The Turkish Statistical Institute announced the increase in rents for March 2018, based on the increase in the indices of production and consumption prices and inflation rates in Turkey. According to the calculations applied this month based on the mentioned factors, the increase is equal to 15.50% Rental Allowance.
The price increase for rents in Turkey is an accounting tool issued every month of the year, and valid for a full year from the month it was issued to the same month of the following year.
The new increase is therefore applicable to leases regulated from March 2018 to March 2019 and applies to contracts organized during the month, both new and 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.
This means that if the monthly rent of a property is equal to 1,000 Turkish liras, for example, the rent for contracts to be extended or renewed in March 2018 may be applied to this percentage, for the new amount of rent equals 1,000 + 155 Turkish Lira, as in a total of 1,155 Turkish liras.
Source: Amlak Haber