Changes in Turkish legislation may affect real estate rentals

As of January 1, a new law came into effect in Turkey that regulates the short-term rental of real estate for tourism purposes. The changes introduced require mandatory approval from the Ministry of Tourism. This approval will only be granted if all owners of apartments in an apartment building agree. In cases where apartment owners who rent out their properties on a daily basis do not have this approval, they may be subject to significant fines. It is expected that the complexity of the approval process may lead to an increase in the number of properties rented on a long-term basis. As a result, rental rates may decrease.