Turkish property sales to foreigners

Date Added: May 07, 2008 03:01:24 AM

Turkish Property sales to foreigners is to be temporarily halted from Wednesday, declared a Ministry of Public Works and Settlement inline with a Constitutional Court ruling three months ago. A new regulation was delivered to the Board of Ministers for approval. "Turkish property sales to foreigners temporarily halted" new regulation regarding the sale of Turkish property to foreigners was delivered to the Board of Ministers for approval on Wednesday.

According to information obtained from ministry's officials, a circular letter on Tuesday was sent to all land registry offices indicating the end of the sale of real estate to foreigners.The related verdict of the Constitutional Court will come into effect from Wednesday. The law does not restrict foreigners who already own property in Turkey from selling it to Turkish Citizens. A total of 63,085 properties have so far been sold to 73,103 foreigners, with;German, British, and Greek citizens being the leading purchasers of Turkish property.

Foreign investors’ annual real estate purchases amounted to $3 billion for the past three years, accounting for about 8.5% of the current account deficit. "We believe that the government will take this issue seriously and is likely to pass the necesssary legislation through the parliament.

However, the timing remains uncertain and the impact on the financing of the current account deficit should be negative in the near term," Raymond James Financial said in a research report on wednesday. Didim Today

Ratings You must be logged in to leave a rating.
Average rating: (0 votes)

Comments

No Comments Yet.

You must be logged in to leave a Comment.

ARTICLES

Buying Property in Turkey
Historically, it was nearly impossible in most instances for a foreign national to purchase real estate in Turkey. Indeed, for the most part, Turkey maintained a nearly absolutely blanket prohibition against foreign nationals having the ability to directly purchase and own real estate in that country

Yalikavak Bodrum
Yalikavak is on the north side of the Bodrum peninsula, 18 km from Bodrum on a road that crosses the mountainous spoine of the peninsula. At the crest of the hill near the windmills there is a breathtaking view of the whole area including Tilkicik, Paşa and Ağaçbaşı bays. The name Yalikavak means "poplar by the seaside.

Are You A British Expat Living In Turkey But Missing The UK?
Are You A British Expat Living In Turkey But Missing The UK ? Are you in dilemma about whether to return? If so ITV1 are making a documentary series about expats who are weighing up the merits of returning home.

Turkish property sales to foreigners
Turkish property sales to foreigners is to be temporarily halted from Wednesday, declared a Ministry of Public Works and Settlement inline with a Constitutional Court ruling three months ago. A new regulation was delivered to the Board of Ministers for approval..

Turkey Turkish Turkei Turki Turkja
Turkey, surrounded by sea on three sides, the Mediterranean, the Aegean and the black sea is a popular holiday destination for many Europeans, Turkey has a population of around 55 million, the vast majority being Turks, Turkey has many climate zones, the Aegean and Mediterranean coast has a typical Mediterranean climate with hot summers and mild winters, the temperature in summer reaches 29ºC