Property sales re starts in Turkey
Parliament passed a bill late Thursday regulating property sales to foreigners after it was re-arranged bearing in mind the Constitutional Court's annulment of previous legislation.
Foreigners and foreign foundations will be able to own up to 10 percent of land within a building scheme, according to the new amendment. In case of liquidation of foreign companies in Turkey, the legislation will apply certain limitations which will enable foreigners to buy land in strategic and important areas only through special permission.
The Council of Ministers will be authorized to determine the sales of land in areas of importance to water, mining and energy supplies or in religious and historical sites.
While foreign ownership of real estate in military-restricted areas will be possible only by permission from command headquarters that are authorized by the General Staff, real estate in security areas will be purchasable by foreigners only through a special permission of the related governor's office, the legislation states. Turkish Daily News has reported on 5th July.
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