Sense the opportunity: Invest in Airbnb-approved Istanbul

According to data released by The UN World Tourism Organization, global travel has almost returned to its pre-pandemic peak with a total of 975 million people choosing to go abroad in 2023 – millions of those choosing Turkey as their preferred destination of travel with Istanbul officially being the most visited city in the world in 2023.

World’s most visited cities in 2023 by number of travellers

1. Istanbul: 20.2M

2. London: 18.8M

3. Dubai: 16.8M

4. Antalya: 16.5M

5. Paris: 15.5M

6. Hong Kong: 14.7M

7. Bangkok: 12.2M

8. New York City: 11.7M

9. Cancun: 10.8M

10. Mecca: 10.8M

In total, Turkey welcomed just under 50 million visitors last year and is on course to surpass France as the second most visited country in Europe in 2024, behind only Spain. With more than 5,000 miles of Mediterranean and Aegean coastlines, the mega-city of Istanbul, several UNESCO World Heritage Sites, and the natural wonders of Cappadocia – it’s easy to see why Turkey is rising; there’s never been a better time to visit.

Istanbul the number one visited city in the world in 2023

The Top 100 City Destinations Index 2023, a report recently released by Euromonitor International, noted that Istanbul was the world’s number one visited city in 2023, hosting over 20 million visitors. The report noted: “Istanbul tops the list for the number of international arrivals in 2023 with 26% growth year-on-year, followed by London in second place (up 17%) and Dubai in third (up 18%).”

A sprawling metropolis city, the largest in Europe, Istanbul has a population of more than 16 million people and is a must-see city in the world, effortlessly bridging the gap between continents, cultures, and ages, encapsulating the essence of both the East and the West. Its rich history spans millennia, evident in its mesmerising array of architectural marvels, from the ancient Hagia Sophia and the majestic Blue Mosque to the magnificent Topkapi Palace.

Beyond its historical treasures, Istanbul pulsates with vibrant energy, manifested in its lively bazaars, thriving art scene, and culinary offerings. Whether navigating the narrow alleys of the Grand Bazaar or cruising along the Bosphorus at sunset, Istanbul captivates visitors with its enchanting blend of tradition and modernity. Istanbul's allure lies not only in its size but in its ability to captivate the imagination and leave a permanent mark on all who visit.

Antalya welcomes more international visitors than Paris

Tucked away on the Turkish Riviera, Antalya is home to 1.3 million people and managed to welcome a staggering 16.5 million international visitors in 2023 – taking fourth spot in the list of the world’s most visited cities with more visitors than Paris, New York City, Rome, Bangkok, and many other metropolis destinations.

A hugely popular destination amongst Russians, Germans, and Brits, Antalya is known for its 300 days of sunny weather every year, beautiful beaches, turquoise waters, mountains, and rich historical sites. According to the report, Antalya experienced a 29% increase in international visitors in 2023 when compared to 2022, due largely to an increase in available flights making the city more accessible than ever before.

Such is the beauty of Antalya that Mustafa Kemal Ataturk, the founder of the Republic of Turkey, once proclaimed: "There is no doubt that Antalya is the most beautiful place in the world."

2024: Turkey introduces new Airbnb regulations

In recent years, the sharing economy revolutionised travel, with Airbnb leading the charge by offering unique accommodation worldwide. Despite its popularity, countries including the USA, Japan, Spain, France, and Australia, have restricted or regulated Airbnb operations. In 2024, Turkey implemented significant measures affecting short-term rentals. Turkey's Official Gazette announced the "Regulation on Rental of Residential Properties for Tourism" on December 28, 2023, imposing strict laws on Airbnb hosting (law 7464). The new regulations are as follows:

- Buildings with up to 5 units can Airbnb without a Tourism License.

- Buildings with over 5 units require a Hotel Management License for Airbnb operation.

- Properties with a Hotel Management License can host Airbnb regardless of size.

- Small hotels with a License can Airbnb regardless of room count.

- High-rise apartments may Airbnb if permitted in the Management Plan.

- Other residential apartments need unanimous consent for Airbnb operation.

Invest in Istanbul and capitalise on Turkey’s new Airbnb regulations

Data shows that following the regulation of Airbnb by the Turkish Government, the number of apartments in Istanbul that are currently suitable for short-term rentals decreased from 32,000 to 21,000.

With Istanbul being the number one visited city in the world in 2023, the need for short-term rentals has never been higher – creating a unique opportunity for investors. Those who own properties that are approved for short-term rentals are set enjoy higher occupancy levels and more demand than ever.

Data by Statista Market Insights shows that revenue in Istanbul from short-term lettings increased from $0.64 billion USD in 2017 to $1.02 billion USD in 2023 and is set to reach $1.10 billion USD in 2024 with projections forecasting a revenue of $1.33 billion USD by 2028.

Simply, an investor who owns a property suitable for short-term lettings will hold a much higher upside than before as the number of suitable properties has decreased while tourism numbers has increased.

Sense the opportunity: Property Turkey’s Sense Rewards system

Sense Rewards is an excellent investment opportunity that provides a win-win solution for homeowners and tenants. Sense Rewards brings fully furnished apartments and villas with hotel-like amenities to popular locations in Turkey. These properties include housekeeping, laundry, concierge services, and shuttle services – all managed by Property Turkey and accessible for investors via an App. With Sense Rewards app, homeowners can monitor their properties, see real-time revenue, or even book a free stay.  

Every single project and property included in the Sense Rewards program has been specifically chosen and strategically located to be suitable for all types of traveller: business traveller, tourist, solo travellers, and families – providing investors with an unlimited pool of potential renters. All properties are also fully Airbnb-approved, offering peace of mind for the buyer and an easy investment strategy with up to 10% per annum in rental returns.

Sense Sisli: Affordable Istanbul city centre apartments

Experience prime investment opportunities with Sense Sisli apartments, situated in the heart of Bomonti in Istanbul – within walking distance of Nisantasi, Cevahir Shopping Mall, and Sisli Metro. These residences offer lucrative short-term Airbnb rental potential up to 10% annually and also qualify for Turkish Citizenship by Investment.

This boutique project features a range of units including garden apartments, duplex residences, and properties up to three bedrooms. Enjoy modern amenities such as a gym, laundry facilities, cameras and security, and convenient parking options.

Why choose Sense Sisli:

- Unbeatable central location in Sisli, where demand consistently outstrips supply.

- Benefit from below-market prices, ensuring promising capital growth potential.

- Approved Airbnb status, offering a steady income stream of up to 10% annually.

CLICK HERE TO VIEW SENSE SISLI PROPERTIES.  

Sense Levent: Istanbul designer residences for sale

Enjoy the epitome of affordable luxury with Sense Levent apartments, a collaboration between Designer Turkey and renowned architect Saffet Kaya. Strategically located in Kagithane in central Istanbul, these residences promise growth potential, investment opportunities, Airbnb approval, and are ideal for Citizenship.

Crafted with precision and style, only 166 residences are available in sizes up to two bedrooms. Indulge in the vast 700m2 Sky Lounge and Terrace offering skyline views of Istanbul or enjoy amenities including an indoor swimming pool, sauna, gym, and designated underground parking.

Why choose Sense Levent:

- Central location close to daily amenities, transportation, and business districts.

- Leverage our full rental management system and legal representation in Turkey.

- Expect high rental returns annually, making these a smart investment choice.

CLICK HERE TO VIEW SENSE LEVENT PROPERTIES. 

What is Sense? Affordable city centre with income

“We are designing our developments with three things in mind: affordability, city centre location, and Airbnb suitability. We are committed to projects that allow investors to maximise on short-term rental income up to 10% per annum. Under our Sense Rewards system, we will manage everything on your behalf.”

Cameron Deggin