Property Purchases in Turkey to be Transacted in Lira

North Cyprus News - President ErdoganPresident Recep Tayyip Erdoğan signed a decree on Thursday that requires using the Turkish lira for buying, selling and renting of real estate and leasing of vehicles, in a new move to support the weakened lira.

Purchase, sales and rental contracts of moveable and immovable properties and vehicle leasing made in foreign currencies will be converted into lira within 30 days, according to the decree which was published in the Official Gazette.

Additionally, current contracts, the agreed prices in foreign currencies will be redefined as lira within one month and the terms of the decree will be executed by the Finance and Treasury Ministry.

Treasury and Finance Minister Berat Albayrak said, on 29 August, that the government would take steps to prevent foreign currencies from being used for real estate and shopping mall store rent and sales.

The new decision on transactions also included contracts for business and services. According to the Official Gazette, contracts cannot be agreed in foreign currency or indexed to a foreign currency, .


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