Annotation Of Lease Agreements

Due to skyrocketing real estate prices in Turkey, many local and foreign investors prefer leasing as opposed to buying properties nowadays. Whether for tourism, commercial or industrial purposes, lease engagements have become more important for both foreign and local investors. From a commercial view, investors wish to secure the premises they are leasing for a long-term (e.g. five years) considering the high investment amount they spend for decoration and operation of the leased premises. However, due to the high demand for real estate, landlords frequently end up selling their real properties to third parties when approached with a reasonable offer. In such cases, a third party becomes the owner of the relevant real property and the tenants face the risk of eviction by the new owner under certain circumstances defined by law, despite having a valid lease agreement.