Ban on foreign property investment in Turkey has been lifted
The ban of the title deed act has now been lifted by a new court ruling on May 1st. The deed system change will be effective within the next few weeks once the official gazette will publish the news. What prompted this action was a constitutional rights contrary that affected article 35 of the Tapu title deed act.
The deed system change will be effective within the next few weeks once the official gazette will publish the news. What prompted this action was a constitutional rights contrary that affected article 35 of the Tapu title deed act.
The new legislation governs that non Turkish nationals can only purchase 10% of a total area covered by a local planning zone in any town. This differs from the original act which allowed foreigners to purchase 0.5% of the total land area of a province, opposed to a single town.
This is excellent news giving the booming potential of the Turkish market. More properties in Turkey will come available soon through Colour Investments.
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Comment by Marie — May 12, 2008 @ 5:09 pm
This is good news. Turkey has got to be one of the best places for property investments in 2008! I was looking to invest in Istanbul a few weeks ago but then the ban on foreign ownership came into effect. I will definitely be looking to Turkey for my next investment.
Comment by Feroz Habib — May 12, 2008 @ 5:38 pm