Sale of property to foreigners restarts in Turkey

Foreigners are now able to acquire real estates across Turkey with a permission of governer's offices.

Sale of property to foreigners restarts in Turkey
Sale of property to foreigners restarted after enactment of a new law on sale of real estates to foreigners.

After Turkey's Constitutional Court temporarily invalidated a provision of the law on sale of real estates to foreign companies and joint ventures on March 12th, a new bill was adopted by Turkish parliament on July 3rd.

Sales restarted on Thursday after release of a decree on application of the new bill.

Foreigners are now able to acquire real estates across Turkey with a permission of governer's offices. Details on this permission will be made public with a regulation to be issued within three months. Therefore, no sales will be allowed in this period.

The new law enables foreigners to purchase real estates up to 10 percent of areas in the zoning plan, up to 2.5 hectares. The law also authorizes the Council of Ministers to change the percentage (not more than 10 percent), taking into consideration the significance of towns in terms of infrastructure, economy, energy, environment, culture and agriculture.

Relevant governmental organizations and governor's offices will inform Public Work & Housing Ministry within 3 months about the total area of real estates that can be and can not be sold to foreigners.

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Last Mod: 18 Temmuz 2008, 17:11
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