Turkey Property law suspension has been lifted

The temporary suspension with regards to Turkey property and land being acquired by foreign nationals and foreign companies has been lifted. The Turkish Government, following the President’s assent to the new legislation, has lifted the suspension. According to the new legislation UK and Irish foreign nationals will be subject to the same conditions as a Turkish national wishing to buy a property in Turkey.

A circular has now been sent to the local land registry offices by the Minister of Public Works and Settlement with guidelines as to how the amended Article 35 and the new Article 36 of the Land Registries Act should be implemented. The all important reciprocity principle remains crucial in determining which nationalities may or may not acquire land in Turkey. The principle can be defined as “a foreign national who is buying a property in Turkey will be subject to the same conditions or restrictions as a Turkish national wishing to buy property located in his country of origin would be subject to.” This principle is also relevant in situations where a foreign national acquires land by inheritance, i.e. under a Will or by way of legal succession.

The Circular mentions two separate lists, namely List A and list B which respectively specifies the nationalities that can and cannot purchase land in Turkey. Both the UK and Ireland are in List A.

The lifting of this temporary suspension will enhance the popular Turkey Property market, which is seeing a steady growth in the volume of people looking to take advantage of the relatively cheap property prices. The increase in the number of prospects looking to move to Turkey or buy holiday homes is of know real surprise considering the miles of sandy beaches and turquoise seas, a wonderful climate, a long season, and a relatively cheap place to live. According to the latest statistics from the World Tourism Organisation, Turkey now ranks 8th in the world in the table of the highest earning tourism sectors further supporting the popularity of this wonderful country.