New property sale to foreigners code becomes valid

MUĞLA - Anatolia News Agency

Property sales to foreigners in Turkey have re-started as a decree regarding a law easing such sales recently approved by President Abdullah Gül was enacted on Aug. 6. The decree discloses a list of countries whose citizens will be eligible to acquire property in Turkey.

“Foreign nationals who have purchased properties in Marmaris have started title deed transactions,” said Hasan Ateş, president of Real Estate Agencies in Marmaris, a major holiday resort town on the southwestern edge of the country. The amount of properties foreigners can acquire in Turkey is less than one tenth of the amount of properties Turkish citizens purchase in Germany, claimed Mustafa Ünal, a member of the association. Arab buyers will particularly revitalize the business as Arab countries have recently been added to the approved list of countries. The law increases the total amount of real property that a foreigner can own to 300,000 square meters.