21.12.2005

THE PROPERTY SALES LAW TO FOREIGNERS HAS BEEN ACCEPTED

The property sales law, allows the foreigners to have property in Turkey , has been accepted at the Parliament’s Justice Commission, with it’s related components.

Because of the objection of the military authorities, the part of the draft which makes military defence and prohibited zones to be sold possible, has taken out from the text upon a proposal.

The report came from sub commission, has been accepted by changing some parts with six proposals at the Justice Commission. Draft law makes foreigner , buy 2.5 hectares (25000m2) of land, possible.

This proportion could be increased up to 30 hectares upon the decision of the ministers committee.

ACCORDING TO THE DRAFT LAW

Foreigners can buy properties as dwelling or commercial unit in the implementation building plan or within the allocated building plan, on the condition that they are mutual and comply with the law.

Apart from foreigners and commercial companies

associations , cooperatives , societies, congregations, assemblies will not be able to buy properties and they are not going to be given this right.

The properties and rights in kind which are used against the law and their usage purpose will be converted to money within the time would be determined by the Ministry of Finance and given back to the owner.

After the negotiations the draft law, concerning the title deed law to be changed, was accepted.

20/12/05 - As we declared before, the conflict between The Commission and Ministry of Defence has been resolved in the meeting today at 15:30 and the new property law has been passed to the parliament. Until 26 December there will be budget debate in the parliament, but because of new year and religion festival holiday, we are expecting the law to be negotiated in the parliament in late January, or in the beginning of February.

15/12/05: The meeting going to be held on 13/12/05, has been postponed to 20/12/05, in order to avoid conflict due to the last discussed article «Military zone sales are only subject to Ministry of Defence» by way of compromise between Ministry of Defence and The Commission. Depending on the personal information, The Commission will renew this article to be approved by Ministry of Defence, and send to the parliament.