Real Estate In Turkey Was Sent To The Cabinet For Signature
A draft law easing the current regulations for foreigners to obtain real estate in Turkey was sent to the Cabinet for signature. The total amount of real estate foreigners can purchase will increase dramatically if the draft law is enacted by Parliament after Cabinet approval. The 25,000-square-meter limit on foreign ownership would be increased to 300,000 square meters, according to the draft by the Urban Planning Ministry. The law will also grant Cabinet the authority to raise the limit to 600,000 square meters.
Under current regulations, the reciprocity principle is in force in selling property and land to foreigners, which means a foreign citizen is allowed to obtain property only if a Turkish citizen can do the same in that person's country of origin.
But the draft law envisages lifting this principle. Nonetheless, the Cabinet will have the power to determine the countries whose citizens and corporate entities are not allowed to obtain real estate in Turkey. The Turkish General Staff will be entitled to decide on property sales in military forbidden zones and strategic regions, according to the proposed law.
Foreign citizens and firms will be able to purchase land, according to the draft. Under the current laws foreigners can only possess residence and work sites. The time limit to develop real estate on building plots will be two years, but the premises may be liquidated.
Turkey has reciprocity agreements with 62 countries. The number of countries without reciprocity is 47. Foreign citizens in Turkey own total land of 84,183,361 square meters.