New Regulations to Streamline Property Prices in Turkey
Steps to control real estate and car price inflation in Türkiye
- Turkey is moving towards implementing new measures starting from 1st November 2023, aiming to address inflated prices in the real estate and used car markets.
- The recent legal amendments stipulate that properties and used cars must be marketed solely through the actual personal details of advertisers. This initiative seeks to counteract fictitious advertisements causing price fluctuations.
- The advertiser must either be the owner of the property or vehicle being offered for sale, or possess an official power of attorney from the owner to market and complete the sales process.
- Non-compliance will result in financial penalties ranging from 10,000 Turkish Lira up to 100,000 Turkish Lira.
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Buying Property in Turkey! Is This the Right Time or a Risky Investment to Avoid?
The real estate market in Turkey is currently facing numerous challenges, starting with an economy impacted by a massive earthquake that hit the country last year, alongside high inflation. This has led to interest rates being raised to a record high of 50%, resulting in a near-total halt of the real estate sector. Additionally, recent legal changes, such as raising the minimum investment for Turkish citizenship to $400,000 and for real estate residency to $200,000, have caused a decline in the number of foreign investors.
To answer the question: is now the right time to buy property in Turkey, or not? We need to analyse two aspects: the internal Turkish situation and the regional and global outlook.
Groundbreaking Reforms to Simplify Lease Procedures in Turkey
The Turkish Ministry of Treasury and Finance has announced its readiness to introduce a new law requiring rental contracts to be signed electronically through the e-Government portal, "e-Devlet." This initiative aims to simplify and expedite the rental process between property owners and tenants, with implementation expected in the near future. Licensed real estate agents will also be able to use this system by the end of the year.
The electronic lease contract system will be introduced in two phases: in the first phase, property owners and tenants will be able to complete rental agreements directly through the "e-Devlet" portal, where the owner creates the contract, and the tenant approves it electronically. The second phase will enable licensed real estate agents to prepare contracts and send them to both the owner and tenant for approval through the portal.
Minister of Treasury and Finance, Mehmet Şimşek, stated that these reforms represent "fundamental changes aimed at reducing bureaucracy, saving citizens time and effort, and facilitating access to property valuation information across Turkey."
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