Turkey Property sales draft at commission

A draft law increasing the limit on the area of land that foreign nationals are allowed to acquire will be on the agenda of the Turkish Parliamentary Justice Commission next week.

Articles increasing the limit of 2,500 square meters to 300,000 square meters of land in Turkey that foreigners are allowed to acquire will be discussed by the commission Feb. 16. The environment and finance ministries may double the limit in cases where national interests so necessitate. Under current laws foreigners can only possess residence and commercial sites.

The draft also envisages lifting the reciprocity principle under the current regulation in selling property in Turkey and land to foreigners. According to the principle, a foreign citizen is allowed to obtain property Turkey only if a Turkish citizen can do the same in that person’s country of origin.