Turkey eases foreign property ownership restrictions

Turkey has passed a law that eases restrictions on the sale of land and real estate to foreign citizens and international legal entities.

The country's president Abdullah Gul last week approved the legislation which introduces a number of changes to restrictions on foreign real estate ownership, and most importantly raises the amount of land that can be purchased by foreign citizens as well by as international companies in the country to up to 60 hectares, from 2.5 previously.

In addition, foreign citizens can now acquire up to 10% of the total real estate held privately in each province. In order to be able to complete a purchase, they will, however, have to provide construction plans and obtain permission in advance from the government.

The new law also allows foreigners to buy property without approval from the foreign ministry.