Dear customers, dear interested parties,
On 05/03/2012, the Land Registry Law for the acquisition of land by foreigners has changed positively. We have listed the most important changes in key points.
The law was signed on 03.05.2012 and on 19.05.2012 published in the Official Gazette.
1) The principle of reciprocity has been canceled
Paragraphs 35 and 36 of the 6302 title deed (tapu) law were changed on 5.3.2012.
The almost 100 years since current rules on reciprocity has been repealed.
The list of countries that may acquire property in Turkey will be released by the Cabinet. Countries which are not on this list cannot buy properties in Turkey.
2) Area boundary
Foreigners are allowed to buy in Turkey only max. 10% of the total area of the regions
3) Up to 30 hectare are available to purchase
Each foreign person has the permission to buy max. 30 hectare
The Cabinet has the privilege to maximize this limit to max 60 hectares per person.
4) Private companies
Companies which were founded abroad can purchase properties in Turkey by certain conditions which provide by the Cabinet.
Foreign banks, companies and private persons are authorized to register mortgage in to the Turkish Land Registry and to delete them.
6) Projects on undeveloped land
foreign private persons and companies which are founded abroad must develop within 2 years from the date of the acquisition of undeveloped land, a project for the land and submit this project to the relevant ministry and obtain approval.
Whether the project has been realized is controlled by the Ministry.
The project will be sent by the Ministry to the appropriate Land Registry Office and registered there.
7) Foreign companies founded in Turkey
Foreign companies which are established in Turkey and have 50% or more stake in the company in Turkey can buy properties. Foreign companies have for the acquisition of real estate to apply for the approval of the military department and the district administrator, which confirms that the property is not in a forbidden military zone.
To see the list of the countries which are able to buy real estates in Turkey please click here ...
The law has already passed on 03.05.2012 and will enter into force 3 months after the decision.
Currently, the land charge register office accepted the applications for the Land Registry and sent it to the military authorities in Izmir. The title deed (tapu) can be transfer three month after the law signing date.