The Overseas Property Investment Forum

TH4S · #11 30-04-2008, 06:45 PM

Yogi,
There are a lot of people guessing when the new laws will be made,

I have heard 'very soon' 'this month'' ''next month' .I have also heard july mentioned,

Send your Developer the newspaper link ,

Quote:

After a decision by the Constitutional Court went into effect on Wednesday, effectively freezing all property sales to foreigners,

Perhaps (maybe) they did not read it,

New Home in Turkey · #12 01-05-2008, 07:36 AM

Yogi,

The halt concerns all foreigners.

I think your developer was mentionning a previous halt for foreign companies, which actually, forbid them to purchase land, while, in the meantime didnt affected the single foreign purchasers.

This halt we are discussing in this topic is concerning all foreigners wishing to purchase a property in Turkey.

Until the new law, which we all hope will be voted very soon, no title deed will be given to foreigners who have purchased a property.

What does that mean?

It took (before the halt) approximately 4-6 months for a foreigner to get its title deed. The reason for that is simply because all requests are sent to the military for clearance. However, the real reason for this process to take so long time is that all requests are sent to only one military base located in Izmir, dealing with thousands of cases.

What is going to happen than?

Well, the title deed is the official paper saying that you are the owner of your property. Obviously, it will take some more time now to get it. I am %100 sure that within a very short period of time the new law will be voted. However, this will not help very much to speed up the checking process.

TH4S · #13 01-05-2008, 08:02 AM

Quote:

New Home in Turkey 18-04-2008,
TH4S, I strongly believe that this siuation will not last for the eternity. Within a very short period of time,

Quote:

New Home in Turkey I am %100 sure that within a very short period of time the new law will be voted.

New Home in Turkey Do You Know? How long is a short period of time .!

Quote:

Property prices fall with cancellation of law on property sales to foreigners
A recent Constitutional Court decision to cancel a law governing the sale of property to foreigners has forced real estate agents to significantly drop prices and to shift their target market to Turkish customers.
Real estate agents are now seeking to sell finished residences to locals at relatively more reasonable prices. They state that what appears to be a crisis generated by the court may well be transformed into an opportunity to help local people acquire homes of their own.
The total number of registered immovable assets sold to foreigners in Turkey is 63,085, while that of building plots is 20,903. In addition, 73,103 foreigners have acquired property in Turkey, most of who are German, British or Greek citizens. The approximate sum foreigners have spent on immovable assets in Turkey in the last five years is $10.4 billion.

According to data released by the Directorate General of Title Deeds and Land Registry, foreigners have purchased a total land area of 38,623,661 square meters. Antalya boasts the highest number of immovable assets sold to foreigners with 19,480. Antalya is followed by Muğla with 9,345 and İstanbul with 8,187; they are followed by Aydın, Bursa and İzmir. Even though Muğla comes second with regard to the number of immovable assets sold to foreigners, it is first in terms of the surface area covered by the assets, which is a total of 4,466,782 square meters.

Hüseyin Erkek, deputy president of the Alanya Chamber of Commerce and Industry (ALTSO) and president of the group's construction committee, said 69 percent of the immovable assets sold to foreigners in Antalya are in the Alanya district. "There are 17,850 foreigners who own property in Alanya, and Alanya accounts for 24.4 percent of all the property sales to foreigners in Turkey," Erkek noted.

Fethiye Realtors Association President Nevzat Tilkici stated the residences they can no longer sell to foreigners can be sold to local Turkish people, noting that a house with a price range of 100,000 to 150,000 pounds in a foreign sale could be sold to a Turkish citizen for between YTL 80,000 and 120,000. "The Constitutional Court's decision has sharply brought down sales, which had already plummeted by 30 percent. There are many houses constructed particularly for sale to foreigners. Now the real property sector is discussing potential ways to unload these houses. The leaders of the sector want to make the newly constructed homes available for purchase by Turkish citizens in an effort to combat the slowdown in the sector. The legal decision will facilitate local people's efforts to buy their own property," he said.

Tilkici added that the court's decision also played into the hands of their rival countries in the real estate sector.

The foreigners in our country had already started gravitating toward Cyprus, Greece, Bulgaria, Romania and Croatia owing to the uncertainty in the political arena. Now it will be really difficult to convince them to believe that a new law will be passed or a new regulation will be made [regarding property sales to foreigners]," said Tilkici.

Ziya Ercan, the deputy president of the Federation of All Real Property Consultants and the president of the Muğla Real Property Consultants Association, stressed that the cancellation of the government regulation by the Constitutional Court caused property prices to drop by about 15 percent.

Villa prices in the center of Fethiye and the Çalış, Üzümlü and Hisarönü districts range between 40,000 and 120,000 pounds. In an example of the decline in prices, a villa up for sale in Çalış at 50,000 pounds is now being sold at 40,000 pounds, which amounts to a 20 percent drop in price.FATİH YILMAZ, AHMET YEŞİL FETHİYE .todayszaman.com

New Home in Turkey · #14 01-05-2008, 09:56 AM

Deat TH4S,

Unfortunately I dont have the power to oversee the future. However, all i can count on is what i hear from my contacts in Ankara. I wish i had the power to say that the new law will be passed within x time, but well, obviously i cant.

What i can say for sure is:
- The new law will be more effective
- It will be voted

Other than that, well its beyond my power.

However, what i try to (very modestly) do here, is to avoid people who bought, or plan to buy, to panic.

TH4S · #15 01-05-2008, 10:06 AM

One thing is for sure..once the new Turkiye Property sales laws are passed and actually printed in the Turkish newspapers .. Then and then only will they be published here, and in the Turkey Herald magazine.
Turkey herald turkish forum property in Turkey

New Home in Turkey · #16 01-05-2008, 02:58 PM

Well, the new law has been accepted at the commission, which basically means that it has been accepted. The law will be passed to the Parliament, and voted, i hope within the next week.

Yabancýlar mülk edinebilecek - Hürriyet

Sorry, its in Turkish...

TH4S · #17 01-05-2008, 03:57 PM

We all hope within the next week.it has NOT been accepted yet .!

It is for the benifit of our members that the new law 'when it announced' should be posted in English...Kolay Gelsin.

southall · #18 08-05-2008, 09:07 AM

How about creating a Turkish Limited company and having the company buy the property. Does that eliminate the need to wait for this ruling? If a foreigner owns the limited company do they still need military clearance? What are the disadvantages of buying through a company rather than as an individual?