Bill permitting real estate sale to foreigners in pipeline

Thursday, October 27, 2005

ANKARA - Turkish Daily News

Finance Minister Kemal Unakıtan said that work on changes to be made to a bill outlining regulations related to the sale of real estate to foreigners is nearly complete, in line with the Constitutional Court’s requirements following its previous annulment, and that the bill would be presented to parliamentarians for a vote as soon as possible.

Unakıtan and State Minister Ali Babacan were replying to journalists’ questions yesterday during a press conference held at the Ministry of Finance.

Unakıtan noted that there has been some delay in the studies conducted in order to amend the bill, which was recently rejected by the Constitutional Court. According to Turkish legislation, if the court rejects a bill, it needs to be resubmitted for Parliament’s approval together with the requested changes within three months.

Unaktıan explained that the delay was due to Parliament’s summer recess.

“However, the bill with the necessary changes is almost complete. I personally put my signature on the new version. I guess Prime Minister Recep Tayyip Erdoğan and State Minister Babacan will also sign it within a week or 10 days’ time.”

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