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Entered into force a new law on the sale of real estate to foreigners

09.08.2012

Minister for the Environment and Urban Planning Erdogan Bayraktar told about the law governing the procedure for acquiring real estate by foreigners.

Minister for the Environment and Urban Planning Erdogan Bayraktar, pointing out that the main purpose of legislation which came into force on 3 days ago, and determined the order of acquisition of property by foreigners, is to attract foreign investors, said: "Individuals, citizens of 183 countries will be able to purchase real property in our country subject to the criteria for protection of strategic areas. "

In connection with the adoption of the law governing the acquisition of property by foreigners, the Minister of the Environment and Urban Planning Erdogan Bayraktar held a press conference. At a press conference held at the Main Department of Cadastre and Real Estate, Erdogan Bayraktar, talking about released statute relating to the acquisition of real estate by foreigners in Turkey, said: "By this law most of the powers were given to the Government, that is, the Council of Ministers. This legislation adopted by the Council of Ministers was signed by the President of our Republic and entered into force 3 days ago. "

According to Bayraktar, the main purpose of legislation is to attract foreign investors and together with this it is important to protect the interests of the country. Erdogan Bayraktar explained that the law was passed in compliance with state interests, and he abolished the condition of reciprocity when the real estate is acquired by foreign individuals. He said: "By this provision the authority to make major decisions, the establishment of restrictions and prohibitions in respect of countries, persons, geographic areas, terms, numbers, ratios, types, characteristics, areas and quantities of the acquisition of real estate by foreign individuals and foreign companies were granted to Council of Ministers. In this regard, individuals, citizens of 183 countries will be able to purchase real estate in our country property, subject to the criteria for the protection of strategic areas. "

Bayraktar said that this piece of legislation, in parallel with the developed countries and in accordance with the legal system of the European Union, the following legal regulations is implemented: "In the new law areas that are free for the acquisition are defined as areas that can be privately owned, also the scope limitations that had been established by "old" law and constituted 10% of the permitted building sites up to 10% of the available for private ownership  of the district total area were expanded. "

Minister Erdogan Bayraktar also said: "Foreign individuals can buy any number of houses, land and commercial properties throughout the country, provided the acquisition by one person no more than 30 hectares. After the release of this Act the Office of the General Staff, or, if necessary, the Ministry of Internal Affairs within 1 year will make and submit to our Department a list of our forbidden military and strategic zones, we, in turn, will pass this information to the Departments of registration of real estate. Henceforth at the sale of real estate to foreigners no questions would be asked, but during the year we will continue to ask these questions. We have provided a period of one year. During this period, drawing information and maps will be completed and submitted to us, and when a foreigner will come to us he will be able to register his rights to property in one day. "

Bayraktar noted that on the purchase of real estate by commercial companies that are foreign entities, there was no change, "Turkish companies with foreign capital, established in accordance with Turkish law, within the objects specified in their basic instruments, will purchase any number of real estate and limited real rights. "

Erdogan Bayraktar said that the law has another innovation: "In the case of acquisition by foreign physical and legal entities of real property without a building / structure / structures located in 2-year period they will have to submit for approval by the relevant ministry planned to implement project. "

"Responsibility for the preparation of the provision defining the principles and procedures concerning the application of this provision, was assigned to the Ministry of the Economy" - said Bayraktar.



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