Draft bill aims to facilitate property sales to foreigners

The drafting of a bill which will facilitate the sale of land to and acquisition of real estate by foreigners has been completed and presented to Parliament yesterday. According to bill, the size of land which could be acquired by foreigners will be increased from 2.5 hectares to 30 hectares. Besides, maps of forbidden military zones, military security zones, strategic zones and special security zones will be submitted to the Ministry of Environment and Urbanization. Furthermore, commercial companies in foreign countries will only be able to obtain real estate and limited rights within the scope of a special code. The firms in which foreign nationals, international firms and firms incorporated according to foreign country's laws, own 50 percent or more share, will be entitled to own real estate and limited real property rights.