Becoming a hotel owner in Turkey
Making a holiday destination your own
First of all, if you’re considering the idea of becoming a hotel owner in Turkey, let’s be clear: it’s not impossible. There are often properties on the market. It might be because the family wants to move on or because the current owners wish to retire.
They can range considerably in cost depending on size. However, the small boutique operations can be surprisingly affordable, even in a relatively modest budget of £500k or less.
And tourism in Turkey is still growing. The country has invested heavily in recent years and is still improving its infrastructure.
The new Istanbul Airport is a good example. New hospitals, clean and waste water systems and an enhanced cycling network are others. They’re not necessarily aimed simply at visitors but they’re bound to enhance what already exists.
Beauty and diversity
But it’s the diversity and sheer beauty of Turkey which attracts millions of tourists every year. Most who have visited will also tell you that it’s almost impossible to come just once.
Of course, the COVID-19 pandemic has put a crimp on things. It’s the same everywhere else around the globe.
However, while interest in holidays and breaks in Turkey from overseas remains strong, many locals have seen it as an opportunity to take stock or reinvent themselves.
In hospitality, the focus has switched to the domestic market. There are plenty of Turks keen to leave the crowded cities behind and breathe the clean air along the coast.
New properties have also been springing up all along the “Turkish Riviera” between Bodrum and Antalya.
However, the frantic pace of development underlines the fact there’s still considerable latent demand. So does the recent surge in both the cost of renting or buying a home in areas renowned as tourism hotspots.
Are you a fast learner?
So, is buying a modest hotel in Turkey a good move? The honest answer is that it depends on your budget and also your resilience.
If your acquisition would leave you in a financial knife-edge it might not be a wise move. The unexpected could push you over the brink so we’d always advise some wriggle room just in case.
You’re also going to have to learn quickly about the Turkish immigration and employment laws, although they could be simplified quite a bit if your investment is worth in excess of $250,000 and your application for Turkish citizenship is accepted.
However, if you’re determined, ready to roll with the punches and have a long-term vision, then buying your own hotel in Turkey could be the best thing you ever did.
Firstly, there’s the potential for a busy but satisfying and rewarding life in the warm Mediterranean sun. There’s also the possibility that your property investment could be worth considerably more in ten years’ time.
By then, there’s every chance it could become a lucrative nest egg or perhaps a healthy business to hand on to younger family members when the time comes.
How can we help?
If you’d like a heads-up on how to plan or even just a no-obligation chat about the pros and cons of investing in property in Turkey, why not give as a call or drop us a line?
We’re happy to help with the logistics, paperwork and advice before, during and after your move so feel free to get in touch. We’d love to help if we can.
Alternatively, feel free to browse our blog for previous posts you may find useful or, if you’d like to check out our portfolio, you can find details of properties currently on our books right here. You can also keep up to date with our Facebook page here.