Turkish President Abdullah Gul on Thursday gave his assent to a bill adopted by the country's Parliament that seeks to raise the extent of land foreigners can buy in Turkey from 2.5 hectares to 30 hectares.
The new law also amends title deed laws and changes the current reciprocity requirement which bars citizens of 89 countries from owning property in Turkey because Turkish nationals are not entitled to own property in those countries.
Foreign buyers will have to provide plans for the construction of a house on the land before they make the purchase. Foreign individuals and businesses will be required to submit their project proposals for the vacant lands to the Ministry of Environment and Urban Planning.
Opposition parties resisted the bill accusing the ruling Justice and Development Party (AK Party) of yielding to the pressures of large businesses such as the construction sector.
Final decision on the articles of the law will be made by the Cabinet which will be able to determine which of the 89 countries will be added to the list of countries whose citizens are able to purchase property. The Cabinet, led by Prime Minister Recep Tayyip Erdogan, will also be able to raise the 30-hectare limit on property purchase to 60 hectares as it deems acceptable, Turkish media reports said.
Only individuals and private businesses will be allowed to purchase land, meaning entities such as public institutions, state-owned businesses and the like belonging to foreign countries will be barred from doing so.
by RTT Staff Writer
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