Turkey Sets May Real Estate Credit Cap At 32.43 Percent

A new regulation in Turkey requires all real estate purchases and sales to be processed through a bank-mediated payment system. Once approved, the amount will be transferred directly to the seller's account. A service fee will be charged for each transaction and deducted from the amount transferred to the seller. The system will not be mandatory until July 1. The system aims to regulate the buying and selling of property to ensure transaction security. Officials noted that while the exact timing of earthquakes cannot be predicted, preparedness is essential given the 700 fault lines in Turkey. The broadcast said that the new system will change how property sales are conducted. New regulations in Turkey require that part or all of real estate purchase payments be processed through a formal payment system. These systems must be established by banks or financial institutions operating under the Banking Law. The measure aims to ensure the secure and recorded transfer of funds during property transactions. The Turkish Statistical Institute reported March inflation rates at 4.18 percent for the month and 32.37 percent annually. President Erdogan is expected to address the media in Besiktas following an upcoming meeting.