Turkish court rejects foreign investors to acquire real estate

Turkish Constitutional Court on Wednesday annulled a provision of a law allowing companies established by foreign investors to acquire properties in Turkey.

Turkish court rejects foreign investors to acquire real estate
Court made this decision upon an appeal by Republican People's Party (CHP-main opposition).

Court cancelled three paragraphs of the law on direct foreign investments (FDI) that allows foreign companies or joint ventures to acquire real estate in Turkey.

Court ruled that its ruling will go into force 6 months after its publication in the Official Gazette.

Sources said that the court would release, in a couple of days, the reasoning of its decision. The acquired rights of foreign companies will be preserved, they added.


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Last Mod: 13 Mart 2008, 12:26
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