News

December 25, 2023

The 25% cap on rent increases will be lifted from July 1, 2024

During a closed meeting of representatives of the business world with the Minister of Finance and Treasury Mehmet Shimshek, the latter said that the 25% limit on rent increases, valid until July 1, 2024, will not be extended. Thus, landlords will be able to increase their rent by any amount starting from July 1 next year. The minister also said that in 2024 the system of calculating property taxes will be revised. The exact tariffs are still unknown, but the tax will depend on various factors: the square footage of the room, whether it is the only housing or not, etc.
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December 25, 2023

The foreign exchange reserves of the Central Bank of Turkey have reached a historic high

According to the Central Bank of Turkey, the Central Bank's foreign exchange reserves currently amount to a record $ 142.5 billion, an increase of $1 billion. $154 million compared to the previous week. Gold and foreign exchange reserves also increased by $265 million: from $46 billion 864 million to $47 billion. 129 million dollars. The increase in total reserves from the end of May to December 15, 2023 amounted to 44.8%.
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December 25, 2023

Last November was abnormally hot and humid

Last November in Turkey was the wettest in the last 34 years and the hottest in the last 53 years. The average temperature was 12.5 degrees Celsius, which is 3.2 degrees above normal, and precipitation was 109.3 millimeters, which is 88% more than normal. New maximum temperatures in November were recorded in 67 provinces.
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December 24, 2023

The Turkish Interior Ministry has published data on the number of illegal migrants detained

Afghanistan- 64.662Syria - 55.169Palestine - 17.127Turkmenistan - 13.168Morocco - 12.445Uzbekistan - 8.998Iraq - 8,334Iran - 6,765Yemen - 6.068Pakistan - 5,904Citizens of other countries - 39.494
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December 24, 2023

Statistics: new data on the real estate price index in Turkey for November

Turkey's REIDIN analytical agency has published data on the real estate price index for November 2023. According to the data, the housing price index increased by 3.09% compared to the previous month and by 86.46% compared to November 2022. In total, over the past 5 years, the cost of residential real estate has increased by 870.8%, and the cost of rent has increased by 1043.92%. In November 2023, a total of 93,514 properties were sold. In November 2022, this figure was 117.806 properties. Antalya, Kocaeli and Ankara became the leaders in the growth of housing prices. REIDIN also analyzed the amount of profit from renting real estate and this figure amounted to 96.1% in annual terms. Gold is in second place with a yield of 78.49%.
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December 24, 2023

Visa-free entry to Turkey for citizens of the United States, Canada, Bahrain, UAE, Saudi Arabia and Oman

Visa-free entry to Turkey for citizens of the United States, Canada, Bahrain, UAE, Saudi Arabia and Oman
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December 24, 2023

Antalya coast hotels are 80% full for the New Year holidays

Erkan Yagji, President of the Turkish Hoteliers Association TÜROFED, said that 80% of the rooms in hotels on the Antalya coast have already been booked, and since there is still a whole week before the New Year, the occupancy rate is likely to be even higher. Most of the Russians will come. By tradition, most of the vacationers are citizens of the Russian Federation. Citizens of Germany, England, the Netherlands and Belgium also come to celebrate the New Year in Turkey.
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December 24, 2023

List of banks that open accounts for foreigners:

Vakıf bankZıraat bankDenizbankKuveyt turkT rkiye iş bankasıAkbankGaranti bank (for citizens of Ukraine) Depending on the bank, you will be asked to provide the following documents: - Turkish INN- international passport- a document confirming residence in your home country (internal passport, utility bills)- Russian INN (in some cases)- ikamet (residence permit card)- a document confirming registration at the place of residence in Turkey
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December 24, 2023

The unemployment rate in Turkey has reached its lowest levels in the last 11 years

The 2nd Istanbul Forum "Society 5.0", organized by the Office of Human Resources under the President, was held at the Istanbul Congress Center. Vice President Cevdet Yilmaz, speaking in a speech, shared data on the unemployment rate in the country: "The unemployment rate published by TURKSTAT in October was 8.5%. This is the lowest unemployment rate in the last 11 years. Youth unemployment, seasonally adjusted, decreased by about 5 points in October compared to the same month of the previous year. In our medium-term program, we predicted that the unemployment rate would be 10.1% at the end of the year. The latest data shows that the situation is improving."
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December 24, 2023

In 2023, 52.7 million tourists visited Turkey

52.7 million tourists visited Turkey in 11 months of 2023. The most tourists arrived (in descending order) from Russia, Germany, England, Bulgaria and Iran. Minister of Culture and Tourism Mehmet Nuri Ersoy noted that Turkey occupies a leading position among the world's leading tourist countries, setting records for the number of tourists and tourism revenues. "Turkey is a country with a rich cultural and natural heritage that attracts millions of tourists from all over the world. We continue to work on developing our tourism potential to offer our guests the best experience and quality of service.", Ersoy noted.
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December 22, 2023

Turkey took the 2nd place in the list of countries with the largest number of UNESCO intangible cultural heritage sites

Minister of Culture and Tourism of Turkey Mehmet Nuri Ersoy shared on social networks the news that the number of cultural heritage sites under UNESCO protection in Turkey has increased to 30. "Mastery and playing of the mei" (wind musical instrument), "Iftar and related socio-cultural traditions", "The Art of Mother-of-Pearl Inlay" and "The Art of Illumination" were added to the list. "Turkey has become the second country to register the largest number of sites on the UNESCO Intangible Cultural Heritage list," Ersoy said.
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December 22, 2023

he Central Bank of Turkey raised the discount rate to 42.5%

TThe Central Bank of Turkey raised the discount rate from 40% to 42.5% at a meeting on December 21. The regulator is tightening monetary policy for the 7th time as part of the fight against inflation. In November, inflation was 62% year-on-year, the highest in 11 months of 2023. The central bank forecasts a slowdown in inflation to 36% by the end of 2024.
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