• It is the spirit and not the form of law that keeps justice alive.
    Earl Warren

CONSUMER PRICE INDEX ANNUAL AVERAGE CHANGE REPLACES THE PRODUCER PRICE INDEX FOR RENT INCREASES

After the introduction of the Presidential Decree No. 85 prohibiting the determination of rental fees based on foreign currency for certain lease agreements a few months ago, the producer price index (PPI), which is the cap for rent increases, is now replaced with “twelve-month average change in consumer price index” with the passing of the Omnibus Bill No. 7161. The said bill was published in the Official Gazette on January 18th, 2019 and amended Article 344 of the Turkish Code of Obligations. According to the Omnibus Bill No. 7161, this change will be applicable starting from January 1, 2019.  

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