Turkish Justice Minister Yılmaz Tunç has announced that annual rent price hikes will be limited to 25 percent for one more year. The regulation was first introduced in June 2022 amid the soaring inflation.
Turkish Justice Minister Yılmaz Tunç on June 22 stated that the regulation limiting rent increases to a maximum of 25 percent is extended for one more year until July 2, 2024.
Tunç said President Recep Tayyip Erdoğan announced the move on June 21 at Justice and Development Party’s (AKP) parliamentary group meeting, and added that “From July 2, 2023, to July 2, 2024, the residential rent increase will be limited to maximum of 25 percent.”
Tunç said that the regulation will come to the agenda of the Turkish Grand National Assembly soon.
In June 2022, the Turkish parliament passed the regulation for the first time, limiting rent increases to a maximum of 25 percent for a year until July 2023 amid the soaring inflation.
Despite the regulation, rents have increased on average by 117 percent on an annual basis in April across Turkey, according to a study by Bahçeşehir University Center for Economic and Social Research (BETAM).
Source : Duvar English