NEWS New Turkey land & property law expected to come into effect next month

The recent Turkey land & property law that passed through parliament in May 2012 is finally expected come into effect in July.

This law will remove the requirement of reciprocity between countries regarding direct foreign ownership of land and property in Turkey. Previously only nationals of countries that allowed Turkish citizens to buy directly in their own country were allowed to do likewise in Turkey.

Cabinet ministers will now decide which of the 89 countries without reciprocity agreements with Turkey will be allowed to directly buy land and property in Turkey. This list includes many of the commodity rich countries of Eastern Europe, the Middle-East and Asia. The new law will also increase the size of land that can be acquired by a foreign individual from 25,000sqm to 300,000sqm.

Furthermore, the military clearance search that previously took around 6 weeks to complete when buying a property or land will now be scrapped (by May 2013). Instead the Turkish military will provide the Notary (title deed office) with detailed maps showing any restricted areas. This means that the whole buying process should then take just a few days to complete.