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New developments in the Turkish real estate sector

Turkish trade Minister Rukhsar Pekcan on Wednesday, October 14, introduced new official rules for companies in the real estate sector. According to the decree published today in the government Gazette Resmi Gazete, real estate trading can only be carried out by agencies that have the necessary license and work under the system of contracts. A company without a license doesn’t have the right to place ads for the sale of real estate on specialized sites on the Internet. The Commission rate for intermediary services may not exceed 4% of the sale price (excluding VAT) and monthly rent in the case of a lease agreement.

Real estate agents must be of legal age, have a minimum of secondary education, and have completed 100 hours of training to be eligible to engage in real estate activities.

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