Presidential Decree Released: Rent Period over with Dollar and Euro in Turkey
New regulations released about rent in Turkey.
With the new Presidential Decree published in Turkey all foreign currency contracts were canceled. Those who have contracted with Euro and Dolars in Turkey will be renewed.
With the flight of the dollar in Turkey, the shops in the shopping mall, which paid the rent with the dollar, became a victim. President Erdoğan took a new decision for this situation. With the new Presidential Decree published in Turkey, all foreign currency contracts were canceled. On the other hand how that will be held in property and apartment rent in Turkey is still the question.
Thereafter residents of Turkey in trading securities and real estate, vehicle rental, and leasing, including all kinds of securities and real estate leasing business, service and work contracts not designated as indexed payment obligations denominated in foreign currency or foreign currency. The agreed prices in foreign currency will be re-determined by the parties in TL within 30 days.
On the other hand, there are also some people who think that the absence of a certain exchange rate would make no change in rental prices in Turkey.
The most important question of the store owners is: what Will the new rents rates?
Now, increases in rents in Turkey will be automatically in the WPI-CPI ratio. The current inflation rate is about 17 percent in Turkey.
We hope this regulation will not be effect negative to the real estate market in Turkey.