Send to a friend

News

Turkey changes laws, but calm urged - 21 April 2008

Property laws in Turkey have been temporarily suspended, but investors should not worry.

The issuing of title deeds to foreign buyers has been temporarily suspended in Turkey while two controversial clauses in the country’s property law, which relate to property sales to foreigners, are amended.

The Turkish Constitutional Court ordered the halt from 16th April to allow the re-drafting of legislation to address concerns that foreign-owned companies are buying up huge tracts of agricultural land, particularly in the east of the country. Foreign nationals are already restricted from buying land and property in rural areas, but under the proposed amendments, the same ban will apply to foreign-owned companies.

Dominic Whiting, editor of the Buying in Turkey Guide, commented, “This freeze is an inconvenience for anyone ready to complete on a property now, as they will have to wait until the new law is passed by July 16th, but the changes in legislation will have no affect unless you were planning to buy rural land with a Turkish company.

“The amendments will have absolutely no impact on the vast majority of British buyers – who are purchasing property or land in officially zoned areas in and around Turkish cities, towns and resorts.”

What foreigners can buy:

  • Property and land within an officially zoned area

    What foreigners can’t buy:

  • Property and land in rural areas (un-zoned)

  • Over 2.5 hectares of land

    The new amendments will also prohibit foreign-owned companies from:

  • Buying land in rural areas

  • Owning more than 0.5 per cent of the land in any of the country’s provinces

    Post this article to:

    del.icio.us Digg Newsvine Reddit MyYahoo! Facebook

     

    Related Articles


    • Browse our articles written by leading industry experts:

    Overseas Property Buying Guides

    UK Property Guides

    Gardens and Interiors

    Cosmetic Surgery Fact Sheets

    Looking Good Guides

    Money

    Business

    Community

    Travel