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The Legal Situation
Please note this information is not legal advice, and is not a substitute for legal advice from a lawyer.
A new law on "purchase of property by foreigners in Turkey" has been enacted and published in the official gezette on the 7th January 2006. The previous law was suspended on the 26th July 2005.
The new law in a nutshell:
1. Who can buy property in Turkey
Foreigners from countries with reciprocal agreements can purchase property in Turkey. If you are from a country within which turkish citizens can purchase property, you will be able to buy property in Turkey. To name only a few, the UK, Ireland, Germany, Holland, Canada and the USA have reciprocal agreements with Turkey.
2. What are the limitations?
There is a size limitation in place. One person cannot purchase more than 25,000m² (6 acres) of land/property. The Council of Ministers is authorised to increase this limit up to 300,000m² per person. You cannot own more than (5/1000) of any designated province. The property also has to be within a municipality. Foreigners cannot buy in villages.
3. Handling of the suspended transactions since July 2005
The new law is also applicable for applications for Title Deeds in the period between the former law becoming void and the current law coming into effect.
NB. This situation cannot affect Title Deed applications submitted after January 2006.
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