LEADING NEWS SOURCE FOR TURKEY AND THE REGION

ECONOMICS > CHP moves against law on land sale

ANKARA - Hürriyet Daily News

Print Page Send to friend »
The main opposition Republican People’s Party (CHP) is set to ask the Constitutional Court today to annul a recent law regarding the sale of property and land to foreign nationals, arguing that some provisions in the bill are unconstitutional, according to sources within the party.

The Turkish Parliament on May 3 approved a bill that eases restrictions on the sale of land and real estate to foreign citizens and firms despite harsh objections from opposition parties.

The bill most notably removed the condition of reciprocity and increases the total amount of real property that a foreigner can own from 25,000 square meters to 300,000 square meters across the whole country.

Changes in new code


Foreign nationals, legal entities, and local firms that are at least 50 percent owned by international enterprises gained greater rights to own real estate and limited real property rights in Turkey, thanks to the bill. The amount of property owned by foreigners in a given district cannot exceed 10 percent of the privately owned real estate there. Under the previous law, foreigners were only able to possess residence and business sites.

Separately, CHP deputies also appealed to the Constitutional Court yesterday to scrap a recent bill banning strikes for the aviation industry.

July/12/2012

PRINTER FRIENDLY Send to friend »

READER COMMENTS

Notice on comments

MOST POPULAR

AcerPro S.I.P.A HTML & CSS Agency