10 Kasım 2024
NEWS & ANNOUNCEMENTS
A New Era for Real Estate Investment Funds
The Communiqué Amending the Communiqué on Real Estate Investment Funds (III-52.3) (“Communiqué”), published in the Official Gazette on 17 July 2024, Issue No. 32604, aims to boost contributions to real estate investments, a sector with significant transaction volume in the Turkish economy. Under the Communiqué, application procedures for Real Estate Investment Funds (“REIFs”) have been streamlined, enabling the issuance of participation shares linked to an umbrella fund. Additionally, “project” REIFs are now permitted to invest in projects where more than half of the total gross area of independent units is designated for residential use, as verified by independent real estate appraisal firms.
NEWS & ANNOUNCEMENTS
Legal Reflections of the Exorbitant Rent Increases in Turkey
Although a large part of Türkiye is under the risk of natural disasters, especially earthquakes, most of the existing buildings are not resistant against possible disasters, thus socio-economic problems are experienced and State is faced with financial burdens unexpectedly that are difficult to overcome. Law No. 6306 on the Transformation of Areas Under Disaster Risk ("Law") and the Implementing Regulation of Law No. 6306 ("Regulation") have been prepared in order to create healthy and safe living environments in accordance with the norms and standards of science and art in areas under disaster risk and in lands and plots where risky buildings are located outside these areas. The Law and the Regulation are based on the understanding of "not to be wounded" rather than "to heal wounds" after a disaster occurs; thus, they ensure that an important and effective step is taken for the realisation of the principle of "social state of law" in the Constitution.
