New Turkish law governing acquisition of immovable property by foreign investors

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Onur Gülsaran and Biricik Bengisu Dinçer of law firm Cerrahoglu discuss new principles in Turkish law governing the acquisition of immovable property by foreign investors.

A draft law which amends provisions on the acquisition of immovable property by foreign real persons, by legal entities established outside of Turkey and by foreign capital companies established in Turkey was presented to the Turkish Grand National Assembly on January 20 2011, and was approved on May 3 as Law No 6302 amending the Land Registry Law. These amendments, which relate to articles 35 and 36 of the Land Registry Law, were previously made in 2003, but were cancelled by the Constitutional Court. The provisions were finalised in 2008 taking into consideration the Constitutional Court’s cancellation decision. Law No 6302 is the country’s most detailed regulation to date, regarding the acquisition of immovables by foreign investors…

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