If you go to Bloomberg.com you can see under heading 'turkey news' the article in question. This does not affect anyone who has already bought in Turkey. I think that they want to probably stop whole areas being snapped up by foreign investers and curtail foreign estate agents etc. If the country starts becoming more affluent they themselves will want to buy property and land but there may not be much left if they dont restrict now. you cant blame them. maybe it may put off people buying in the short term but overall, a long term investment will be fine, especially when turkey joins the EU.i also believe that Turkey will want this growth in tourism but laws on buying will be stricter.It may be 3 months before any new legislation comes in so we will have to wait and see.

Cannot find the article on Bloomberg today Franny, if you can still get to it can you send me the link please?
I looked yesterday for more references to this on the Internet but couldn't find much, surely this is very serious for anyone who has already bought a holiday home (like us), as there will now be no market should we want to sell at some point. Also surely there will be collapse of Turkish estate agents, builders, developers etc in the holiday areas if this is about to happen. In some areas I believe there is a huge amount of development going on for the foreign market. Am I misunderstanding this, is it not what it seems? I cannot understand why there is not a huge panic occurring at the moment amongst people and companies affected?
Can anyone explain exactly what it means please?

Try this HT link where it is also mentioned

http://www.holidaytruths.co.uk/viewtopic.php?t=26148

Have just found this from the Turkish Embassy http://www.turkisheconomy.org.uk/buying_property.html# click on 'A NOTE ON THE CONSTITUENTIAL COURTS DECISION' if I am reading it correctly sounds as though there are some parts of the law that the court does not agree with, so they are suspending it, and an amended law will include the right of foreigners to purchase property still, but with some changes.

Alfie - It seems that the government's opposition party appealed to get the law changed.The original law did not provide enough guarantees or restrictions to foreign owned property/land.A turkish economist has quoted that it is bad news in the short term ie; people at the moment will be put off buying there, but as Turkey are brokering talks about membership into the EU, this can only be good for the future. I am not worried myself, although as you say builders will be falling like flies.Looks like the view from my apartment will remain a building site for a while.Our long term aim is an investment in the apartment and i am sure in years to come we will have no problem selling the property.The country posted a record current account deficit of 15.7 billion dollars last year. Who would want to turn their backs on that kind of money.

hayal
Two Star Member

Joined: 10 Jan 2005
Posts: 108
Location: Turkey
216 HTPoints

Posted: Tue Mar 15, 2005 8:53 am Post subject: Buying property in Turkey

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I read in the paper this morning that the government have cancelled the legislation that allows foreigners to buy land or property in Turkey. This cancellation will take effect in 3 months time and until then foreigners can buy property or land in Turkey but after that time it will not be allowed anymore. However, they are expecting a new legislation to pass until the end of this 3 month period to enable these sales but they will limit the rights given to foreigners about buying property in Turkey.

This is not something I am very well informed about but I think it would be best for those of you who are planning to buy property in Turkey to contact your estate agent for more information on this. Or if we have someone here who knows a bit more about this maybe they can put some info here as I know this is something that interests many of you here.

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Fethiyegirl
Two Star Member

Joined: 27 May 2004
Posts: 88

122 HTPoints

Posted: Tue Mar 15, 2005 9:08 am Post subject: Buying property in Turkey

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There are several stories circulating at the moment regarding this issue. Yes you can still buy property in turkey for the next 3 months, during which time the laws will be changed/updated. Please remember two things. one is that the Government is not likely to put a stop to the sale of property here due to the revenue it brings, and secondly, they will not put at risk their long awaited entry into the EU. There is a question about buying land and there may be restrictions under the new laws as to how much land a foreigner can buy. There may be other restrictions brought in with the new laws, who knows, but I cannot see a total ban on foreigners buying property here in Turkey.

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hayal
Two Star Member

Joined: 10 Jan 2005
Posts: 108
Location: Turkey
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Posted: Tue Mar 15, 2005 9:32 am Post subject:

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Well this is now very official, so its no longer just a story so people who will be effected by this should take precautions.

I am sure that they will not ban this altogether and will amend the legislation with the new one that they will pass until the end of this 3 month period. However, when they do, they are planning to limit the rights given to foreign property buyers to the rights their home country gives to Turkish property buyers... So it may be an idea to find out what limitations the British government bring to Turkish citizens who buy land or property in UK as its likely to be the same case here in Turkey for British property buyers...

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mrst
Two Star Member

Joined: 12 Oct 2004
Posts: 69
Location: leeds w yorks
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Posted: Wed Mar 16, 2005 6:33 pm Post subject:

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From what I've read on other forums from informed people-we will still be able to buy and sell but restrictions will be on land over 5000m(out of range for most of us). So despite panic on Monday when the news first broke, I hope we are back to the status quo

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S7OOP
One Star Member

Joined: 19 May 2004
Posts: 20
Location: York
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Posted: Thu Mar 17, 2005 8:31 pm Post subject:

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This might help :

Further information from the British Consulate:

Good morning

The Head of Foreign Relation Department of General Directorate of Property Registrar Office, have confirmed that the EU Nationals will continue to buy properties as before according to mutual agreements between two countries.

Foreigners can buy properties out of boundaries of a municipality. If some one bought the property and has not yet received the deed, will receive the deed according to normal procedures.

The Constitutional Court will amend some technical gaps in the law in three months. They also confirmed that amendments will not stop EU Nationals to buy property in Turkey.

We will keep you informed if there is any further progress relevant to your situation

Nazli Hamitoglu
Consular Assistant

Stoop

We talked to the UK/Turkish economic minister at the TBCCI after hearing the news.
I can confirm what has been given above.
* The law was taken to court due to it having conflict with the Turkish Constitution. This states any law to foreign persons must have reciprocal laws in their own country.
* In particular the area highlighted of concern was Isralies buying large amounts of land in the South East.
* The courts have sent the law back to parliment for AMMENDMENT - (to close areas that contravene the Turkish Constitution)
* It is expected that a limit of land purchase will be added to the law (30 hectares has been cited)
* The current law remains for 3 months to allow the government time to modify the law
* All previous purchases remain unaffected
* The UK has reciprocal agreements that mean it does not contravene the Turkish Constitution even as the current law stands
* Foreign purchase of property in Turkey last year totalled one half of all the foreign investment (never mind the local employment and knock on effects). To restrain this would kill the Turkish and send it massively into economic down fall.
* The law is necessary for EU integration.

In short, do not worry as it will not affect property purchases by UK nationals.