Your Guide to Renting in Turkey: Seven Key Points Every Tenant Should Know
Rental Apartments Turkey
Embarking on a rental journey in Turkey? That’s exciting! Whether you're settling in Istanbul or finding a cozy spot in Ankara, understanding your tenant rights is key to a stress-free stay. Let's walk through seven essential tips to ensure you're well-informed and ready to enjoy your new home in Turkey.
- Landlord 101: Who Pays What?
Good to know: Your landlord should cover any expenses not directly related to your daily use, like taxes, insurance, and general upkeep. Got a clause in your contract that says otherwise? It might be time to have a chat with your landlord. Keep those receipts and communication lines open! - Rent Increases: What's Fair?
Concerned about your rent shooting up? Here's some relief: There's a legal cap tied to the Consumer Price Index. Until mid-2024, your rent can only go up by a maximum of 25%. It’s a safeguard that helps you budget better without any rent shock. - Planning to Move? Just Say So:
If you’re looking to relocate, remember to let your landlord know 15 days before your lease renews. This simple step ensures your lease won’t automatically renew, giving you freedom and flexibility. - Need to Leave Early? Here's the Drill:
Life's unpredictable, and sometimes you have to move out earlier than planned. The golden rule? Give a three-month heads-up. It's a respectful gesture and can save you from paying extra rent during the transition. - Keep a Clear Payment Trail:
Paying your rent through bank transfers is your best bet for keeping things transparent and dispute-free. It's a simple way to track your rent payments and gives you peace of mind. - Watch Out for Banking Switch-Ups:
If your landlord decides to change their bank account, get those new details in writing. Sending a formal request via PTT can ensure you’re both on the same page and helps avoid any future banking blunders. - Securing Your Deposit:
Deposits can be up to three months' rent – a significant amount! To safeguard it from currency fluctuations, consider using a stable currency. And remember, if you leave your place damage-free, that deposit should come right back to you.
Conclusion:
Being a tenant in Turkey is an adventure filled with new experiences. Keeping these tips in mind, you can navigate your rental journey with confidence and ease. Here's to a happy and fulfilling stay in your Turkish home!
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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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