New law passes for foreign ownership of property
The written proposal of preliminary legislative act of property
sales for foreigners had been submitted to the Turkish Grand National
Assembly on the 14th of November voiding the earlier rescinded law.
The proposal recommends that 0.5% of land in any one province should be
available for foreign nationals to purchase allowing one plot to be no more
than 25 acres. Companies, whether Turkish or foreign, have no limit placed
on them as to the amount of land that they can purchase, only that the land
must be situated in a municipality as the law dictated previously. This
stipulation with regards to the municipality applies whether a sole or
company purchases the land.
It has been recommended that no permission be given to Social or Religious
Communities to allow them to purchase land.
It has also been recommended that there be no restriction on inheritance of
land (i.e.: if an inheritance takes you over the 25 acre limit then there
will be no restriction on that person still receiving the land).
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