Minister Bozdag: Rent Increase Rate Will Not Exceed 25 Percent!

rent increase rate
rent increase rate

There was a last-minute development regarding the exorbitant rent increases, which has been on the agenda for months. Minister of Justice Bekir Bozdag said, "It is possible to increase the rents for 1 year, not exceeding 25 percent of the previous year's rental price, but any increases above it will not be valid." The bill, which concerns millions, was accepted in the General Assembly of the Turkish Grand National Assembly in the evening. Real estate law experts also stated that determining the date of the regulation with the appropriate and provisional provision is a right step. Here are all the details about the rental arrangement in this news.

Minister of Justice Bekir Bozdag said, “A provisional provision regarding the validity of the increases to be made, provided that the lease contracts to be renewed until 1 July 2023, provided that they do not exceed 25 percent of the previous rental year, will be added to the Code of Obligations in the Justice Commission. Thus, it is possible to increase the rents of the residences for a period of one year, not exceeding 25 percent of the previous year's rental price.

Regarding the new lease arrangement, Minister Bozdag said, “Today, a temporary article will be added to the Code of Obligations in the Justice Committee of the Grand National Assembly of Turkey. As a result of our work, a provisional provision will be added to the Code of Obligations regarding the validity of the increases to be made in rental contracts to be renewed until July 1, 2023, provided that they do not exceed 25 percent of the previous rental year. AK Party group, MHP group will bid there and they will be added there. Thus, it is possible to increase the rents of the residences for a period of one year, not exceeding 25 percent of the previous year's rental price. It is clearly stated that the increase to be made above this is not valid. While making this arrangement, we paid particular attention to the fact that it was temporary. A temporary arrangement. In this arrangement, we have taken care that both of them stand at a point with a certain sacrifice, without prejudice to the law of the tenant and the owner. I hope it lives up to expectations. I hope it will produce the results we expect.”

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