On Thursday, September 13, 2018, the Turkish Official Gazette published a presidential decree requiring the use of Turkish lira instead of foreign currencies in contracts for the sale, purchase, and rental of real estate and movable property.
The previously concluded contracts, which were termed in foreign currencies, are to be determined in Turkish lira between the parties of the contracts within thirty days from the entry into force of this decree.
The decree pointed out that the ministry that will implement the provisions mentioned in this decree is the Ministry of Treasury and Finance.
As for the expected benefits of this decree, real estate traders saw it as a key driver to increased sales, especially for buyers from outside Turkey who usually measure the price compared to foreign currencies.
So the new decree will help boost the lira and support the real estate sector at the same time.