Rental Market

[Indie]

My wife and I have visited Kalkan on a number of occasions over the past 7 years and are currently considering purchasing a 2-3 bed apartment there.  Our idea is to visit for 2-4 weeks a year and rent it out for the rest of the holiday season to pay the mortgage. 

Can anybody tell us what demand is like for well situated 2-3 bed apartments?  We are slightly worried about purchasing a property and not being able to rent it out.

Thanks in advance for any help.


Linkback: https://www.enjoykalkan.com/forum/index.php?topic=1258.0

[felicity]

Well I suspect that you will have no trouble renting out August - and maybe a bit of July - but the rest of the season is hard work and not easy...there are sooooo many properties out there for rental....at least that is our experience anyway...!!  I think location helps - especially for people that know exactly where is where in Kalkan - so the nearer the town that you are - with no need for taxis will definitely help - but you should see the description people put on their websites - only a 10 minute walk into kalkan - when they are half way to Akbel - is more than liberal with the truth..!! 

I really don''t think you should buy with a view to making a lot of money out of rental - coz I think you will be disappointed - buy it - coz you love the place and fpossibly or an investment maybe or in order to eventually consider retiring out there (like we did) NOT as a rental return...I think there maybe other places more suited to rental returns than kalkan..!!

Cheers and welcome to the Forum!!   

[holidayfever]

I don''t own in Kalkan or anywhere else apart from home, however when I book through holiday lettings or owners direct there is sooooooooooooooooooo much choice I wonder how owners manage to fill the weeks. I for one with so many properties to from would either choose very wisely, undercut the rest or leave well alone the competition is vast.

[Em1]

Hi
I use to rent out, and normally only just managed to cover my costs for pool maintainance, electric, water, cleaning, laundry bill, welcome pack, management costs, advertising cost, website charge, earth quake insurance, and indemnity insurance. Some years I have had trouble renting for just a few weeks a year! I have a nice home, good location, and my prices were reasonable, but there is a lot of choice today.
You will have start up costs like 2 complete sets of all sheets and bed linen, bath towels, beach towels etc
In addition to this you have the (new) English tax system for UK owners of a 2nd home abroad and Turkish tax system to take into account.
My own opinion is you would not be able to cover any loan on the property, so I would not buy on any pretence of it self funding!
Perhaps others could advise if they find themselves in a more favourable situation??
Em

[jinfizzz]

We bought our apartment with no intention of renting, merely just to enjoy it ourselves and for the use of the family.  However, word spread and we were fortunate enough to cover maintenance etc last year. 

I would however do as Felicity suggests and only buy here because you love the place because you can''t guarantee rentals.

We decided that if anyone wanted to rent ours this year, we would continue to do so, having just spent money on having all new doors and windows put in.  Strangely enough, I''ve had countless enquiries for the same weeks in June and July that I could have rented these weeks out time and time again.  We aim to cover the maintenance and to keep the tax man happy, but at the same time really enjoy sharing our "home" with like-minded people.

[msr]

I agree with Jinfizzz, we bought because we loved Kalkan, manage to cover maintenance, tax, etc. but certainly don''t make a fortune. We bought at Patara Prince 4 years ago as an investment and have seen the value double. We were lucky it was just before prices rose steeply. Our villa is booked between the end of May to the end of September every year and for the last two years we were fully booked in October as well. However if you are hoping to make a rental killing you may be disappointed,  make sure you do your homework well. However it is nice to own your own little bit of paradise!

[Indie]

Thanks for your responses.

Although we hadn''t anticipated buying purely as an investment (as we really like staying in Kalkan anyway), we realised that we would have to let a 2 bed apartment for 14 weeks a year in order to cover the overheads including some mortgage. That would seem highly unlikey.

We need to have a rethink!!

[felicity]

Wow msr - tell us your secret..!!    - that sort of rental sounds wonderful..but I would say that you are among the fortunate few...I agree, Indie - if you NEED 14 weeks a year - then you just can''t guarantee that...especially to start with - anything more than 8 and I think I am doing well..!!    

having said that - I have my bit of paradise - so I am very lucky - and I am not complaining - I am in for the long haul - and I know that I am fortunate to be able to own a villa in Kalkan and whilst the rental income is useful and necessary to cover the maintenance - I never went into it with the idea of making a rental killing.....so, as Jinfizz and Indie say - do your sums carefully..!!

[MartynE]

This is our third season now and we are averaging 12-13 weeks per season, using Ownersdirect and Holidaylettings. Interestingly, we have found July to be the hardest month to book this year, unlike some of the earlier posts; September/October and May/June are normally the best periods for us.

Maybe our relative success (?) is partly down to location and maybe the fact that ours is a one-bed rather than a two/three bed apartment (or villa). After all, Kalkan''s greatest appeal is probably to couples, so a lot of potential customers can''t see the point in paying for more accomodation than they need... we have friends who have a lovely two bed apartment in Komerluk which they are struggling to fill for that reason.

[Enjoy Kalkan]

I''m going to give myself a free plug now........ you can always advertise on the EnjoyKalkan accommodation section, with a months free trial. 

EnjoyKalkan is now 3rd on Google for "Kalkan" and there are going to be many more big publicity pushes soon, not only to promote EnjoyKalkan but Kalkan as a resort.

[kal1]

Hi Indie
I can tell you of my own experience re: renting. We have 2 villas and when we first bought in 2002/3 they were always booked all season from April - end of October at reasonable prices. However, since the amount of people now trying to rent has increased I have been forced to substantially lower my prices to achieve bookings. I would imagine its the same for apartments - maybe worse since there seems to be alot of new apartments. I hope this helps you make a decision.