Announcement on the Value of the Lease Contracts made in Foreign Currency and Indexed to Foreign Currency is published
Pursuant to the amendments made to the Communiqué numbered 2008-32/34 regarding the Decree No.32 on the Protection of the Value of Turkish Currency on 16.11.2018, it has been regulated that the contract price of lease agreements for residential purposes or for workplaces in foreign currency or indexed to foreign currency will be determined in Turkish currency for a term of two years.
Since the aforementioned two-year period expires as of 13.10.2020, the Ministry of Treasury and Finance has published an announcement ("Announcement") on 13.10.2020 in order to clarify the contract values. As per the Announcement, following termination of two-year period, the contract value will be increased by the rate of increase applied to amounts in Turkish lira or in case the parties cannot come to an agreement, the limitations under Article 344 (Rental Fee - Determination) of the Turkish Code of Obligations numbered 6098 will be applied. It will neither be possible to implement the prices in the referred contracts in foreign currency or indexed to foreign currency, nor to determine the prices in foreign currency or indexed to foreign currency again.
Please find the Turkish version of the Announcement here.
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