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ARTICLE · 28 JULY 2008

New Condominium Law And Building Management Plans

ADMD/Mavioglu & Alkan Law Office
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ADMD/Mavioglu & Alkan Law Office

ADMD/Mavioglu & Alkan Law Office

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As the real estate market develops in Turkey the Condominium Law is becoming the center of attention.

TurkeyReal Estate and Construction
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Article by Asli Caglar

As the real estate market develops in Turkey the Condominium Law is becoming the center of attention. Turkish Parliament amended the Condominium Law No. 634 with a new Law No. 5711 and it was published in the Official Gazette at November 28, 2007 ('Turkish Condominium Law' or 'TLC').

Flat ownership is a particular type of ownership on a terrain, which is suitable for separate utilization of multiple divided units as real assets and as savings depending on the land share. It is a private ownership relevant to the land share and to the common areas within the main real asset (TCL Article 3). According to TLC independently usable units such as flats, apartments, offices, shops, stores, cellars, storages can be made subject to independent ownerships although constructed over a unified land or building ownership right over the real estate.

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