Property sales to foreigners restart in Turkey
The sale of Turkish property to foreigners restarted on Thursday after the enactment of a new related law, following the release of a decree on the application of the new bill. The new bill was adopted by Turkish parliament on July 3, after Turkey’s Constitutional Court temporarily invalidated a provision of the law on the sale of real estates to foreign companies and joint ventures on March 12.
The sale of Turkish property to foreigners restarted on Thursday after the enactment of a new related law, following the release of a decree on the application of the new bill. The new bill was adopted by Turkish parliament on July 3, after Turkey’s Constitutional Court temporarily invalidated a provision of the law on the sale of real estates to foreign companies and joint ventures on March 12.
Sales restarted on Thursday after the release of a decree on the application of the new bill.
The new law enables foreigners to purchase real estate 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 the Housing Ministry within 3 months about the total area of real estate that will be available to be sold to foreigners. Hurriyet reported.
