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Turkey changes laws, but calm urged - 21 April 2008
Property laws in Turkey have been temporarily suspended, but investors should not worry.
The issuing of title deeds to foreign buyers has been temporarily suspended in Turkey while two controversial clauses in the country’s property law, which relate to property sales to foreigners, are amended.
The Turkish Constitutional Court ordered the halt from 16th April to allow the re-drafting of legislation to address concerns that foreign-owned companies are buying up huge tracts of agricultural land, particularly in the east of the country. Foreign nationals are already restricted from buying land and property in rural areas, but under the proposed amendments, the same ban will apply to foreign-owned companies.
Dominic Whiting, editor of the Buying in Turkey Guide, commented, “This freeze is an inconvenience for anyone ready to complete on a property now, as they will have to wait until the new law is passed by July 16th, but the changes in legislation will have no affect unless you were planning to buy rural land with a Turkish company.
“The amendments will have absolutely no impact on the vast majority of British buyers – who are purchasing property or land in officially zoned areas in and around Turkish cities, towns and resorts.”
What foreigners can buy:
What foreigners can’t buy:
The new amendments will also prohibit foreign-owned companies from:
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.