The Turkish Statistical Institute (TÜİK) has announced the inflation figure for October at 2.97 percent, which has subsequently determined the rent increase rates for residential and commercial properties.
With the announced October inflation data, the ceiling increase rate to be applied to rents and commercial properties has become 62.02 percent.
HAS THE 25 PERCENT LIMIT ENDED?
Under normal circumstances, rent increase rates are calculated based on CPI data; however, following a policy introduced by the government, these increases had been capped at 25 percent for the last two years. This limit was lifted as of July, and tenants renewing their contracts from July onwards are now subject to rent increases based on the CPI. Accordingly, rent increases for residential and commercial properties are now calculated based on the 12-month average.
News Source: 12punto
