After the recent judgment of the Turkish Constitutional Court we announced that we were expecting the Parliament to make a move and eliminate the current confusion and anxiety surrounding the Turkish property market. It seems now that the Parliament is doing this by way of adopting a new act on the right of the foreign individuals and companies purchasing property in Turkey. Until this legislation is finalized by the Parliament the General Directorate of Land Registry ordered a temporary suspension to the title deed transfer to the foreign individuals and companies. Given the urgency of the situation we expect the Government and the Parliament to finish work on the new act in the next couple of weeks so as not to cause any damage to the market. Indeed the Turkish press today reported that the new act has been presented to the Cabinet.
We will continue to post updates on this matter until it is resolved.
