Turkey has passed a new legislation which allows foreigners to purchase property in the country.
Parliament pass the bill, often referred to as the reciprocity law, in early May allowing citizens of 183 countries the right to own land in Turkey. The bill concerns the sale of land to foreigners that eliminated the reciprocity requirement and increased the limit on the size of land able to be bought by foreigners to 30 hectares.
The new law amends title deeds laws and changes the previous reciprocity requirement, which dictated that the citizens of 89 countries did not have the right to own property in Turkey because Turkish nationals are not entitled to own property in those countries. Among the countries were Russia, the Gulf States, and the Turkic republics of Central Asia.
Due to the law, real estate prices are expected to increase across Turkey, particularly in Istanbul and the country’s highly touristic southern belt.
According to Thailand real estate law, foreigners are restricted from owning land in Thailand. However, alternatives such as 30 year leases, habitation rights, company ownership and rentals have been historically used by foreigners to hold real estate in Thailand.
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