 |
|
| NATIONAL ASSOCIATION OF REALTORS® | Videos | Store | Library | Directories | Need Help? |
| Search REALTOR.org | Register | Login | My Account | NRDS | |
 |
| New Law Allow Foreigners to Own Property in Turkey January 14--Turkey's General Assembly has passed a law establishing rules by which foreigners can own real estate in the country. According to the new law, purchase of land by foreigners will be limited to citizens of countries that have an agreement of reciprocity with Turkey. The land purchased may not exceed 2.5 hectares unless decreed otherwise by the Turkish government, and will face various other limitations in accordance with building regulations. Individuals and corporations will be able to purchase land in Turkey, but "foreign foundations, associations, cooperatives, communities, and groups" will not be allowed. During the parliamentary debate, one member of the General Assembly noted that many foreigners already own property in Turkey, primarily holiday houses purchased by British, German, and Greek citizens. He also said that Syrians have been allowed to purchase property in Turkey since 1939. Public Works Minister Faruk Ozak said that as of April 15, 2005, foreigners had purchased 25,307 hectares of land, of which 21,160 hectares was sold to Syrians before 1939. The new law will be retroactive to July 26, 2005. Read an overview of the investment climate for Turkey in 2006, published by the Interactive Investor Journal. Source: Turkish Daily News (Dec. 30, 2005) Note: Abstract provided by NAR’s Information Central |
|
  |
 Copyright NATIONAL ASSOCIATION OF REALTORS® Headquarters: 430 North Michigan Avenue, Chicago, IL. 60611-4087 DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 1-800-874-6500 Terms of Use | Privacy Policy | REALTOR.com | Contact NAR | Site Map |