12/23/2011

Turkish parliament to debate new reciprocity law in early new year

Zaman - The draft law allowing foreign nationals to own property will be put to vote in the Grand National Assembly of Turkey (TBBM) in the first days of 2012, according to the Environment and Urbanization Minister, Erdogan Bayraktar.

The law, expected to be enacted in the first quarter of next year, will take investor interest in the country’s real estate market to new levels. “Turkey offers an excellent investment location for foreigners. The new legislation will make obtaining property easier with the lifting of the reciprocity principle. Citizens of other countries will be able to buy any kind of property, including homes and office space,” said the Minister at the sidelines of a conference he attended in Istanbul. The limits to a piece of land that a foreign national can possess will be extended considerably as well, the Minister remarked, saying that the 2.5 hectare limit (25,000 square meters) will be raised to 30 hectares (300,000 square meters). The draft law calls for the lifting of the reciprocity protocol which bars citizens of 89 countries from owning a property in Turkey as Turkish nationals are not entitled to do the same in the prospective buyer’s country of origin.

Property sales to foreigners in Turkey reached USD 2.5 billion in 2010. Enabling citizens of certain countries to obtain realty can easily double that figure, industry analysts say.
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