Mon, 16 Jun 2008 14:50:00
The Turkish Grand National Assembly has passed the law that allows foreigners to buy property in Turkey Wednesday. The new law allows foreigners to buy property on up to 10% of the total available building land.
The new Law was discussed yesterday in parliament. Opposition parties had opposed the law for national security concerns. The opposition parties mainly criticized the selling of property in the east of Turkey to Israeli citizens. Minister of Public Works and Settlement Faruk Ozak said “No Greeks own land in the Eastern Anatolia Project zone and only 72 Israeli citizens own property in Turkey. Since the establishment of the republic up to 2002, Turkey sold 11.9million square metres of land to foreign investors. Between 2002 and 2007, this number had risen to 25 million square metres. This is the total amount of land sold to foreigners in all the territories of Turkey.”
Where foreigners cannot buy property
As a result of the new law, foreigners cannot buy property in sensitive areas that would or may including resources for watering, energy, agriculture, mining, SIT (Protection lands), protected land for religious and cultural concerns, floral protection land and strategically positioned land relating to national security.
Military permissions to end
The Ministry of National Defence will give the security zone maps to the Title Deeds and Cadastres offices. The officers will check the property whether if it is in the zone or not. Buyer and seller will know if it is in the zone straight away prior to purchase. The sales procedure will be the same as for Turkish buyers.
What remains before the law comes into effect.
There are two remaining steps before the new law comes into effect. The Grand National Assembly will send the new law to the President, Abdullah Gul for his approval. After his approval, the law will be printed in official gazette of Turkey.
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