REAL ESTATE ACQUISITION OF FOREIGNERS IN TURKEY
Real estate acquisition for foreigners legal persons in Turkey has been regulated in article 35 of the Land Registry Law numbered 2644 and then with law registration number 5444; dated 12 December 2005 which was established in the Official Gazette numbered 26046 and dated 7 January 2006. New fundamental principles were regulated with this new law for the real estate acquisition of foreign real persons and trade companies having legal personality and established in foreign countries according to the laws of these countries.
New form of the article 35 of the Land registry Law is as follows:
With the reservation of reciprocity and compliance with legal restrictions, foreigners can acquire real estates for the purposes of using as residence or business aims in Turkey that are separated and registered for these purposes in the implemented development plans or localized development plans. The same conditions shall be stipulated in the establishment of limited real rights on real estates. The total area of the real estates and limited real rights on real estates that a real person of foreign nationality can acquire all over the country can not exceed 25,000 square meters (6,17 acres). Within the same conditions set out in this paragraph, the Council of Minister is authorized to increase the area up to 30 hectares (74,13 acres).
In line with above explanation, please be informed it is important to clarify whether there is reciprocity between Turkey and your country. In this respect if you could provide us with copy of your passport, this issue will be clarified. In case there is no reciprocity between the countries, setting up a Turkish limited company (a foreign capital company) may be the best option to consider.
To check the full list of countries, whose citizens can purchase real estate in Turkey, please click on the link.