In recent years, there’s been an increase in the investments made in the property market in Turkey, and latest amendments to the Turkish property law raise favorable prospects for foreigners. Actions facilitating property acquisition for foreigners are being taken in the Turkish property sector, which has become the center of attention for citizens of developed and developing countries.
There are legal rules that provide guidance on setting out contractual processes of property purchases, sales and lease as well as constructions and projects in accordance with legal sanctions. Consulting professional law firms is preferred in resolution of disputes that may arise during procedures of investment in Turkish property sector.
What is Property Law for Foreigners in Turkey?
Matters about Real estate Law, which is a branch set out for immovable properties of Turkish Property law for foreigners, which concerns all sections of society in Turkey, should be examined carefully by investors. Property right constitutes the basis of Real Estate Law, which belongs to a part of Civil Law. Property right is recognized and protected by the Turkish Constitution and the European Convention on Human Rights. Purchase and sale transactions of any real estate related to immovable property are carried out in accordance with property law. In case of any dispute, if legal proceedings are initiated about the matter, the real estate law comes into play.
The provisions of property law in Turkey apply to all natural persons. Foreigners also enjoy these rights. As per the provisions of the respective law, citizens of any country which is not subject to any restrictions are entitled to acquire real property under certain conditions and such right is reserved. It is possible to obtain detailed information about countries not subject to restriction from Embassies and Consulates of the Republic of Turkey, and the General Directorate of Land Registry and Cadastre. According to the latest amendments made in 2012, citizens of all Arab and Islamic Countries, except for Syrian citizens, have the right to acquire immovable property in Turkey.
Legal Limitations Imposed on Immovable Acquisition for Foreigners
Before buying property in Turkey, foreigners should have insight about statutory limitations. First of all, the total surface area specified for immovable properties which foreigners can buy across Turkey is limited to a maximum of 30 hectares. In other words, in accordance with Turkish Property Law, a foreigner is entitled to purchase a maximum of 74 acres of real estate. However, upon the request of the foreigner, this area can be doubled, provided that the Council of Ministers takes a decision to that effect.
For further details about restrictions on buying property in Turkey for foreigners, ask our consultants!
Requirements for the Immovable Property Acquired by Inheritance
In accordance with Turkish Property Law, sanctions related to acquisition for immovable property by foreigners have been replaced with new regulations. Unlike the previous regulation, property acquisition of foreigner real person is not subject to a separate provision. In other words, the acquisition of property by foreign real persons by inheritance is implemented in line with the same conditions as the sanctions regarding the immovable properties to be acquired through legal means.
Foreigners who are citizens of the countries designated by the Council of Ministers and who meet the previous property acquisition requirements may acquire property by inheritance. No differentiation has been made, and in accordance with the latest statutory change, it is possible for foreign natural persons to inherit by death-related legal inheritance.
