The rate of increase in rental prices in Turkey is a calculation tool issued every month of the year. This increase is valid for one full year from the month in which the percentage is issued until the same month of the following year. The percentage is valid for leases that are also organized during that month. The new rate shall be effective from February 2018 to February 2019 for contracts organized during the month, whether it’s new or extended.
Using specific calculation factors, to calculate the new rate of increase based on the inflation figures issued by the Turkish Statistical Institute and in accordance with the Public Debt Law No. 344, based on the production price index and the consumer price index.
Turkish Statistical Institute announced the rates of increase in rents for February based on the rates of increase in increments of production and consumer price indices and rates of inflation in Turkey; According to calculations carried out for this month, the rate of increase is equal to 15.66% added to the rental allowance.
This means that if the monthly rent of a property is equivalent to 1,000 Turkish Lira, the rent for contracts to be extended or renewed in February 2018 may be applied to the same amount. Thus the new amount of rent equal to 1000 + 156.6 Turkish Lira, approximately 1,157 Turkish Lira.
Source: Emlak Haberleri
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