Turkish Parliament eases governing sales of property to foreigners
The Turkish Parliament has passed the long-awaited draft bill that eases the restrictions on property purchases by foreigners. The lifting of the reciprocity principle enables the citizens of Central Asian, Middle Eastern and other surrounding countries to own real estate in Turkey.
The reciprocity principle, in effect up until the adoption of the new bill, only allowed citizens of certain countries that have granted the same right to Turkish nationals to buy real estate.
The limits to a piece of land that a foreign national can possess is also raised to 30 hectares (300,000 square meters) from 2.5 hectares (25,000 square meters), according to the new law. This limit can also be doubled upon authorization by the Council of Ministers.
Eagerly anticipated by Turkey’s booming real estate and construction sectors, the amended law is expected to at least double the amount of property investments in Turkey, hovering at around USD 2.5 billion annually.