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Law On Foreign Property Ownership Passes - Turkey

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Parliament's General Assembly passed a much-anticipated law that establishes rules by which foreigners can purchase and own property in Turkey.

According to the law foreigners will be able to own property in Turkey subject to certain restrictions. The land purchased cannot exceed 2.5 hectares but can be increased to 30 hectares by Cabinet decree.

Foreign foundations, associations, cooperatives, communities and groups are not allowed to purchase real estate in Turkey.

The Cabinet will be responsible for approving the purchase of land by foreigners and foreign companies in areas that are strategically important vis-à-vis agriculture, energy, irrigation, protected habitats or that possess religious or cultural significance.

The Defense Ministry will be required to submit a list of military zones, special security areas and other prohibited zones to the Land Registry Office.


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