Words: Ashley Rigg
Published: 16th November 2009
Turkey imposes limits on foreign property ownership
Turkish English-language newspaper Hurryet Daily News is reporting that the government has banned foreigners from purchasing property in a number of locations in Southeast Turkey.
According to the report, foreigners have been banned from purchasing real estate in
Mardin,
Kilis and
Hatay as title deeds owned by overseas buyers has exceeded 10% of the total available in these destinations.
According to data from the Turkish Land Registry Directorate, four German foreigners have bought 25,153 square meters of property in Kilis, while 99 foreigners bought 521 properties for a total of 2,383,192 square meters in Mardin.
Speaking to the Planning and Budgets Commission of Parliament, Mustafa Demir, Minister of Public Works and Settlement said: “Since the acquisitions in Mardin, Kilis and Hatay have exceeded 10 percent of the improved land, the purchasing of property by foreigners is banned by the Cabinet.”
Turkey has become an increasintly popular overseas property destinations over the past 18 months as the strength of the Euro has resulted in many British buyers, who might previously have bought in places like Spain, turning their attention to the country.
Full story on
Hurryet Daily News.
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User Comments
The Turkish government has banned foreigners from buying in south Turkey but it is doing its utmost to encourage foreigners to buy in the Northern part of Cyprus which is occupied by Turkey since 1974. The land that they are selling in the northern part of Cyprus does not belong to them. They are basically selling stolen property to europeans and they are basing the income of this region of Cyprus on this practice. The European court has already ruled against such practice but Turkey keeps on ignoring all international law and rulings.
mariosmichaelides,
bettabilt services
Biased I admit, but Spain would appear a better long term investment environment than Turkey. Turkey unlikely to get into EU and will turn to create a new Caliphate of arab and other interests. Muslim pressure will come stronger in the country as Ataturk history waines. When investing must always look to the eventual sale and that's where the risk is. Who is to say that the rules won't be changed to 5% or less and that current foreign owners can only sell to Turks, who will naturally not be paying much from a 'distressed' seller. Would worry me anyway.
Its a beautiful and interesting country though for rental or holiday, just not long-term investment.
Campbell D Ferguson,
Survey Spain