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.
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A Resort in Antalya: With Turkey’s new FDI law in place foreign property developers have been barred from developing resorts like this
A law allowing the sale of real estate in Turkey to foreign companies was annulled by Turkey’s Constitutional Court last Friday. In an attempt to gain entry to the EU, Turkey’s centre-right government previously approved the law allowing the sale of Turkish property to foreign individuals and businesses. This however changed on Friday when the ruling of Turkey’s Constitutional Court favoured the nationalist-leaning Republican People’s Party.
This decision by the court would ultimately affect companies specifically set up to acquire property in Turkey by foreign investors through joint ventures.
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Sunday, August 24th, 2008 
Posted by Overseas Property Mall in Overseas Property Trends, Property Industry News
