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Turkey back in business

5/8/2008

Prospective Turkey investors and Agents are breathing a huge sigh of relief today…

The Ministry of Public Works and Settlement temporarily halted Turkish property sales to foreigners at the beginning of April in line with a Constitutional Court ruling three months prior.

Turkey’s Parliamentary Justice Committee approved the government bill regarding the sale of Turkish property to foreigners on May 2nd. The new bill allows foreigners and foreign companies to purchase real estate up to 10 percent of areas in the zoning plan.

The bill authorizes the Council of Ministers to change the percentage --not more than 10 percent--taking into consideration the significance of towns in terms of infrastructure, economy, energy, environment, culture, agriculture and the like.

John Howell, senior partner at the International Law Partnership commented: “The question was not whether foreign nationals should be allowed to acquire land in Turkey but whether the Government should “relax limitations as to the size of land foreigners can purchase”.