Parliament last week passed a bill on property sales to foreigners, drafted taking into consideration a Constitutional Court decision revoking a previous law on the matter.
Foreign citizens and companies will now be able to buy real estate in Turkey. However, 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. Real foreign persons will be entitled to purchase property within the limits of areas allocated for development as long as the total land purchased by foreign persons in the city does not exceed 10 percent of the total land in a given province”s city center. The 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.
Resource: Today”s Zaman
