Foreigners can now buy more Turkish land
ANKARA - Anatolia News AgencyTurkish President Abdullah Gül approved a law on May 17 which envisages the sale of real estate to foreign nationals. According to the law, foreigners will be able to buy real estate in Turkey in line with the interests of the country.
The new law has raised the amount of land a foreign buyer can purchase from 25,000 square meters to 300,000. The Turkish Cabinet, however, may increase the amount of land a foreign buyer can purchase to 600,000 square meters.
Under the new legislation, foreign buyers must provide construction plans before a purchase is made.
Individuals and businesses will need to submit project proposals for vacant land to the Ministry of Environment and Urbanization within two years. If approved, the project will be sent to the local land registry office.
The draft law also allows for the purchase of up to 10 percent of the total area of densely populated towns.
Foreign companies may purchase land only as allowed by law.
The Turkish Cabinet may decide which country’s citizens or companies will be able to buy property and will determine the location and the size of the real estate.