Turkish parliament allows property sell to foreigners
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Hurriyet English
Oluşturulma Tarihi: Temmuz 03, 2008 18:49
The Turkish parliament general assembly approved late Thursday a government bill to allow the sale of property to foreigners following the annulment of a similar law by the Constitutional Court earlier this year.
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According to approved bill, foreigners and foreign companies will be able to purchase real estate up to 10 percent of areas in the zoning plan.
The bill will not allow foreigners to purchase property in irrigation, agricultural, religious, cultural, archaeological, strategic and specially protected areas, as well as areas protected for their unique characteristics such as energy resources and mines, and flora and fauna reserves.
The Council of Ministers is authorized by the bill to change the percentage --not more than 10 percent-- taking into consideration the significance of towns in terms of infrastructure, economy, energy, environment, culture, agriculture and the like.
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