Turkish government bill lifts temporary title deed restriction
13 June 2008
A temporary restriction preventing foreign investors buying in Turkey has been lifted by the passing of a new government bill.
The issuing of title deeds to foreign property buyers was halted earlier this year over concerns about whether non-Turkish investors, especially companies, should be permitted to buy agricultural land and in sensitive areas.
According to the new bill foreigners will be not allowed to purchase property in irrigation, agricultural, religious, cultural, archaeological, strategic and specially protected areas, as well as areas protected for their unique characteristics such as energy resources and mines, and flora and fauna reserves.
Officials in Turkey have also unveiled new plans to minimise the effect of property investment on the environment and limit development in certain areas. The government said, for example, that property buyers who knock down trees in order to build a home should plant twice as many in order to make up for the environmental damage.
Real estate agents said they hope the new bill will allow interest in property to soar again as visitor numbers continue to increase. The latest figures show that between 2003 and 2007, foreign nationals spent more than GBP 5 billion on Turkish real estate. Most property investors came from Germany and the UK.