Do Foreigners Have The Right to Own Real Estate in Turkey
Turkey's real estate has now become, in my opinion, on the list of the most sought-after real estate in the world, due to the great demand that the real estate market in Turkey has witnessed, especially from foreign investors, who have become real estate in Turkey is the preferred choice for many of them because of its real estate in Turkey has features and factors that make it the leader in the real estate sector at this time, and given the great importance that foreign investments have posed to the Turkish economy, you must know the following information as a future foreign investor, perhaps in the real estate market in Turkey.
Do Foreigners Have the Right to Own Real Estate in Turkey?
Laws of Owning Real Estate in Turkey by Foreign Investors:
A while ago, foreign investors were not allowed to own real estate in Turkey, and the laws related to real estate in Turkey and foreign investors were governed by the principle of reciprocity, but later, thanks to the Turkish government's attention to the great importance that foreign investments and capital bring to the country Turkey in various respects, the Turkish government has introduced a set of important amendments in the text of the Turkish real estate law, which is concerned with determining the conditions for owning real estate in Turkey by foreign investors. In the year two thousand and twelve, it was approved to lift the restrictions that had previously been imposed to own real estate in Turkey and make this process easier by amending the conditions and introducing facilities to them, but the matter does not apply to foreign investors coming from specific countries, as the restrictions previously imposed on the ownership of real estate in Turkey by citizens of some countries did not is canceled.
And these amendments to the laws of owning real estate in Turkey have allowed foreign investors coming from one hundred and eighty-three countries around the world to own real estate in Turkey without being subject to the application of the principle of reciprocity. The main objective of these amendments is to attract more foreign investors and raise the proportion of real estate sales in Turkey to them to increase foreign investments in Turkish real estate in return.
Restrictions on Owning Real Estate in Turkey by Foreign Investors:
Although the amendments that have affected the law of owning real estate in Turkey and the positive impact it has had due to its facilities on it, this amendment has kept some restrictions on the process of buying a property in Turkey by foreign investors, including the following, such as placing restrictions on the spaces that The foreign investor is allowed to own it as if it does not exceed the total of what this foreign investor owns the amount of ten percent of the area of the region, and also it is not allowed that the total area that he has the right to own within the various Turkish states exceed the estimated thirty hectares, which is equal to three hundred dunams, but later there were amendments Also, on the areas that foreigners are allowed to own within Turkish territory, up to sixty hectares, by a decision of the Council of Ministers in Turkey.
It is also forbidden for foreign investors wishing to buy a property in Turkey to own real estate located within the military zones unless approval is obtained from the Turkish Army Chief of Staff and the leaders that represent them. The same also applies to Turkey’s real estate that is located in special security areas, as the Buying a property in Turkey by foreigners needs to obtain approval from the state of the city in which the property is located in Turkey.
Reasons for Allowing Foreigners to Own Real Estate in Turkey:
The reason that prompted the Turkish government to make amendments to the laws of real estate ownership in Turkey by foreign investors is due to several factors, the most important of which is the goal of the Turkish government to attract more of these foreign investors to Turkish real estate and tempt them to choose it rather than another real estate in the countries And that is through the great facilities that have been introduced to the real estate ownership laws in Turkey, which will encourage many foreigners to choose real estate in Turkey as a place for their future investment, whether their goal of buying a property in Turkey is housing and stability or achieving investment returns and The reason for the Turkish government's desire to attract more foreign investors to invest in Turkey's real estate is the great benefit that foreign capital brings to the Turkish economy and has significantly contributed to it. The returns from buying real estate in Turkey by foreigners have become an important part of the economy's imports in Turkey from all over the world. General, because it is new foreign money that enters the systems of Turkish banks and is operated and invested in urban projects or other additional projects that contribute The most important in improving the country's infrastructure, thus achieving more returns and benefits, and making Turkey more famous and making it fall under the eyes of more new investors, that is, it is a continuous link connected of the benefit gained.
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