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| D&D News |
Property sales to foreigners have come to a halt |
.17.04.2008 Due to inaction in amending relevant laws after a damning Constitutional Court ruling last year. The government had three months to alter legislation, but could not act in time. Experts say not only real estate but construction and even tourism will be hit, noting that foreign currency inflow may decrease
Following a ruling by the Constitutional Court to ban the sale of immovable property to foreigners residing in Turkey, property sales to foreigners came to a halt as of yesterday since the government has not made the necessary amendments to the relevant law.
The decision will affect sales in the southern regions in particular, real estate agents told the Turkish Daily News, noting that Turkey's image abroad is tarnished.
“We prepared the necessary regulations last month and sent them to the Prime Ministry; however, it was late,” said Zeki Adlı, deputy director of the Turkish Land Registry Directorate. “Thus, property sales to foreigners will stop across the country until new regulations are enforced.”
Finance Minister Kemal Unakıtan told reporters that a new regulation to lift the ban is underway. Unakıtan said he has already signed it together with other ministers.
Missed deadline:
The decree of annulment regarding two regulations of the Deeds Law, which regulates property sales to foreigners, was first published in the Official Gazette on Jan. 16.
The Constitutional Court rejected revisions to Turkey's Land Registry Law last year after a legal appeal was brought forward by the main opposition Republican People's Party (CHP).
“The act increases the legal limit – which is 2.5 hectares – 12-fold, thus the law is immoderate enough to liquidate the effectiveness of the limitation,” according to the legal basis of the law.
The government missed a three-month deadline to alter the legislation after the court's ruling was published. The Turkish Land Registry Directorate prepared a new bill and sent it to the government, but the bill could not be enacted before the deadline.
“The bill entitled the cabinet to be the authority for property sales between 2.5 and 30 hectares. Now this authority has been annulled. We sent the new regulation to the Prime Ministry on March 3," said Adlı.
Unfortunately, it could not be enacted and the issue was out of their control, Adlı said, "A political enactment will reach a final decision about the property limits set to be sold to the foreigners in every city.”
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.NEWS RELEASE
16th January 2008
A PLACE IN THE SUN REVEALS THE UK’S TOP 20 DESTINATIONS FOR BUYING
TURKEY JUMPS ONE SPOT AND RANKS THIRD
According to a survey published today (17 Jan), in the form of A Place in the Sun magazine’s annual Top 20 buying destinations, despite a raft of emerging markets and USA property prices down 30% on a year ago and a dollar weakened by 25%, it’s the traditional sun-seeker’s favourite Spain that takes the number one spot for the second year running.
The poll, conducted at the recent A Place in the Sun Live exhibition at the NEC Birmingham, the world’s largest overseas property event of its type, also saw France with its enviable lifestyle maintaining its 2006 second place and Turkey climbing into third position on the back of a wide range of developments marketing in the UK offering great value and year-round sunshine.
Other key trends highlighted include the USA’s leaping six places into fourth position as UK investors take advantage of a buyer’s market and two dollars to the pound, Italy moves up three spots into the top five (as Calabria becomes ever more prominent) and the meteoric rise of Canada – the biggest climber – up seven places to number nine.
Seven of the top ten destinations are European, with Cyprus (6) and Greece (7) performing consistently on the wish lists of UK residents looking for a home abroad, but Egypt is up three places and bubbling under (at 11) and threatening to break through alongside its North African counterpart Cape Verde (10).
Another interesting mover is Australia, which jumps from 20 to 15 as more UK residents than ever make a permanent move overseas (389,000 last year according to the Office of National Statistics) – as witnessed by the success of The Emigration Show at A Place in the Sun Live.
Says Richard Way, Editor of A Place in the Sun magazine: “What’s really interesting about our annual Top 20 survey is that it shows UK buyers as traditional in one respect – in favouring Spain and France – but also willing to seek out new hot spots and investment opportunities elsewhere: across Europe, North Africa, North America, Asia and the Middle East. When looking for a second home or a new life in the sun it seems that Spain’s mix of great weather, rich culture and beautiful coastline is keeping the country at the number one spot, but buyers aren’t afraid to consider Germany, Montenegro, Morocco, Las Vegas, Thailand or Dubai.”
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