FREEZE ON PURCHASES BY FOREIGN NATIONALS>>>>>
IMPORTANT NEWS
Freeze is being lifted.
The freeze imposed on land or property purchases by foreign nationals and foreign capital Turkish companies is being lifted. The new laws have been passed by the Turkish governement and now await signing by the President of Turkey after which the law will be published in the official gazette and sales can resume.
Foreign nationals will again be able to purchase land or property within dedicated areas but will not be allowed to purchase rural properties or farmland.
The amount of land that can be owned by foreign nationals will be restricted to a total of 10% of any town's official local council plan and its associated villages within that plan. Some special areas may have the percentage lowered in special cases, such as areas of special scientific or cultural interest.
The recent change in the law preventing foreign capital Turkish companies that prevented such companies from purchasing farm land or rural properties has once again been changed and it is now possible for foreign nationals to start a Turkish company in order to purchase land outside of the restrictions imposed on private individuals. Th only caveat to this may be that in the future such 'non trading' companies may have further restrictions but this is not the case at the moment or for the foreseeable future.
For example the total area of the Ortaca and Dalyan council plans would likely be combined and 10% of the land within those areas will be the maximum permitted total to be owned by foreign nationals.
Areas such as the outlying villages of Okcular and Marmali which are outside of the official Council plan will only be available to buy through foreign nationals starting a Turkish company.
The fact that Foreign capital Turkish companies can now buy rural properties and farmland should be somewhat reassuring to those foreign natonals who currently own such properties and may be considering selling in the future.
At present there is no information regarding how close Dalyan is to reaching the 10% maximum regarding foreign purchases but when the limit is reached then resale values of properties will certainly benefit but the downsiide would be that New Build will come to a stop unless bulding plots owned by foreign nationals become available as resales.
Please contact us for any further information regarding the new law.
12th July 2008
As of today, 17th April 2008 there has been a freeze imposed on foreign nationals purchasing property in Turkey.
A new regulation has been issued and sent as of 14th April 2008 by Ministry of Public Works and Settlement to the Title Deed Offices stating that title deed transfers have been suspended until a new legislation is passed on the Article 35 of the Law on Title Deeds.
The Turkish Government is mostly concerned with the fact that foreign owned Turkish companies are buying huge tracts of agricultural land, mainly in the east of Turkey. Foreign nationals already have restrictions applied to the purchase of agricultural land and property in rural areas and the new amendment to the law will place the same ban on foreign owned Turkish companies.
The new legislation will be put in place to control the size of land being purchased by the investor. The new law and the current freeze is unlikely to cause any problems to those who are buying or planning to buy in an officially zoned area but it will be an inconvenience, especially for those who are about to complete on a purchase or sale as you will have to wait until the new law is officially passed, the date for which is indicated as the 16th July.
The new law will not affect the rights of ownership of agricultural land or rural properties already owned by foreign nationals or foreign owned Turkish companies, although it will affect anyone who has recently formed a Turkish company in order to buy agricultural land or rural property and has not yet completed the purchase.
So if you are in the process of buying or selling a property or looking to purchase a property within a city, town or resort then this freeze is no more than an inconvenience that will delay your completion.
If, however, you are in the process of purchasing agricultural land or a rural property then your purchase may be prevented even if you have formed a foreign owned Turkish company to do so.
Contact us for further details.
At present foreigners can only buy property that is within the city or town Boundaries indicated on the official plans.
Foreigners cannot purchase farmland in any location whatsoever (unless willing to set up a Turkish Ltd Company) This includes most of the popular beach road.
You cannot buy in villages outside of Dalyan and at present that includes
GOKBEL, OKCULAR
MARMARLI, AND KEMALIYE
ALTHOUGH SOME OF THESE AREAS ARE FOR INCLUSION IN THE CITY PLAN ABSOLUTELY NO TIME SCALES HAVE BEEN SET.
The Gokbel area (on the beach road as you start to ascend the mountain road to the beach.) is most unlikely to be available to foreigners as there are additional restrictions due to the fact, the ownership of that land belongs to the department of forestry.
Utopia 15/06/2007
