Legal Limits on Real Estate Purchases by Foreigners in Turkey
The acquisition of real estate by foreigners in Turkey is subject to certain legal conditions and limitations. Below are the restrictions on foreigners’ purchasing real estate in Turkey, which are regulated in Article 35 of the Land Registry Law:
- ➤ In the case of real persons, it is only possible for foreigners to acquire real estate in Turkey for citizens of countries regulated by the Council of Ministers. Therefore, the Council of Ministers can exclude citizens of certain countries by imposing restrictions on the purchase of real estate by foreigners in Turkey.
- ➤ For foreigners to purchase real estate in Turkey, the purchased area must not exceed 10% of the district’s area.
- ➤ Likewise, the purchase of foreign real estate in Turkey for real persons is limited to thirty hectares. However, this amount can be increased to 60 hectares for those authorized by the Council of Ministers.
- ➤ In the case of legal entities, it should be noted that there is no foreign real estate investment in Turkey, except for trading companies. In addition, commercial companies should submit their projects related to the real estate they will purchase to the Council of Ministers.
- ➤ If legal entities make a foreign real estate investment in Turkey and use this investment outside the law or the project they offer, the relevant Ministry may liquidate the real estate.
In addition to all these, the 3rd provision of Article 35 of the Land Registry Law gives additional prohibition and restriction powers to the Council of Ministers regarding the acquisition of real estate by foreigners in Turkey. The Council of Ministers may impose or completely prohibit restrictions not specified in the law regarding foreigners’ acquisition of real estate in Turkey in terms of country, region, duration, rate, area and similar aspects, depending on the circumstances required by the country’s interests.
Required Documents and Application Process for Foreigners to Acquire Real Estate in Turkey
In order for foreigners to acquire real estate in Turkey, they must first apply to the Land Registry Office. The documents to be submitted and submitted during this application for natural persons are as follows:
- ➤ Identity and passport,
- ➤ The title deed of the real estate,
- ➤ The real estate fair value certificate of the real estate,
- ➤ Household and workplace, etc. compulsory earthquake insurance policy for buildings,
- ➤ One photograph of the seller and two photographs of the buyer,
- ➤ If there is a power of attorney prepared abroad for foreigners to acquire real estate in Turkey, the original, certified copy and translation of the power of attorney.
In addition to all these, if one of the parties does not speak Turkish, it is also obligatory to have a sworn translator with him during the application. These are the necessary conditions for foreigners to purchase real estate in Turkey.
