Turkey: Finance / Country Law

Foreign Real Persons

The last paragraph : The total area of real estate and limited real rights on real estate that a person of foreign nationality can acquire all over the country cannot exceed 25,000 m2. Within the same conditions set out above, The Council of Ministers is authorized to increase the area up to 30 hectares.

The maximum size of all lands owned by foreign nationals ( real persons ) in a town cannot exceed 10% of the total area within the Implementary Development Plan ( “ uygulama imar plani” in Turkish ) and Local Development Plan ( “mevzii imar plani” in Turkish ) of a town. The Council of Ministers reserves the rights to lower this ratio taking in consideration special situation and needs of a town. Please note that both Turkish citizens and foreign owners have equal property-ownership rights.

Foreign Legal Persons

In additon: But foreign legal entities other than the commercial companies operating in the above mentioned fields such as charities, foundations and societies are not allowed to buy property in Turkey.

Companies established or participated in Turkey by foreign investors can acquire real estate or limited rights in Turkey in line with operational purposes set in Company’s Articles of Association.

If these properties are acquired by another company established in Turkey by foreign investors or a Turkish company owning a property is acquired by foreign investors, same rule applies.

Foreign real and legal entities are not allowed to buy property in security, strategic and military zones in Turkey. Title deed offices ( “TAPU” offices ) are supposed to check whether a property that is being purchased by a foreign entity is within one of the forbidden zones or not. If the information provided by the military authorities to the local title deed office confirms that the property is outside the forbidden zones than the application is accepted and the title deed transferred into the buyer’s name.