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Kalkan Rural Property FAQ'sWhy have the government made these changes? What happens when outlying area is incorporated into the town planning zone? Is there a legal way to still purchase such properties? What are consequences of forming a Turkish company? If I purchase by forming a company can I resell my property? Why have the government made these changes?The official line is that the government wants to prevent large areas of agricultural land being purchased by foreign nationals. On a more local level, also to prevent land speculation and the over development of rural communities by foreign demand for such property. What if I have purchased a property in a rural area before the January 2006 law change, which I now would not be able to purchase?In this scenario you will still be the legal owner of the property. They is nothing in the new laws by which the government could repatriate the property. Will some of the areas close to the town development boundary become incorporated into the town in the future thereby making the property more easy to sell to foreigners?Yes. As the town grows some of the immediate village areas will be incorporated into the town plan and this argument was previously often used by agents to their foreign clientele as a good reason to purchase. At the time the property is incorporated into the town its value would increase. However, this time has now passed for speculation unless you already own a property in these areas and are prepared to wait until the area belongs to the town planning zone. What happens when outlying area is incorporated into the town planning zone?As a first step the land is surveyed. Secondly town planners then map out the position of new roads and public services. Where there are existing buildings the position of these are usually accepted and worked around. However large lands can be divided into smaller plots (parcelisation) and in this process around 30% of the land is lost to the local government for the provision of roads and services. Is there a legal way to still purchase such properties?Yes. Through the formation of a Turkish Company. A minimum of two foreign individuals are required to form a company and the company can then acquire the property. In this instance there is no requirement for military approval. What are consequences of forming a Turkish company?Firstly there is a one off cost and this will depend on the lawyer that you use to assist you. You can expect to pay around £2000 to £2500. Secondly you will need to have an accountant who will submit accounts monthly and annually for the company even if it does not trade. This too has an ongoing monthly cost from around £50. If I purchase by forming a company can I resell my property?Effectively yes. You would resell the company of which the property is an asset. |
