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New Bill on Turkish Property Sales to Foreigners

Published on 2/5/2008

New Bill on Turkish Property Sales to Foreigners


The Turkish Parliament's Justice Committee approved a new draft bill yesterday on the sale of Turkish property and land.
 
Back in March, the Constitutional Court suspended the sale of real estate to foreign companies whilst it considered what the fairness of what had previously been seen as a "land grab" with investors realising the massive potential of the Turkish property market.
 
Article 35 of Turkey's Land Registry Law now sees an amendment which limits foreign companies and joint ventures to not exceed more than 10% of a zoning plan; In other words, no more than 10% of the land included in a district's development plan.
 
In Antalya for instance, the amount of land earmarked for sale to foreign nationals decreased from 10,363 hectares to 3,607 hectares under the new proposals.
 
In the Mugla district only 2,022 hectares will be available for foreign ownership of Turkish property under the new details of the Land Registry Law.

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