Turkey is considering a new regulation that will significantly affect the rental market. The tax management of the country has prepared a draft resolution, which strengthens the rules for payment of housing and enforce cash penalties. In particular, new requirements apply to short -term leases, including a day or a week.
According to the new rules, payment of rent in cash will result in a fine of 10% of the amount. The penalties will be imposed on both homeowners and tenants. The minimum fine is 5,000 Turkish lira (about $ 147). However, if the lease is higher, then the penalties will increase proportionally. For example, for a two -month payment of 25,000 Turkish lira ($ 735), a fine will be 10,000 lira ($ 294) for each side.
This resolution was prepared for the implementation of the Law of August 2, 2024, which provides for mandatory documentary fixation of rent payments through banks or Turkish postal and telegraph agency (PTT). The rules apply to all types of rent, including short -term agreements, such as one night rent.
The penalties will be adjusted annually depending on the revaluation course, and the maximum amount of penalties per year is limited to 20 million Turkish liras ($ 588 065). However, it will be possible to avoid punishment if you inform the appropriate authorities within five working days after the violation.
Earlier, similar rules were already in place in the commercial real estate market, where for cash payments imposed a fine of 5% of the lease, and the minimum sanction was 3 thousand lira ($ 88). Now these requirements will also be about residential real estate.
Market experts say these changes are a serious step towards transparency. Compulsory bank payments will help you better control the lease market, reduce the number of unregistered contracts and provide accurate transactions.
According to experts, these innovations will help stabilize the real estate market and increase its transparency, which will help both tenants and owners to comply with Turkey's legislation.
