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Business National |
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Commission accepts draft on real estate sales
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An amendment to the bill on land registries, which was recently annulled by the Constitutional Court upon an appeal filed by the Republican People's Party (CHP), has been accepted at a parliamentary commission.
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With the new amendment, the benchmark for real estate ownership limits for foreign persons and institutions has been changed from total provincial area to the total area of a given city center base. The new changes reduce the total amount of land that can be sold to real foreign persons in comparison to the rejected bill. Real foreign persons will be entitled to purchase property within the limits of areas allocated for development as long as the total land purchased by foreign persons in the city does not exceed 10 percent of the total land in a given province's city center. The bill cancelled by the Constitutional Court allowed for such purchases up to 0.5 percent of a province's territory. A commission that will be made subordinate to the Ministry of Public Works and Housing, which supervises the land registry, will be established to review requests for changes to these restrictions, although the upper limit of 10 percent of a given city center cannot be exceeded. The commission will subsequently refer the proposals to the Cabinet. Changes in the areas allocated for development must be forwarded by governorates to the commission by the end of the next January.
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TODAY'S ZAMAN
ANKARA
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Benzer Haberler 
National
