Despite last minute political wranglings the bill allowing the sale of land and property to foreigners has been agreed. A great Christmas present to the emlaks and property buyers and sellers who have been waiting since July 2005 when the law was suspended.
But what does it mean?
We are awaiting the Tapu ve Kadastro Genel Müdürlügü to update their guidance pages for the full list of changes but from press reports we understand the following has been agreed:
- No sales within security of millitary zones – meaning the time consuming security checks will continue.
- Sales to foreigners where there isn’t a bilateral agreement – Turks can buy in that country – will have to go to court (if they can be bothered).
- Commercial land can now be purchased.
- Land purchases will be limited to 2.5 hectares. This can be extended up to 30 hectares only with Cabinet approval.
- Foundations, associations, cooperatives, groups and religious communities will not be able to purchase property.
- And finally…..
- If officials prove that the law has been broken because the land purchased is not being used for the specified purpose, the Finance Ministry can force the owners to sell it and if not will make the sale itself and return the proceeds to the owner.
But even though the law has now been passed emlaks, buyers and sellers will face delays as the land registry works to clear the backlog.
Thanks to eagle eyed Roy for alerting us to the ruling.