Overseas Property Blog :: guide to international real estate investment

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Foreigners Barred from Purchasing Real Estate in Turkey

by Overseas Property Mall on Wednesday, April 16th, 2008 in Turkish Property

A Turkish Constitutional Court ruling effective from today (Wednesday April 16) has put a temporary halt on the sale of Turkish property to foreigners.

According to Turkish newspaper Hürriyet, a circular letter was sent to all land registry offices in Turkey indicating the end of the sale of real estate to foreigners on Tuesday April 15.

The law only applies to new purchases and does not restrict the sale of properties to Turkish citizens by foreigners that already own property in Turkey. It has come into effect just after another recent legislation preventing foreign companies from acquiring land or property through local joint ventures for property development purposes.

Turkish property has proved very popular especially amongst Brits, Germans and Greek buyers with a total of 73,103 foreign purchasers of 63,085 Turkish properties.

Read more on Turkish Daily News.

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    Foreigners Once Again nApproved for Purchasing Turkish Real Estate:

    Legislative reform in Turkey concerning the purchase of real estate by foreigners has now ben completed. Parliament has ratified the new bill. which has now received Presidential approval. The Land Registries have received the proclamation and new instructions on how to complete foreign purchase transactions. For additional information on these procedures and changes to the legislation effecting foreign indiviucdalas and corporates please contact Turkish Mortgage Centre’s Transaction Management Services. http://www.TurkishMortgageCentre.com

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