Turkey Buying Ban Lifted
Investors in Turkey will be pleased to hear that the government has lifted its temporary suspension on the issue of title deeds to foreign nationals and foreign companies. The lifting of the ban means an end to the uncertainty for prospective investors and a return to normal in Land Registries across Turkey.
The background to the ban is the ruling in April by Turkey’s Constitutional Court that a section of Article 35 of the Title Deed Act (known as Tapu) was contrary to the Turkish constitution. The section in question primarily relates to property ownership by foreign companies and the government temporarily suspended the issuing of title deeds while they addressed concerns about large amounts of agricultural land being bought up by foreign companies. The Turkish government needed time to re-draft the law and according to legal experts, the issues surrounding the suspension were linked more to the amount of land that a foreigner could purchase, not whether they should or should not own property and land in Turkey.
New legislation was passed in mid-July and Turkish Land Registries restarted processing applications as of 18th July. The new law will not affect the majority of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts. The law concerning the total amount of land which may be owned by foreign nationals and foreign companies is restricted to 2.5 hectares (25,000 square metres) and in any one town, the total area open to foreign ownership is 10% of the area subject to development plans. There are additional changes relating to foreign companies and Turkish companies with foreign shareholders. Essentially, foreign companies may not be used as a vehicle for Turkish property investment and Turkish companies with foreign shareholders may only purchase land for purposes connected with their business, as outlined in their articles of association.
The new law will be welcomed by investors as it will mean that applications for title deeds can get moving again and the changes are not expected to make any significant difference to individual foreign property investors. Turkey remains a popular investment and tourist location, especially now that the country is better served by low cost airlines, making access easier and more cost effective. The new law will reassure prospective investors looking for a good short, medium or long-term investment.
To find out more about Obelisk’s property investment opportunities, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE). Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquiries, please contact Obelisk’s Marketing Department on (+34) 952 820 319 or email: press@obeliskinternational.com
The background to the ban is the ruling in April by Turkey’s Constitutional Court that a section of Article 35 of the Title Deed Act (known as Tapu) was contrary to the Turkish constitution. The section in question primarily relates to property ownership by foreign companies and the government temporarily suspended the issuing of title deeds while they addressed concerns about large amounts of agricultural land being bought up by foreign companies. The Turkish government needed time to re-draft the law and according to legal experts, the issues surrounding the suspension were linked more to the amount of land that a foreigner could purchase, not whether they should or should not own property and land in Turkey.
New legislation was passed in mid-July and Turkish Land Registries restarted processing applications as of 18th July. The new law will not affect the majority of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts. The law concerning the total amount of land which may be owned by foreign nationals and foreign companies is restricted to 2.5 hectares (25,000 square metres) and in any one town, the total area open to foreign ownership is 10% of the area subject to development plans. There are additional changes relating to foreign companies and Turkish companies with foreign shareholders. Essentially, foreign companies may not be used as a vehicle for Turkish property investment and Turkish companies with foreign shareholders may only purchase land for purposes connected with their business, as outlined in their articles of association.
The new law will be welcomed by investors as it will mean that applications for title deeds can get moving again and the changes are not expected to make any significant difference to individual foreign property investors. Turkey remains a popular investment and tourist location, especially now that the country is better served by low cost airlines, making access easier and more cost effective. The new law will reassure prospective investors looking for a good short, medium or long-term investment.
To find out more about Obelisk’s property investment opportunities, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE). Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquiries, please contact Obelisk’s Marketing Department on (+34) 952 820 319 or email: press@obeliskinternational.com
Labels: investment, property, real estate, Turkey
posted by Alison Kane at 3:30 pm
0 Comments:
Post a Comment
<< Home