Turkey to use lira in property purchases, sales, rents

President Recep Tayyip Erdoğan signed a decree early Thursday that requires using the lira for buying, selling and renting of real estate and leasing of vehicles, according to presidential sources

The decree was published in the Official Gazette.

Purchase, sales and rental contracts of moveable and immovable properties and vehicle leasing made in foreign currencies will be converted into Turkish lira within 30 days, according to the decree.

It added that in the current contracts, the agreed prices in foreign currencies will be redefined as Turkish lira within one month and the terms of the decree will be executed by the Finance and Treasury Ministry.

On Aug. 29, Treasury and Finance Minister Berat Albayrak said the government would take steps to prevent foreign currencies from being used for real estate and shopping mall store rent and sales.