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ARTICLE · 28 JANUARY 2014

New Regulations Ginger Up Real Property Acquisitions By Foreigners

Schoenherr (Schönherr Rechtsanwälte)
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As of 18 May 2012, reciprocity for foreigners who want to acquire real property in Turkey has been abolished.

TurkeyReal Estate and Construction
Burcu Özdamar
Burcu Özdamar
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As of 18 May 2012,reciprocityfor foreigners who want to acquire real property in Turkey has been abolished.

Requirements for acquisition of real property by foreigners

Legal basis

The Turkish Constitution (TC) states, "Everyone has the right to own and inherit property. These rights may be limited by law only in view of the public interest. The exercise of the right to property shall not contravene the public interest."

Accordingly, some restrictions on the acquisitions of real property and limited rights in rem over real property by foreigners are regulated under Articles 35 and 36 of Act No. 2644 (TDA), subject to compliance with the legal restrictions.

Recently, new regulations on acquisitions by foreign investors have doubled the number of acquisitions in Turkey.

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