The draft law which will increase the limit on the total area size of land that foreigners can purchase in Turkey is set to be discussed this week by the Turkish Parliamentary Justice Commission.
Due to meet on the 16th February, the key agenda of the Commission will be the draft law to increase the limit from 2,500 square metres to 300,000 square metres of land that foreign nationals can own. There will also be special cases whereby a foreign national can apply to double the limit in cases that are in the interest of Turkey – current law states that foreign nationals can only possess residence and commercial sites.
The new draft law also has aims to remove the reciprocity principle law that currently prevents many foreign nationals from buying. Current law states that a foreign national can only buy in Turkey if a Turkish national is allowed to buy in the foreign national’s home country. The government is eager to see this principle removed as it is expected that investment could double once this law is removed.
With aims of being a top 10 global economy by 2023, the government will implement the new laws in order to help achieve this high target.
So for now, those who are looking to move to Turkey but can’t due to reciprocity laws, just need to sit back and wait for the new reciprocity laws to be finalised – which shouldn’t be too long.