Properties rental rates rise in Turkey during July 2019
Inflation rates have been announced by the Turkey Statistical Institute. Thus, the rent increase rates for July 2019 were announced. Here are the rent growth rates in July 2019 ..
Tenants who wish to renew the annual lease will have to pay an increase in rents. This increase is calculated under the law of obligations. Under this law, the rate of increase of rents on tenants can not exceed the producer price index rates.
In 2018, due to the negative effects of the rise in inflation rates on rents, the rent increase calculation method was changed.
The Medium Term Economy Program (2019-2021) prepared by the Ministry of Treasury and Finance and the Strategy Budget Department was announced last September. According to the New Economy Package, rent increase can no longer be calculated according to producer price index rates, the upper limit of the rent increase rate will be calculated according to consumer price index rates.
According to these changes, the provisions of the Turkish law of Obligations will be applied on the basis of the average annual rate of change of the consumer price index on new leases and on those that will be renewed.
Inflation rates are reported monthly by the Turkish Statistical Institute.
Rates of increase of rent for real estate for July 2019:
As of today, it has become clear how much increase will be applied on the tenants whose housing or business lease agreement is renewed this month.Consumer price index up 0.03 percent on this month and Domestic producer price index increased by 0.09 percent.
for Consumer price index (Tüketici fiyat endeksi "TÜFE"): (2003=100) In June 2019, there has been an increase of 0.03 percent compared to the previous month, 5.01 percent compared to December of the previous year, 15.72% compared to the same month of the previous year and 19.88 percent on the averages of twelve months basis.
for Domestic producer price index (Yurt içi üretici fiyat endeksi "Yİ-ÜFE"): In June 2019, it has increased by 0,09 percent compared to the previous month, 8,09 percent compared to December of the previous year, 25,04 percent compared to the same month of the previous year and 32,81 percent compared to the averages of twelve months.
Accordingly, the properties owners will be allowed to raise the Rental allowance by 19.88 percent.
Example:
Current rental: 1000 TL
Rate of rise: 19.88 %
Rise value: 198 TL
Rent after rise: 1198 TL.
the source: emlakkulisi.com
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