Real Estate

Rent increase in residences will not exceed 25%

Minister of Justice Yilmaz Tunc, “Until July 2, 2024, the upper limit of rent increase will be applied as 25%.”

Minister of Justice Yilmaz Tunc talked about the practice of making lease arrangements and real estate sales contracts in notary publics.

Minister Tunc reminded that the regulation imposing a 25% increase limit on rents was made last year and that it has a one-year period, and stated that this period will expire as of 1 July.

Tunc stated that a new decision should be taken in line with the demands regarding the rent regulation, and President Recep Tayyip Erdogan announced this arrangement at his party’s Parliamentary Group Meeting yesterday, adding, “July 1 was included in last year’s deadline. Starting from July 2, 2023, until July 2, 2024, the rent increase in residential rents will be applied as a 25% upper limit for one year.”

Noting that as the Ministry of Justice, they have completed the technical work on rent regulation, Tunc said that the regulation will come to the agenda of the Turkish Grand National Assembly.

Minister Tunc stated that this issue will be one of the first works of the Assembly after the feast and that the regulation will be enacted with the bag law to be presented.

Stating that some complaints were received from citizens about exorbitant rents and that they could not be ignored, Tunc said that the Ministry of Commerce took some measures regarding exorbitant prices. Yılmaz Tunc reminded that the penalties for exorbitant prices were made before.

Stating that mediation in rent disputes will become a condition of litigation as of September, Minister of Justice Tunc stated that these disputes will be resolved peacefully without going to the courts. Minister Tunc stated that they wanted the disputes between the landlord and the tenant not to deepen.

“The sale of real estate will also take place at the weekends”

Making explanations about the practice of making real estate sales contracts at notary publics, Tunc reminded that legal regulations have been made on this issue.

Stating that the new application will reduce the density in the land registry offices and enable the citizens to complete their transactions in a shorter and faster time, Tunc continued as follows:

“As of July 4, real estate sales and real estate sales will be possible at our notaries. This is important. Our notaries are open at the weekends with the notary on duty application. Therefore, while the sale of immovables can only be done on weekdays in the title deed offices, now this opportunity has been brought to the notaries, so the sale of immovables will also take place on the weekends.”

Source: Trthaber / Prepared by Irem Yildiz

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