Foreigners to be able to purchase land up to 30 hectares in Turkey

Speaking after the conference on Competitiveness in a Low Carbon Economy: Prospects for 2012 and Beyond which was organized by the Turkish Industrialists' and Businessmen's Association (TUSIAD) yesterday, Environment and Urbanization Minister Erdogan Bayraktar said that the reciprocity bill paving the way for property sales to foreigners would be enacted at the beginning of 2012. "We want foreigners to buy properties and invest in here. In this respect, we consider the location and conditions of our country and pave the way for property sales to foreigners. We will obviously implement this in upcoming days. The foreigners will be able to buy all sorts of properties, including houses and work places, once the bill is enacted. A foreigner is currently unable to purchase land covering an area of more than 2.5 hectares in Turkey. We will increase this figure to 30 hectares. But this is just a bill now. The process may be completed at the beginning of 2012" Bayraktar said.