Foreign natural persons, who would like to acquire real estates in our country:

• Should be citizens of the countries determined as eligible for acquisition of real estates and limited rights in rem in our country by the President and should meet the criteria for acquisition.
• Natural persons of foreign origin may acquire any real estate in areas where private property is allowed (residence, workplace, land, field etc.), provided that legal limitations are observed.
• If natural persons of foreign origin acquire unbuilt real estates (real estates with no built structures thereon, such as land and field), then a project is to be developed depending on the nature of the real estate and such project is to be submitted to the relevant Ministry for approval within two years. If the Ministry is not applied or the project is not completed within two years, then such real estate shall be subject to provisions on nationalization.

Legal Limitations

Only citizens of the countries determined by the Presidential Decree may acquire real estates and limited rights in rem in our country. However:

• Total area of real estates that may be acquired by a natural person of foreign origin throughout the country is maximum thirty hectares.
• Total area of the real estates that may be acquired by natural persons of foreign origin may not exceed ten percent of the area, where private property is allowed, in a district.
• Real estates located in military forbidden and security zones are designated in the registry records, and land registry directorates provide due information.
• Real estates located in military forbidden and security zones are entered into the land registry in 81 cities.
• The real estate intended for acquisition must not be located in areas determined as military forbidden and security zones or in other areas, where acquisition by foreign natural persons is forbidden.
• If the real estate intended for acquisition is included in a “Special Security Zone”, authorization is required from the governorship of the place, where the real estate is located.
• Natural persons of foreign origin and the incorporated companies established in foreign countries under the laws of their own countries are develop a project in relation with the unbuilt land they bought within two years and such project to be developed is to be submitted to the relevant Ministry for approval.
• Incorporated trading companies, which are established according to the laws of their own countries, may acquire real estates and limited rights in rem only in there are special provisions in the applicable laws. Any legal persons other than such trading companies may not acquire real estates and may not have limited rights in rem created to their favor.
• Real estates that are acquired in violation of the provisions of the applicable laws, that are found to be in use to the contrary of the purpose of acquisition by the relevant ministry and administrations, and real estates, for which the relevant ministry is not applied within due time or for which the projects are not implemented within due time, are subject to provisions regarding disposal