Property sales draft at commission
ANKARA - Reuters
Kuşadası, a resort town on Turkey’s Aegean coast, is one of the most popular spots for foreigners relocating to Turkey.
A draft law increasing the limit on the area of land that foreign nationals are allowed to acquire will be on the agenda of the Turkish Parliamentary Justice Commission next week.
Articles increasing the limit of 2,500 square meters to 300,000 square meters of land that foreigners are allowed to acquire will be discussed by the commission Feb. 16. The environment and finance ministries may double the limit in cases where national interests so necessitate. Under current laws foreigners can only possess residence and commercial sites.
The draft also envisages lifting the reciprocity principle under the current regulation in selling property and land to foreigners. According to the principle, a foreign citizen is allowed to obtain property only if a Turkish citizen can do the same in that person’s country of origin.