Turkey passes the new legislation
The long awaited law removing the requirement of reciprocity for foreign acquisition of Turkish properties has finally passed parliament and will soon be in force once it is published in the official gazette.
“The new law will have a fundamental affect on Turkish property acquisition by foreign nationals,” said Yasemin Pamuk, Acacia International, a lawyer member of AIPP while sharing with us in a nutshell what the new law will bring.
- First, it transfers all the authority to the cabinet on deciding which country’s citizens can acquire Turkish properties opening up the sales to new countries.
- The new law also increases the area of the lands which can be acquired by foreign individuals from 2.5 hectares to 30 hectares and the authority to double this area is given to the cabinet.
- With the new legislation, foreign companies will be permitted to acquire Turkish properties, the arena which was previously closed.
Whilst noting that there are many technicalities that are yet to transpire in practice, the new law is expected to give a boost to the Turkish Property Market which is already one of the leading sectors of the Turkish economy.