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Hurriyet, Turkey
Aug 11 2012
No land for Syrians, coasts closed for Greeks
by Erdinç ÇelikkanANKARA / Hürriyet
Turkey expects a great foreign interest in its estate market thanks to
a new code. Still, neighboring countries may have lower chances due to
a bunch of restrictions
Citizens of Syria, Armenia and North Korea are not allowed to acquire
any real property, including residential or business property or land,
in Turkey, under a recently announced reciprocity regulation, which
also prohibits Greek citizens from buying estate on coastal provinces
including Istanbul. The code allows the citizens of 183 other
countries to purchase Turkish real estate.
The government has sent a letter to all ambassadors to Turkey asking
them to promote the new law, in order to accelerate property sales,
daily Hürriyet reported Aug. 10. Sources say the government will ask
the private sector and television actors such as Kıvanç Tatlıtuğ and
Tuğba Büyüküstün, who have shot to fame in Arab countries in the
Persian Gulf, to lure wealthy investors from that region to invest in
real estate in Turkey.
"Arabs have demonstrated a particular interest in property located in
coastal provinces and Istanbul. We are working to get foreigners to
come to our country to make investments and to encourage more tourists
to visit the country, in order to increase foreign capital inflow,"
said Environment and Urban Planning Minister Erdoğan Bayraktar.
No property in Istanbul for Greeks
Citizens of Greece are banned from acquiring property in 28 coastal
provinces, including Istanbul, as well as the province of Edirne,
which borders Greece. There is no such limitation in place for Turks
in the Greek region of western Thrace in Greece.
"Greek citizens were not allowed to purchase property in the coastal
band around Turkey according to the previous regulation. And if a
Greek inherited property in the coastal band, that person was asked to
liquidate it within one month, as they are not eligible to own any
property there," Atilla Lök, an Istanbul-based lawyer with expertise
in property cases told the Hürriyet Daily News on the phone yesterday.
Citizens of other countries that border Turkey, namely Iran, Iraq,
Georgia and Bulgaria, are also banned from acquiring property in the
provinces bordering their own countries. Iranian citizens who are not
included on a U.N. a sanction list must lodge an application with the
Interior Ministry in order to purchase property. Citizens of Iraq also
have to obtain the ministry's permission.
Citizens of 16 other countries, including China, Palestine, India and
the Seychelles, are obliged to obtain special permission from the
Interior Ministry before buying property in Turkey.
The new regulation allows citizens of 183 countries to acquire
property in Turkey by lifting the reciprocity principle. The new
regulation also lifts a condition that limited Israeli citizens to
owning only one "dwelling." Citizens of Turkish Cyprus have the same
rights to purchase property as Turkish citizens.
August/11/2012
From: Baghdasarian
Aug 11 2012
No land for Syrians, coasts closed for Greeks
by Erdinç ÇelikkanANKARA / Hürriyet
Turkey expects a great foreign interest in its estate market thanks to
a new code. Still, neighboring countries may have lower chances due to
a bunch of restrictions
Citizens of Syria, Armenia and North Korea are not allowed to acquire
any real property, including residential or business property or land,
in Turkey, under a recently announced reciprocity regulation, which
also prohibits Greek citizens from buying estate on coastal provinces
including Istanbul. The code allows the citizens of 183 other
countries to purchase Turkish real estate.
The government has sent a letter to all ambassadors to Turkey asking
them to promote the new law, in order to accelerate property sales,
daily Hürriyet reported Aug. 10. Sources say the government will ask
the private sector and television actors such as Kıvanç Tatlıtuğ and
Tuğba Büyüküstün, who have shot to fame in Arab countries in the
Persian Gulf, to lure wealthy investors from that region to invest in
real estate in Turkey.
"Arabs have demonstrated a particular interest in property located in
coastal provinces and Istanbul. We are working to get foreigners to
come to our country to make investments and to encourage more tourists
to visit the country, in order to increase foreign capital inflow,"
said Environment and Urban Planning Minister Erdoğan Bayraktar.
No property in Istanbul for Greeks
Citizens of Greece are banned from acquiring property in 28 coastal
provinces, including Istanbul, as well as the province of Edirne,
which borders Greece. There is no such limitation in place for Turks
in the Greek region of western Thrace in Greece.
"Greek citizens were not allowed to purchase property in the coastal
band around Turkey according to the previous regulation. And if a
Greek inherited property in the coastal band, that person was asked to
liquidate it within one month, as they are not eligible to own any
property there," Atilla Lök, an Istanbul-based lawyer with expertise
in property cases told the Hürriyet Daily News on the phone yesterday.
Citizens of other countries that border Turkey, namely Iran, Iraq,
Georgia and Bulgaria, are also banned from acquiring property in the
provinces bordering their own countries. Iranian citizens who are not
included on a U.N. a sanction list must lodge an application with the
Interior Ministry in order to purchase property. Citizens of Iraq also
have to obtain the ministry's permission.
Citizens of 16 other countries, including China, Palestine, India and
the Seychelles, are obliged to obtain special permission from the
Interior Ministry before buying property in Turkey.
The new regulation allows citizens of 183 countries to acquire
property in Turkey by lifting the reciprocity principle. The new
regulation also lifts a condition that limited Israeli citizens to
owning only one "dwelling." Citizens of Turkish Cyprus have the same
rights to purchase property as Turkish citizens.
August/11/2012
From: Baghdasarian