"Take Three!" on Real Property Acquisition of Foreigners

Many of the limitations regarding real property acquisitions by foreigners were removed under the amendment of Article 35 of the Title Deed Law ("Article 35") by the promulgation of Law No. 4916 back in July 2003. However, in March 2005, the Constitutional Court abolished the relevant provision of Law No. 4916 that amended Article 35. Following a long-lasting debate over the matter, Article 35 is now re-enacted by the amendment, introduced by Law No. 5444¹, to Article 35.

Unlike Law No. 4916, which removed many barriers that prevented foreigners from acquiring real property, Law No. 5444 is more rigid and cautious. Law No. 4916 stipulates that a real person of foreign nationality may acquire real property with the following qualifications: