Foreigners in Turkey permitted to purchase real estate
Güncelleme Tarihi:
Parliamentary's Justice Committee approved the government bill regarding the sale of Turkish property to foreigners on Thursday. According to approved bill, foreigners and foreign companies will be able to purchase real estate up to 10 percent of areas in the zoning plan.
The bill authorizes the Council of Ministers to change the percentage --not more than 10 percent-- taking into consideration the significance of towns in terms of infrastructure, economy, energy, environment, culture, agriculture and the like.
The Ministry of Public Works and Settlement temporarily halted Turkish property sales to foreigners at the beginning of April inline with a Constitutional Court ruling three months prior.
The Turkish Constitutional Court had decided to cancel the provision of a law that allows the sale of real estate to foreign companies and joint ventures involving foreign firms on March 12.
Following to amendment, a new regulation regarding the sale of Turkish property to foreigners was delivered to the Board of Ministers for approval.