[BUYING AND SELLING REAL ESTATE IN TURKEY]
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However, the acquisition of real estate in a military forbidden zone or military security zone or strategic zone is subject to the approval of the commanderships. The acquisition is also subject to the governorate’s approval if the real estate is in a special security zone. The companies with foreign capital outside the scope of the above-mentioned companies are entitled to acquire real estate in Turkey with equal treatment to local investors. It should be noted that if companies have real estate in Turkey and the shareholding structures have changed and the companies fall within the scope of the foreign-invested Turkish companies as explained above; the companies shall notify such change to the Ministry of Industry and Technology within one month of following the transfer of shares. The governorate checks whether the companies use real estate by their field of activity stated in their articles of association. If the governorate determines that the companies do not comply with such use, a period of six months will be given to the companies to provide compliance with the regulation. In case of failure by the companies, the real estate shall be liquidated. 6. Necessary Documents for Application The owners of the real estate or authorized representatives shall make an application to the relevant land registry directorates. Applications can be made through a notary as well. The necessary documents for the application are as follows:
if the relevant ministries and administrations determine that the real estate is used in violation of the purpose of purchase; if the foreigners do not apply to the relevant ministry within the required time in case the property is acquired with a project commitment;
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• if the projects are not realized within the required time. In the above-mentioned cases, if the liquidation process has not been conducted by the owner within the period given by the Ministry of Finance, which shall not exceed one year, the liquidation shall be carried out by the ministry and the amount acquired as a result of the liquidation shall be submitted to the holder of right. 5. Acquisition of Real Estate by Foreign Invested Turkish Companies Foreign-invested Turkish companies as defined below are entitled to acquire ownership of the real estate in Turkey only if such acquisitions shall be about the scope of activities stipulated in their articles of association: • If 50% or more shares are owned by foreign real persons, companies incorporated by the laws of foreign countries, international institutions; or • If foreign real persons, companies incorporated by the laws of foreign countries, or international institutions have the right to assign or depose most of the persons having the management rights in that company established under Turkish laws.
Title deed of the real estate.
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ILN Real Estate Group – Buying and Selling Real Estate Series
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