements, standards, reporting) and very high penalties for non-compliance.
– Taxation that can become heavy if the activity falls into the commercial income category (VAT, accounting obligations).
– Still marked seasonality in some coastal areas, requiring clientele diversification and off-peak work.
– Macroeconomic risks (inflation, currency fluctuations) impacting both local purchasing power and foreign investor outlook.
– Growing competition on booking platforms, demanding a high level of quality and service.
Towards a more mature and professional market
Turkey is gradually emerging from a phase where seasonal rental was mainly opportunistic and poorly regulated. Between the new law on stays under 100 days, rising traveler expectations, and the arrival of new audiences (digital nomads, medical tourists, “slow travel” enthusiasts), the market is moving towards a more professional, more capital-intensive, but also potentially more sustainable model.
To succeed in a real estate investment, it is essential to develop a structured project. This involves precisely defining the target segment (urban, coastal, serviced residence), arbitrating between short and medium-term rental, integrating regulatory and tax costs, implementing a multi-channel marketing strategy, and ensuring quality management.
In this context, seasonal rental in Turkey remains, on a regional scale, one of the most interesting avenues to generate rental income in foreign currency or Turkish lira, provided it is treated as a full-fledged activity, with the same rigor as any entrepreneurial project.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
