New Law Makes it Easier for Turkish Citizens to Purchase Property in Turkey
New law makes it easier for Turkish citizens to purchase property in Turkey
Soner said she disagrees with that. "Brits are still purchasing Bodrum Properties," she said. "We have three properties in Bodrum. The prices begin from 45,000 Turkish Liras. Brits, Swedish, German and French vendees prefer luxury. Swedish possible buyers came around some time ago. They were highly interested in the Story Residence, which is being built in Beylikdz, Istanbul. Pre-reservations were made to see seven residences at the Story Residence."
overseas ownership of real estate in restricted military areas is manageable only with permission from the Office of the Chief of Staff, while property in security areas is ready by noncitizens only with special license from the governor’s office. The new law also limits international ownership of immovables in Turkey to 2.5 hectares. The new law allowed the Office of the Register of Deeds to reject the diligences of citizens of the countries that do not have reciprocity with Turkey. It will soon be much easier for Arabs and the citizen of Turkic republics to purchase properties in Bodrum.
Many noncitizens who originally arrive to Bodrum as tourists have bought property in cities such as Antalya, Mula, Aydn, zmir and Istanbul. There actually are tens of thousands of foreigners who have set up their own communities in the southern cities of Alanya, Kemer, Side, Ka, Fethiye or the Aegean city of Didim.
But a new law, which went into effect July 17, brought limitations to property sales to noncitizens. According to some sector representatives, these limitations caused a slowdown in the number of foreigners looking to invest in place.
According to the law passed by Parliament, noncitizens and foreign foundations are able to own up to 10 percent of land within a building scheme. In case outside companies are liquidated in Turkey, the law imposes certain limitations that enable foreigners to buy land in "strategic and important areas" only with special permit. All noncitizens seeking to purchase place in Turkey have to get governor approval. The Cabinet is authorized to determine the sales of land in areas of importance to water, mining and energy supplies or on religious and historical sites.
