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18-05-2012 11:18 Turkey

Turkish president ratifies law on real estate acquisition by foreigners

Turkish President Abdullah Gul yesterday signed a law allowing foreigners to buy real estate in Turkey, the Sabah newspaper reported on Friday quoting the president's apparatus press service.

Earlier this month, the Turkish parliament passed a law allowing foreigners to buy property in Turkey. Previously it was proposed to make a buyer to be able to purchase no more than 30 hectares throughout Turkey. Under the amendments to the law, a foreign buyer may purchase up to 60 hectares of land, if it appeals to the Turkish authorities and gets permission.

Uymaz said if previously it was prohibited to buy land on or near military objects, it is possible now with the permission of the General Staff of the country in accordance with another amendment.

Foreign citizens can not be sold more than 10 percent of the total area of land in each province in accordance with the law.

Previously only citizens of those countries in which Turkish citizens could buy a land could become property owners in Turkey.


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