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Turkey New Legislation will increase buyers

Turkey is planning to ease restriction on the purchase of real estate by foreigners, according to reports in the Turkish press this morning.

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Who can purchase property in Turkey

Previously Turkey operated a reciprocity principal when it came to allowing foreigners to purchase Turkey property but this list was restrictive and out of date for example, Turkish people could purchase property in the UAE but UAE nationals could not buy in Turkey.
The number of nations that will have the unconditional right to purchase Turkey property will increase from 53 to 129, while a further 52 nations will be allowed based on certain limitations and conditions of approval. Syria, Armenia, North Korea, Cuba, Nigeria and Yemen were not included in the 181 nations listed, which basically means nationals from these countries will be unable to purchase real estate in Turkey unless purchasing through a company.

Another feature of the new law is the special conditions that have been established for nationals of certain countries. For example, Greeks will also be allowed to purchase property just so long as it is not located along the coast of provinces that border Greece and Russians will be able to buy property as long as it is not located along the Black Sea. The new regulations also limit nationals of China, Denmark, East Timor, Fiji and Israel, countries with poor diplomatic relations with Turkey, to the purchase of a single residence. Jordanians on the other hand, will only be allowed to purchase two residences and one place of business under the new law.
Any obstacles have been fully lifted for nationals from Saudi Arabia, the UAE, Kuwait and Lebanon and these countries are expected to bring in the highest revenue from new purchases. Citizens from Azerbaijan, Kazakhstan, Turkmenistan, Tajikistan, Uzbekistan and Kyrgyzstan will be able to freely purchase property in Turkey.

For nationals of a further 31 different countries there have been some restrictions imposed such as limiting real estate purchases to plots, residences and business locations. Based on these criteria, citizens from Morocco, Egypt, Latvia, Afghanistan and a number of smaller African nations will not be allowed to own agricultural land. Nationals from Albania will only be able to purchase residences or businesses.

The new regulations will go into effect once the Council of Ministers have approved them and nationals from 16 different countries, including Iran, China, Palestine and India, to receive permission from the Ministry of the Interior in order to acquire property. Iraqi nationals will have to first apply for permission from the Ministry of Foreign Affairs.

The limit on the overall amount of real estate any foreign national can purchase Turkey property has also been increased. Therefore, the amount of Turkey property any single foreign individual can acquire is limited to ten percent of the total area of the province in which the plot is located and up to 30 hectares in total throughout Turkey.

Country Restrictions

During 2012, Turkey eased the restrictions on the purchase of real estate in Turkey by foreign nationals. The new laws increased the number of countries whose citizens can purchase property in Turkey from 53 to 129. The laws also include restrictions on ownership by citizens of 52 countries.
Citizens of China, Denmark, East Timor, Fiji and Israel are allowed to buy one residence.
Jordanian nationals can buy two residences and one place of business.
Citizens of Russia, Ukraine, Bulgaria and Greece have specific restrictions on the areas of Turkey in which they can buy real estate. All purchases of Turkish real estate by foreign nationals must be authorized by the Turkish military authorities - this is to ensure that the property is not in a restricted area.
Citizens of Armenia, Cuba, Nigeria, North Korea, Syria, and Yemen are not allowed to buy real estate in Turkey.

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