Lawyer in Turkey: November 2012

Wednesday, November 14, 2012

Real Estate purchases Turkey

Amendment in the reciprocity principle already entails 907 sales to foreigners

Despite the fact that Syria, Armenia, Cyprus and South Korea are excluded from the scope of the new amendment 907, other foreigners have already made use of the new amendment by buying real estate in Turkey. After the amendment, Germans have made a purchase of ​​a total of 304.000m2 of land and 11 apartments. The Russians mainly purchased around the Turkish Riviera, they bought 134 apartments.

Since the removal of the reciprocity principle on the 18TH of May 437.000 m2 of land is sold to foreigners, of which to mostly Germans, but also to the Russians who have a big share around the Turkish Riviera. Due the fact that it is not allowed for Greeks to buy real estate around the Turkish Riviera, they preferred the Anatolian Turkey.

After the change of the reciprocity principle,  907 real estates sold to 183 citizens of different nationalities. 

The following purchases of real estate of foreigners has been done:
In accordance with the Turkish Tapu law the maximum real estate that can be purchased by foreigner is increased from 2.5 hectares to 30 hectares. This increase brings that Germans prefer buying their own land and build a house on it. The Russians on the contrary prefer buying apartments, of which 134 apartments are already sold to Russians. The Greeks have purchased 480m2 of land and 4 apartments mainly in the cities like Ankara and Eskisehir.

According to the Land Registry in the months after the reciprocity principle is lifted, the results regarding the sale to foreigners are: 
Netherlands 33, England 111, Ireland 13, Sweden 50, Norway 61, Denmark 30, Finland 13 and Ukraine 12. 

Remarkably the Czech Republicans, North Koreans, Georgians, Swedish, Greeks, Italians, Japanese, Lebanese, New Zealanders and Serbians have also purchased property in Turkey

In total 296 foreigners purchased 368.361m2 ground and arable land, at the same time 661 houses were purchased by foreigners.

The Minister of Environment and Country Planning said that, "The acquired properties are protected under international law. If the foreigners do not meet the purchase requirements, then we have the right to nullify the transfer of the property. Foreigners, who purchase a building ground, are within two years obliged to let their project be approved on the use of the land by the Turkish Ministry.