371 / 473
NEWSLETTER 2013
358
The Acquisition of Immovable Property by Foreign Real
Persons in Turkey
5
*
Att. Naciye Yılmaz
Companies with foreign capital and foreign real persons may
purchase immovable property in Turkey. However, this possibility has
certain legal limitations. Within the framework of this Newsletter Article,
the acquisition of immovable property by foreign real persons shall be
examined.
Legal Grounds
As per the Land Registry Law No. 2644 (“Land Registry Law”),
it is possible for foreign real persons to acquire immovable property in
Turkey. The reciprocity condition regulated under the former Article 35
of the Land Registry Law was abolished by the amendments brought by
Law No. 6302. Therefore, Article 35 of the Land Registry Law reads
as follows:
“in order to comply with the legal restrictions, foreign real
persons, citizens of countries determined by the Council of Ministers
pursuant to international relations and the country’s benefits may acquire
immovable property and rights in rem in Turkey”.
Legal Restrictions
Pursuant to Article 35 of the Land Registry Law, the total area of
the real property and limited rights
in rem
that a foreign real person may
purchase cannot exceed 10% of the total area of private properties within
the related district and 30 hectares in Turkey. Therefore, acquisition
of immovable property by foreign real persons is subject to an areal
limitation.
In addition to the areal limitation, there is a territorial limitation. As
per Law No. 2565 on Military Forbidden Zones and Military Security
Zones, foreign real persons are obliged to obtain permission from the
military authorities in order to acquire immovable property. Where the
*
Article of December 2013