The 2.5 hectares restriction in place for foreign investors will soon be increased to 30 hectares. Minister of Environment and Urban Development Erdoğan Bayraktar has announced that the process should be completed by the beginning of 2012.
Minister of the Environment and Urbanization Erdoğan Bayraktar has announced that they are working on increasing the land sales maximum currently in place for foreigners.
Stating that they have varied the types of property sales possible to include both residences and business properties, Bayraktar states, "foreigners were restricted to land sales under 2.5 hectares. We may increase that maximum to 30 hectares. However, the regulation is still in the draft phase."
Bayraktar also announced that the process should be completed by the beginning of 2012. Noting that in land sales to foreigners they do not seek out reciprocity for highly confident nations such as the United States, England, Germany and France, Bayraktar explains that they are embarking on an initiative in order to open the way for property sales to foreigners while also taking into consideration Turkey's strategic position and conditions.
Bayraktar also explained that they are working on regenerating Turkey's real estate stock and stated, "We have no more tolerance to wait even another second. We are preparing the legal procedures."