Ban on Foreign Property Investment in Turkey now Lifted
Friday, May 9th, 2008 
Posted by OP-Mall in 
Back in April we blogged about the temporary halt on the sale of Turkish property to foriegners by a Turkish Constitutional Court ruling. The ban of the title deed act named Tapu has now been lifted by a new court ruling on May 1st.
The deed system change will be effective within the next few weeks once the official gazette will publish the news. What prompted this action was a constitutional rights contrary that affected article 35 of the Tapu title deed act.
Contrary to popular belief, the issue itself had nothing to do with whether foreigners were allowed to purchase property and land in Turkey, but more so with the size of land that could be bought according to the government.
The temporary suspension allowed the redraft of the Tapu act which has now been passed by the Justice Commission of the Turkish Parliament.
The new legislation governs that non Turkish nationals can only purchase 10% of a total area covered by a local planning zone in any town. This differs from the original act which allowed foreigners to purchase 0.5% of the total land area of a province, opposed to a single town.
There are also further changes, one of which is giving power to the Council of Ministers to change the 10% limit for each town by considering the towns economic status and infrastructure. This change however can only be reduced, not increased.
It will be interesting to see whether this affects overseas property investments in Turkey, once the new law is made official. Watch this space for more info in the future.
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Tags: property in turkey, turkey, turkey investor ban, turkey property, turkish investor ban, Turkish Property
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This entry was posted on Friday, May 9th, 2008 at 7:54 am and is filed under Turkish Property. You can follow any responses to this entry through the RSS 2.0 feed.
