Turkey limits rent increases to 25 percent after cost of living surges

Turkey's government will limit annual increases in rent to 25 percent, BloombergHT television reported on Wednesday.

The curbs will apply to rental contracts signed until July 1, 2023, Justice Minister Bekir Bozdağ said, according to the news channel.

Turkish rental costs have surged in parallel with a jump in consumer price inflation and property prices. Annual CPI accelerated to 73.5 percent in May, according to official data.

The price of property in Turkey has surged by more than 100 percent annually. Turks have invested in real estate to protect their savings from the erosive effects of inflation and a slump in the value of the lira.  

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