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Turkey Suspends Foreign Property

The Ministry of Public Works and Settlement in Turkey has suspended issuing property title deeds to non-Turkish companies and individuals following a decision by the Constitutional Court. The decision of the court has shaken confidence in the property market in Turkey.

The government of Turkey has been eager to attract inward investment and has previously relaxed elements of Turkeys restrictive property laws with the enactment of the Foreign Direct Investment Law that placed no limits on foreign land ownership. This new law has been challenged in the Constitutional Court by two deputies in the Republican Peoples Party, arguing that there was insufficient clarity in subsections of the Foreign Direct Investment Law, and that the act unlawfully abolished long standing limits on foreign land ownership.

All property transactions to foreigners were ceased from the 16th of April, as a result of the legal challenge. The Turkish constitutional court has cancelled one article of the Foreign Direct Investment Law that gave the government the authority to remove the 2.5 hectare limit on individual foreign property ownership.

The constitutional courts ruling, is an embarrassment to a government that has been eager to encourage the growth of tourism, and saw foreign ownership of resort property as a key method. The foreign property investment market has seen over one and a half billion of inward investment in the last 3 years alone.

The Turkish government has acted swiftly to resolve the property ownership crisis, by drafting a new parliamentary act that seeks to overcome the problems raised by the constitutional court. The government is hopeful that this will shortly lead to a resumption of foreign land sales.

Article Source: http://www.articleresourceindex.com

Amy Morgan is a author/journalist writing on Turkish property law for www.bigpropertyguide.com">Big Property Guide

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