New Law Allows Foreigners to Purchase Property in Turkey
BalkanTravellers.com
Foreign physical and legal entities, meaning individual people and companies, are permitted by the new law to purchase and own real estate up to 10 per cent of the total size of the land, according to the use, regulation and building plans, the Turkish information agency ANKA reported.
In addition, the publication added that foreign companies can buy real estate in forbidden military zones, security zones and strategic regions only after receiving permission from the General Headquarters.
The new law’s adoption comes after a constitutional court ruled that foreigners were forbidden from buying property in mid-April, as BalkanTravellers.com reported. As of April, foreign investors’ annual real estate purchases amounted to $3 billion for the past three years, with a total of 63,085 properties having so far been sold to 73,103 foreigners.
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