Turkish president approves law on sale of real estate to foreigners

Under the new legislation, foreign buyers must provide construction plans before a purchase is made.

Turkish president approves law on sale of real estate to foreigners

World Bulletin / News Desk

Turkish President Abdullah Gul approved on Thursday a law which envisages sale of real estate to foreign nationals.

According to the law, foreigners will be able to buy real estate in Turkey in line with the interests of the country.

The new law has raised the area of land a foreign buyer can purchase to 30 hectares from 2.5. The Turkish Council of Ministers may raise the amount of land a foreign buyer can purchase to 60 hectares.

Under the new legislation, foreign buyers must provide construction plans before a purchase is made.

Individuals and businesses will need to submit project proposals for vacant land to the Ministry of Environment and Urbanization within two years. If approved, the project will be sent to the local land registry office.

The draft law also allows for the purchase of up to 10 percent of the total area of densely populated towns.

Foreign companies may purchase land only as allowed by laws.

The Turkish Council of Ministers may decide on which country's citizens or companies may be able to buy property and will determine the location and the size of the real estate.

Güncelleme Tarihi: 18 Mayıs 2012, 14:41

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