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FOREIGNERS WILL SOON BE ALLOWED TO BUY PROPERTY IN TURKEY
Sabah
July 27 2012
Turkey
[Armenians Not Included]
SABAH has acquired the final details on Turkey's reciprocity law, which
is expected to bring in 300 billion dollars in foreign capital over
the next ten years. The following is the road map to which countries
nationals are allowed to buy property and under what conditions.
What the actual regulations will be in the new real estate reciprocity
law passed by Turkey's Grand National Assembly in May has been
dependent on a list that has been awaiting approval from the Minister
of Council for two months now.
According to the renewed list, the number of nations that will retain
the unconditional right to purchase property in Turkey will go up
from 53 to 129, while 52 nations will be allowed based on certain
limitations and conditions of approval. Syria, Armenia, North Korea,
Cuba, Nigeria and Yemen were not included in the 181 nations listed,
which basically means nationals from these countries will be unable
to purchase real estate in Turkey.
The new regulations, which are anticipated to result in an explosion
of property sales to foreigners, limits nationals from China, Denmark,
East Timor, Fiji and Israel, with whom relations are at a breaking
point, to the purchase of a single residence. Jordanians on the other
hand, will only be allowed to purchase two domiciles and one place
of business under the new law.
There are special conditions
The most interesting part of the new law is perhaps all of the special
conditions that have been established. For example, Russians will be
able to buy property as long as it is not located along the Black Sea.
Greeks will also be allowed to purchase property just so long as it
is not located along the coast of bordering provinces.
Obstacles lifted
The obstacles posed for nationals from Saudi Arabia, the UAE, Kuwait
and Lebanon, which are expected to bring in the highest revenue,
as well as from the Turkish Republics, has now been lifted.
Citizens from Azerbaijan, Kazakhstan, Turkmenistan, Tajikistan,
Uzbekistan and Kyrgyzstan will be able to freely purchase property
in Turkey. According to information obtained, as the construction
sector excitedly awaits the passing of the new regulations, Arabs
have already begun to make down payments on real estate they have
set their sights on in Istanbul and Antalya.
Restrictions on 31 nations
The memorandum cites restrictions for nationals from 31 different
countries, limiting real estate purchases to plots, residences and
business locations. Based on these criteria, citizens from Morocco,
Egypt, Latvia, Afghanistan and a number of smaller African nations
will never be able to be owners of agricultural land, vineyards or
orchards. Nationals from Albania, another restricted nation, will
only be able to purchase residences or businesses.
Internal Affairs approval required for 16 nations
According to the new regulations, which will go into effect once the
Council of Ministers have signed on, it will be required for nationals
from 16 different countries, including Iran, China, Palestine and
India, to receive permission from the Ministry of the Interior in
order to acquire real estate. Iraqi's on the other hand, will have
to first apply for permission from the Ministry of Foreign Affairs.
A ten percent limit
The Reciprocity Law also designates a limit on the overall amount of
real estate any foreign national can purchase in Turkey. Accordingly,
the amount of property any one foreign individual can acquire in
Turkey is limited to ten percent of the total area of the province
the plot is located in and to 30 hectares overall throughout Turkey.
Foreign individuals or firms will also be required to present their
project within two years time on purchases of undeveloped plots.
Some of the countries allowed unconditional real estate purchases:
Germany United States of America Argentina Albania Belgium Belize Benin
Bosnia Herzegovina Brazil Bulgaria Burkina Burundi Chad Dominican
Republic Estonia Morocco Ivory Coast Finland France Gabon Gambia
Guinea South African Republic South Korea Georgia Croatia Holland
England Ireland Spain Sweden Switzerland Italy Canada Kenya TRNC
Colombia Kosovo Libya Lebanon Luxemburg Mali Moldova Monaco Namibia
Nigeria Norway Poland Portugal Peru Romania Serbia Slovakia
Sabah
July 27 2012
Turkey
[Armenians Not Included]
SABAH has acquired the final details on Turkey's reciprocity law, which
is expected to bring in 300 billion dollars in foreign capital over
the next ten years. The following is the road map to which countries
nationals are allowed to buy property and under what conditions.
What the actual regulations will be in the new real estate reciprocity
law passed by Turkey's Grand National Assembly in May has been
dependent on a list that has been awaiting approval from the Minister
of Council for two months now.
According to the renewed list, the number of nations that will retain
the unconditional right to purchase property in Turkey will go up
from 53 to 129, while 52 nations will be allowed based on certain
limitations and conditions of approval. Syria, Armenia, North Korea,
Cuba, Nigeria and Yemen were not included in the 181 nations listed,
which basically means nationals from these countries will be unable
to purchase real estate in Turkey.
The new regulations, which are anticipated to result in an explosion
of property sales to foreigners, limits nationals from China, Denmark,
East Timor, Fiji and Israel, with whom relations are at a breaking
point, to the purchase of a single residence. Jordanians on the other
hand, will only be allowed to purchase two domiciles and one place
of business under the new law.
There are special conditions
The most interesting part of the new law is perhaps all of the special
conditions that have been established. For example, Russians will be
able to buy property as long as it is not located along the Black Sea.
Greeks will also be allowed to purchase property just so long as it
is not located along the coast of bordering provinces.
Obstacles lifted
The obstacles posed for nationals from Saudi Arabia, the UAE, Kuwait
and Lebanon, which are expected to bring in the highest revenue,
as well as from the Turkish Republics, has now been lifted.
Citizens from Azerbaijan, Kazakhstan, Turkmenistan, Tajikistan,
Uzbekistan and Kyrgyzstan will be able to freely purchase property
in Turkey. According to information obtained, as the construction
sector excitedly awaits the passing of the new regulations, Arabs
have already begun to make down payments on real estate they have
set their sights on in Istanbul and Antalya.
Restrictions on 31 nations
The memorandum cites restrictions for nationals from 31 different
countries, limiting real estate purchases to plots, residences and
business locations. Based on these criteria, citizens from Morocco,
Egypt, Latvia, Afghanistan and a number of smaller African nations
will never be able to be owners of agricultural land, vineyards or
orchards. Nationals from Albania, another restricted nation, will
only be able to purchase residences or businesses.
Internal Affairs approval required for 16 nations
According to the new regulations, which will go into effect once the
Council of Ministers have signed on, it will be required for nationals
from 16 different countries, including Iran, China, Palestine and
India, to receive permission from the Ministry of the Interior in
order to acquire real estate. Iraqi's on the other hand, will have
to first apply for permission from the Ministry of Foreign Affairs.
A ten percent limit
The Reciprocity Law also designates a limit on the overall amount of
real estate any foreign national can purchase in Turkey. Accordingly,
the amount of property any one foreign individual can acquire in
Turkey is limited to ten percent of the total area of the province
the plot is located in and to 30 hectares overall throughout Turkey.
Foreign individuals or firms will also be required to present their
project within two years time on purchases of undeveloped plots.
Some of the countries allowed unconditional real estate purchases:
Germany United States of America Argentina Albania Belgium Belize Benin
Bosnia Herzegovina Brazil Bulgaria Burkina Burundi Chad Dominican
Republic Estonia Morocco Ivory Coast Finland France Gabon Gambia
Guinea South African Republic South Korea Georgia Croatia Holland
England Ireland Spain Sweden Switzerland Italy Canada Kenya TRNC
Colombia Kosovo Libya Lebanon Luxemburg Mali Moldova Monaco Namibia
Nigeria Norway Poland Portugal Peru Romania Serbia Slovakia