Latest Amendments in Land Registry Law
The amendments in the law related to the purchase of immovables in Turkey by the foreign real and juridical persons.
The Parliament passed a bill regulating property sales to foreigners, rearranged
taking into consideration a
The new law enables foreigners to purchase real estate up to 10 percent
of areas in the zoning plan, not exceeding 2.5 hectares. Foreigners are now
able to acquire real estate across
Relevant governmental organizations and governor's offices will inform the Housing Ministry within 3 months about the total area of real estate that will be available to be sold to foreigners.
Companies established by foreign citizens or those with foreign shareholdings will be able to acquire real estate in order to conduct the activities stated in their articles of incorporation. This principle will also be applicable to transfers of property so acquired.
A commission will be established at the Ministry of Public Works and Housing that will evaluate offers and requests by public institutions. Its reports will then be submitted to the Cabinet for approval.
Sales of land in areas under protection, designated as irrigation, energy, agricultural, mining, religious or cultural sites or due to their flora or fauna, as well as strategic areas with security considerations, are not allowed. Areas will be designated as such by the Cabinet. The Cabinet reserves the right to alter this limit, taking infrastructure, the economic situation, energy, the environment, culture, agriculture and security factors into account.
Foreign ownership of real estate in military-restricted areas will be possible only by permission from command headquarters that are authorized by the General Staff, real estate in security areas will be purchasable by foreigners only through a special permission of the related governor's office, the legislation states.
Latest comments about this article
By yabi 7.6.2012
I am interested in purchase of an apartment in Istanbul. I will be happy if you could provide me more info in this regard. You mentioned there is a 3 month period. When will this period expire?
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