A Q&A guide to corporate real estate law in Turkey.
The Q&A gives a high level overview of the corporate real estate market trends; real estate investment structures, including REITs; legislation; title and public registers of title; confidential information; state guarantee of title; tenure; sale of real estate; seller's liability; due diligence; warranties; cost; taxes and mitigation, including VAT and stamp duty/transfer tax; climate change targets; third party outsourcing; restrictions on foreign ownership or occupation; finance; leases; planning law and consents; and proposals for reform.
To compare answers across multiple jurisdictions, visit the Corporate Real Estate Country Q&A tool.
This Q&A is part of the PLC multi-jurisdictional guide to corporate real estate law. For a full list of jurisdictional Q&As visit www.practicallaw.com/realestate-mjg.
Turkey has managed to survive the global financial crisis with relatively low damage despite what has occurred globally. The real estate market has been at the forefront of this economic performance. The major trend in recent years is the development of high-class office buildings, residences as well as shopping centres.
Some recent significant deals are:
Marmara Park shopping centre in Istanbul, one of the largest shopping centres in Europe, expected to be completed in autumn 2012 by ECE Türkiye with an investment value of approximately EUR220 million.
Tarsus shopping centre in Tarsus, developed by Corio Türkiye with an investment value of approximately EUR60 million.
ByConcept, a project comprising shopping centres, offices and residences developed by ByGroup in Sultanbeyli, Istanbul with an investment value of approximately EUR200 million.
In addition, the following projects are noteworthy:
The Trump Towers (Istanbul), which comprises residences, offices and a shopping centre. This is Donald Trump's first investment in Europe.
Istanbul Sapphire, the tallest building in Europe which is home to residences and a shopping centre.
Zorlu Center, a project comprising a hotel, shopping centre, performing arts centre, high-class residences and offices in Zincirlikuyu, Istanbul.
TerraCity shopping centre, which is the largest shopping centre in the tourist region of Antalya with a total investment value of US$220 million.
Common structures used for investing in real estate are:
Direct acquisition of the real estate.
Acquisition of the shares of the company that owns the real estate.
Investing in REITs.
REITs have recently become the key players in the Turkish real estate market. REITs in Turkey are strictly regulated by the Capital Markets Board, including in relation to minimum capital requirements (TRY20 million), permitted investments and certain portfolio restrictions.
Currently, the shares of 25 REITs are traded on the Istanbul Stock Exchange with a total market value of about TRY13 billion. The IPO of Emlak GYO (REIT), which is the largest REIT in Turkey, has attracted a record number of offers from domestic and institutional investors, evidencing the increasing interest in the market. This interest placed the transaction in the top five IPO transactions by value in Turkey to date.
Investment by institutional investors is not very common in Turkey, as the market has been dominated by large family enterprises until recently. However, there is an increasing number of institutional and international investors that are active in the market, such as ECE Group headquartered in Germany, Coldwell Banker based in the US, EMG as a German-Swiss partnership, Goodman from Australia and Redevco of Belgium.
Private investors have played a major role in the market so far. However, more recently, REITs are taking over their position in the market (see above, REITs).
The main piece of real estate legislation in Turkey is Chapter 4, Law of Property (Articles 683 to 1030) of the Turkish Civil Code (Civil Code). The Code of Obligations also includes provisions in relation to the sale and lease of real estate.
Under Turkish law, real estate comprises:
Land.
Independent and permanent rights which are registered on a separate page at the land register.
Independent sections such as apartments or buildings.
Land is registered at the land registry (tapu sicili) whereas independent sections have separate titles and are registered in a separate register (kat mülkiyeti kütüğü) (together referred to as the Public Register). In this case, the relevant page at the land registry must be closed to further transactions by annotating that the land has been converted into an apartment block, for example.
Title to real estate is evidenced by registration at the Public Register, which is kept by the General Directorate of Land Registry and Cadastre (Tapu ve Kadastro Genel Müdürlüğü) and which is open to the public. Registration at the Public Register constitutes the acquisition of a right in rem (that is, a right that binds the world) over the relevant real estate.
The General Directorate of Land Registry and Cadastre is the main authority in charge of managing the register and it functions through its regional and provincial directorates.
Information registered at the Public Register includes:
Section and plot of the real estate, its surface area and qualification (indicating if it is agricultural land and if there is any building located on the property).
Identity of the seller and the buyer as well as the legal cause and date of transfer and past ownership registrations.
Easement rights and encumbrances.
Mortgages.
Annotated personal rights, such as:
contractual pre-emption right;
right to repurchase;
lease contract;
preliminary sale and purchase contract.
(This is limited to cases where annotation is allowed under the relevant legislation.)
Information registered in the "declaration" part (in specific cases as set out in the legislation which may affect the real estate, such as the accessories of real estate).
Under Turkish law, information in the Public Register is open to persons who duly prove their legitimate interest in the relevant real estate. However, legitimate interest is interpreted narrowly. In practice, the relevant information is usually disclosed only to the owner of the title in question and/or its officially assigned legal representatives, and the prospective buyer. Therefore, confidential information and documents are protected from disclosure to third parties.
There is a state guarantee of title. Under Article 1007 of the Civil Code, the state is responsible for damages in connection with the Public Register. The state's liability is strict (that is, there is no need to show that the state is at fault). However, to have recourse against the state, the damages must arise in connection with the illegal registration of title.
Title insurance is available in the market and is becoming more popular, especially for mortgage-backed loans, However, it is still not commonly used
Under Turkish law, real estate can be held by one person or several persons. Where there is more than one owner, the ownership may be either in the form of a joint ownership (paylı mülkiyet) or co-ownership (elbirliği mülkiyeti).
Real estate may also be held through easement rights, which are rights in rem enabling its owner to use and/or benefit from several features of the real estate. Easement rights include:
Usufruct (usage right).
Right of habitation.
Right of construction.
Right of way.
Right to benefit from resources.
The list of easement rights under the Civil Code is considered to be exclusive (numerus clausus), although the parties can negotiate the contents of the right.
Under Turkish law, rights in rem relating to real estate, such as ownership or easement rights and any kind of encumbrance to be established on real estate, must be registered with the relevant Public Register of title (see Question 5).
It is very common to use various marketing tools to promote real estate in Turkey, including real estate agents, special newspaper advertisements (or special newspaper supplements), billboards and websites. In line with recent developments in favour of foreign ownership in 2012, Turkish real estate developers have been given considerable presence in international real estate expositions such as Expo Real in Munich and Cityscape Global in Dubai where Turkey was participating as 2012 Country of Honour.
Considering that the sale of real estate must be in the form of a deed prepared by the Public Register offices (and held by the General Directorate of Land Registry and Cadastre), commercial negotiation must be finalised before the registration of the transfer.
In most cases, commercial negotiation relates to the price and payment terms. If the parties want to include further provisions they may enter into a preliminary sale contract (see below, Pre-contractual arrangements).
A preliminary sale contract for real estate must be prepared in the form of a deed prepared by a notary public or by the Public Register office.
Large real estate companies may also enter into preliminary contracts with their customers before the start of construction to define the details relating to the real estate (such as the quality of the materials to be used). These contracts are not preliminary sale contracts in the technical sense.
It is not usual to execute a detailed sale contract. The title of ownership is transferred by means of registration of the transfer of ownership before the Public Register with the mutual agreement of the parties. Since execution of the contract and the transfer of ownership by registration are carried out simultaneously before the Public Register, there is no explicit distinction between these two stages in practice.
The parties are legally bound when the transfer of title is registered at the Public Register.
The parties can register the change of title at any time.
Title transfers once it is registered in the name of the new owner. For the sale to be legally valid, the title must be registered in the name of the new owner at the Public Register. Failure to comply with this requirement renders the sale null and void.
Under the Code of Obligations, the seller's liability to the buyer in real estate transactions is not explicitly regulated and is subject to the provisions relating to sale of movable property by analogy. Therefore, the seller must disclose any material information related to the real estate in good faith and has a statutory liability to the buyer if:
The real estate is not of the quality or quantity promised by the seller or has a material, legal or economic defect which substantially decreases its value or extinguishes the benefits expected (ayıba karşı tekeffül borcu) (see Question 13).
Where the real estate is seized partially or wholly(zapta karşı tekeffül borcu). This is a situation where a third party seizes the real estate based on a right which existed at the time of the contract, but which the buyer was not aware of.
Legal due diligence in relation to real estate can be carried out by the buyer through researching the land registry record of the real estate at the Public Register, including the annotation declarations and registration sections. The existence of a building use permit must also be researched since no mortgage can be granted over buildings without a building use permit (see Question 41).
The liabilities of the seller are regulated under the general provisions of the Code of Obligations (see Question 11). The Code of Obligations is silent in relation to warranties given in real estate transactions. However, depending on the circumstances, the following warranties can be requested from the seller:
Authenticity of the title deed.
Valid construction licence or building use permit (see Question 41).
That there is no encumbrance or personal right in favour of a third party.
That there is no existing expropriation procedure.
That the real estate is in good condition as offered by the seller.
That the real estate is not the subject of any legal dispute.
There is no explicit regulation relating to inheriting environmental liability. However, under the Code of Obligations and the Civil Code, an owner inherits liability if there is a continuing breach of an environmental law related to the usage of the real estate following the transfer of real estate. Additionally, an owner can also inherit liability for environmental pollution if it cannot be determined if it occurred before or after the sale.
For matters relating to the real estate under a lease, the Code of Obligations provides that the buyer will replace the seller automatically as the landlord under an existing lease contract. The buyer will therefore inherit liability for matters relating to the real estate even if they occurred before it bought it.
The Code of Obligations only regulates the liabilities of the tenant following the execution of the lease agreement and the commencement of usage of the real estate.
A buyer also bears liability for any unpaid real estate taxes jointly with the seller. However, the buyer has a right to recourse against the seller.
The Environmental Law provides for a five-year limitation period, which starts running from the acknowledgement of damages and the identity of the liable person. The liability under the Environmental Law is strict (that is, the liability is not contingent on the party's fault). Therefore, a claim may be brought against a seller or occupier following the disposal of real estate.
A property developer is liable for any quality deficiencies for five years following the sale of the real estate (Code of Obligations) (see Question 11). The Code of Obligations envisages liability of the property developer for 20 years in cases of gross negligence.
A seller may also retain liability in relation to an easement right or a strengthened personal right in favour of a third party. However, the scope of this liability is rather limited since the buyer has the opportunity to check the Public Register records before the sale.
The buyer usually pays the following costs:
Public Register fee. This is set at the rate of 3.3% of the tax value of the real estate (provided that such value is not lower than the declared purchase price) but the buyer and seller share the cost equally. Therefore, the buyer pays about 1.65% of the real estate's tax value.
Circulating capital fee (döner sermaye harcı). This is currently about TRY65 multiplied by the local coefficient (between 0.5 and 2.5 depending on the location of the real estate). This should be paid jointly by the parties but it is usually the seller who pays.
The seller usually bears the following costs:
Public Register fee at the rate of 1.65% of the real estate's tax value (see above, Buyer's costs).
If the seller is a natural person and sells the real estate within five years following the purchase of the real estate at a profit, the seller must pay income tax on the difference between the purchase price and the sale price. The rate of income tax varies between 15% and 35% depending on the amount of profit.
Circulating capital fee (see above, Buyer's costs).
VAT is payable on the sale of real estate. The current VAT rate is:
1% for households with a surface area below 150 square metres.
18% for households with a surface area above 150 square metres.
18% for business premises, irrespective of the surface area of the real estate.
The Value Added Tax Law sets out an exemption for corporate real estate sales. Under this exemption, the sale of real estate that has been listed as an asset of a company for two years is exempt from VAT. However, if the relevant company is engaged in real estate business and holds the relevant real estate for the purposes of that business, then the exemption does not apply.
Under the Stamp Tax Law, the following are exempt from stamp duty:
Real estate sale transactions.
Sale transactions of REITs relating to the real estate in their portfolios.
However, if the parties want to annotate a preliminary sale contract at the Public Register, then a stamp duty at the rate of 0.825% is payable. Additionally, a Public Register fee is payable of 0.59% of the contract price (provided that the contract price is not lower than the real estate tax value of the relevant real estate).
See also Question 16.
There are certain tax exemptions that exist in relation to real estate transactions (see Questions 17 and 18).
Turkey became party to the United Nations Framework Convention on Climate Change (UNFCCC) in 2003 and to the Kyoto Protocol in 2009. However, Turkey is not included in Annex B of the Kyoto Protocol (which includes 39 countries that must reduce Greenhouse Gas emissions between 2008 and 2012). The Regulation Concerning Monitoring of Greenhouse Gas Emissions, issued under the UNFCCC and the Kyoto Protocol in April 2012, sets forth the procedures for monitoring and reporting of greenhouse gas emissions arising from facilities performing certain listed activities. The monitoring and reporting obligations under the Regulation will become effective on 1 January 2015 and 1 January 2016, respectively. However, the Regulation does not bring any obligation on facilities to reduce GHG emissions.
The Ministry of Environment's climate change action plan prepared in July 2011 for the period between 2011 and 2020 provides no specific deadline for the reduction of GHG emissions.
In relation to energy efficiency in buildings, the following laws and regulations set out certain requirements:
The Standard of Thermal Insulation Requirements for Buildings (TS 825).
The Regulation on Heat Insulation in Buildings for New Buildings.
The Building Energy Performance (BEP) Regulation.
It is common for foreign investors in Turkey to outsource their accommodation needs to third party dealers. However, there is no well-established practice to outsource the management of real estate portfolios to professional management companies, although the number of professional management companies is steadily increasing.
The acquisition of real estate or rights in rem over real estate in Turkey by foreign companies is restricted by law except for mortgage transactions which are not subject to restrictions. It is only permitted (Article 36, Land Register Law):
To foreign legal entities incorporated for commercial purposes.
In limited circumstances provided under specific laws (mainly the Tourism Incentive Law, Petroleum Law and the Industrial Zones Law).
Following the acquisition of the real estate, the owner must submit its intended project on the real estate to the approval of the Ministry of Economy within two years. The actual implementation of the project is then monitored by the Ministry of Economy.
In addition, a new Regulation on Acquisition of Real Estate and Rights in rem under the Land Register Law (Acquisition Regulation) was issued in August 2012. Under the Acquisition Regulation Turkish companies which have either direct or indirect foreign shareholding of 50% or more, or foreign shareholders who can appoint or remove from office the majority of the management team, can only acquire real estate or rights in rem over real estate in Turkey if this falls within their scope of activity as stated in the articles of association. Whether the acquisition falls within the company's activity is determined by a commission of the relevant governorate (an administrative division of a country) of the province where the real estate is located.
However, establishment and foreclosure of mortgage on the real estate, acquisition of real estate or rights in rem over real estate in special investment areas are excluded from the permitting requirement.
Special permissions are required in the following cases:
Permission of the commission of the relevant governorate if the land is located in special security areas.
Permission of the General Staff (Turkish armed forces) or the commandership that has been authorised if the land is located in a high military zone or a security zone.
A company with foreign capital must apply to the relevant governorate before acquiring real estate or establishing a right in rem on real estate to determine whether the real estate falls into one of these categories (Acquisition Regulation).
Under the Acquisition Regulation, a company's holding of real estate may be affected by a share transfer if the share transfer results in the company being foreign-controlled (see Question 22).
In this case, the company must notify the necessary information regarding the shareholding structure to the Ministry of Economy. The Ministry of Economy then requests the relevant governorate to evaluate whether the change of control is in line with the national security policy. If the answer is negative, the governorate may ask the company to take the necessary measures to bring the acquisition in line with the national security policy or to dispose of the real estate. In such a case, the company must dispose of the real estate or its related right on the real estate. Otherwise, the Ministry of Finance has the real estate sold and pays the sale price to the company's bank account.
Where the change of control of a company is considered to be a breach of the national security policy (see Question 23), or where it is detected that the real estate is not used in accordance with the legislation, the state must deposit the value of the real estate in the company's bank account and purchase the relevant real estate. The legislation is silent as to whether the purchase price is the market price; it only refers to the "value of the real estate". However, the purchase of business premises using this method is not very likely in practice, as business premises are unlikely to be located in these strategic areas.
Business premises may also be subject to compulsory purchase if the real estate is required for the performance of public services under the principle of public benefit. The relevant public authority must initially negotiate with the owner of the real estate. If the parties fail to reach an agreement, the local court must decide on the purchase price with the help of an expert valuation report.
Business premises are subject to the following taxes:
Real estate tax. The real estate tax rate varies between 0.1% and 0.6% depending on the type of real estate (land, household or business premises). The rate for business premises is 0.4%.
Environment clean-up tax. This is collected by the relevant municipality. The rates of this tax vary depending on the type, size and location of the premises.
Electricity and gas consumption tax. The rate for this tax varies between 1% to 5% of the price of electricity and gas consumed. Electricity and gas generation and distribution companies are exempt from this tax. Electricity and gas distribution companies collect the tax and transfer the money to the relevant tax office.
Real estate may also be subject to other taxes, such as entertainment tax or advertisement tax, which are paid to the greater municipality.
Insurance companies are subject to fire insurance tax at the rate of 10% of the premium received for this type of insurance.
Acquisitions of large scale real estate portfolios are generally financed by a combination of equity and debt, in which case the lender would normally require a first degree mortgage (that is, a mortgage that has priority over all mortgages and liens except those imposed by law) on the relevant real estate. Alternatively, the relevant company may prefer to go public through an IPO. This method has recently proved to be successful (see Question 1).
The ability to use real estate to raise finance is relatively limited. The most common method is to establish a mortgage over the relevant real estate to secure the credit. However, banks normally require the value of the mortgage to be substantially higher than the loan amount (in certain cases, it could be twice as much as the loan amount).
A mortgage can also be granted over a right in rem (such as usufruct).
Mortgages are the most common form of security granted over real estate. A mortgage agreement for real estate must be executed in the form of a formal deed before the Public Register and be registered accordingly for the mortgage to be legally valid.
Although securitisation itself is not very common, mortgage-backed securities are one of the principal securities that banks may use in their securitisation transactions.
Contractual lease provisions are strictly regulated by the new Code of Obligations which became effective as of 1 July 2012. The Code of Obligations abolished Law No. 6570 on Rent of Immovable Properties and became the main piece of legislation regulating lease contracts for all types of real estate, including business premises. The Code of Obligations leaves limited room for the parties to negotiate lease provisions. Some of the mandatory provisions of the Code of Obligations protecting tenants will become effective five years later than the actual date of effectiveness of the Code (that is, on 1 July 2017).
Under Turkish law, a lease contract is not subject to any formal legal requirements. It can be in the form of an oral or written contract, but a written contract is more advantageous, particularly in terms of evidence. There is no legal requirement to execute the lease contract before a notary public or in the form of a deed for the lease to be valid.
The annual increase of rent was once a complex issue till recently since the legal framework was solely based on court precedents and the principle of equity in the absence of applicable legal provisions due to an annulment by the Constitutional Court
The new Code of Obligations, on the other hand, provides explicitly that the parties may freely determine the annual increase provided that any increase does not exceed the increase in the producer price index for the previous rental term. In case of a dispute, the parties can apply to the court to decide on the amount of the rent.
If the rent is fixed in a foreign currency, then the parties cannot change the rent for five years.
The applicability of VAT or withholding tax on a lease of business premises depends on whether the relevant real estate belongs to a natural person or a company:
If the landlord is a company, VAT at the rate of 18% is payable on the rent.
If the landlord is a natural person, a 22% withholding tax is payable on the rent.
A typical length of lease term is one year. There is no explicit provision setting a maximum duration for lease terms, but usufruct rights can be granted for a maximum term of 100 years (Civil Code).
Lease contracts for a definite term are automatically renewed based on the same terms unless the tenant notifies the landlord 15 days before the contract termination date that it will leave the premises. A landlord can terminate a lease by serving a termination notice in writing if the lease has been renewed for more than ten years. This notice must be served three months prior to the expiry of the lease in the given year.
Under Turkish law, a tenant cannot do the following, unless provided otherwise in the lease contract:
Sublease the real estate or grant a usage right over the real estate in favour of third parties without the written consent of the landlord.
Assign the contract so as to transfer the lease relationship to third parties without the written consent of the landlord, provided that such consent cannot be unreasonably withheld.
It is common to share business premises with other group companies as it offers many economic advantages. However, the lease contract must expressly provide that the tenant company is entitled to sublease the premises to the companies in the same corporate group. Sublease contracts are usually executed to meet legal requirements but do not include detailed provisions.
Usually, the tenant is responsible for keeping the leased premises in good repair. In this respect, tenants are responsible for daily matters relating to the leased premises. If a major repair or renovation is required, the parties may agree on the cost allocation in their agreement since the relevant provisions of the Code of Obligations are supplementary. In practice, if a major repair or renovation is considered to add value to the premises, the landlord usually bears the costs. Alternatively, the tenant may make the payments and be then reimbursed by the landlord (through set-off).
There is currently no general mandatory insurance scheme in relation to real estate. An earthquake insurance scheme is mandatory for households and does not cover business premises, unless a residential building is used for business premises (for example, a flat is used for office purposes). The landlord pays for this insurance. Any optional insurance is subject to negotiation between the landlord and the tenant.
Under the Code of Obligations, the landlord is responsible for any mandatory insurance on the leased premises unless agreed otherwise between the parties.
Under the general provisions of the Code of Obligations, the landlord can terminate a lease contract in the following cases:
If the tenant breaches its duty of care.
If the tenant defaults in its obligations.
If the tenant goes bankrupt (see Question 39).
If there is a major cause for the landlord. However, the applicability of this ground in lease contracts for business premises and households is controversial.
Under the special provisions regarding lease of business premises, the landlord can terminate the contract without any cause only if the lease has been renewed for more than ten years. In addition, the landlord can terminate a lease contract in the following circumstances by filing a lawsuit before the competent civil courts:
At the end of the lease term or after due notification for lease contracts with an indefinite term, if the landlord needs the relevant real estate for household or business purposes or for his spouse or children.
Within six months following the acquisition, if there has been a change of landlord and the new landlord needs the relevant real estate for household or business purposes for himself or for his spouse or children (provided that the new landlord notifies the tenant of this within one month following the acquisition).
At the end of the lease term or after due notification for lease contracts with an indefinite term, if the real estate will be subject to a major renovation or reconstruction during which the tenant cannot use the premises.
At the end of the lease term, if a tenant has failed to perform his rental payment obligations twice in one year.
The tenant may terminate a lease contract:
For an indefinite term, at any time.
For a definite term, by giving a termination notice at least 15 days before the expiration date of the contract.
If a tenant becomes insolvent and the landlord is not given sufficient security for the current and future rental payments, the landlord can terminate the lease contract regardless of any legal or contractual notification period.
Turkey is a permit-intensive jurisdiction and a typical planning process may involve, depending on the location of the real estate, several public authorities, including the relevant municipality, governorate, provincial administration and the Ministry of Environment and Urbanism. The principal legislation for planning control is the Construction Law and the secondary legislation passed under it.
Although the required planning consents may vary depending on the usage of the real estate, the principal requirements in almost all cases are the following:
Approvals of the master plan and the local master plan (see Question 42).
Construction licence. A contractor must obtain a construction licence from the municipality/provincial administration (Construction Law). The validity term of the construction licence is five years. The construction must start within two years of the issuance of the licence.
Building use permit. A building use permit evidences that the building has been constructed according to the construction licence and approved plans. A building use permit must be obtained immediately after the completion of the construction.
The public authority that grants initial planning consents may differ depending on the nature of the company's business and the location of the real estate:
If the facility is subject to environmental impact assessment legislation, then the first consent required is the relevant affirmative decision either by the Ministry of Environment and Urbanism or the provincial directorate of the Ministry.
If the facility is not subject to environmental impact assessment legislation, the initial planning consent required is the approval of the local master plan. The local plan is approved by:
the municipality, if the relevant real estate lies within municipal borders;
the governorate, if the relevant real estate is located outside municipal borders.
Any person (natural or legal) who has a legitimate interest in the cancellation of the relevant administrative decision (for example, master plan approval) can object to that decision. Master plans are announced to the public for any potential third party objections before they become final. The period for raising objections is one month. Any objections are considered by the municipal council or the governorate, as the case may be, within 15 days.
A public inquiry is required under the environmental impact assessment legislation if the relevant real estate project falls within the scope of the applicable legislation. There is no public inquiry procedure for facilities which are not subject to an environmental impact assessment study.
It usually takes two to three months for the relevant municipality or the governorate to make a planning decision.
If a third party objects to a planning decision within the relevant period and does not receive any response or receives a rejection decision within 60 days, it has the right to file a cancellation claim at the administrative court within 60 days. Alternatively, even if a third party does not raise any objection during the announcement period, it can still apply to the administrative court within 60 days following the expiry of the announcement period for cancellation of the planning decision.
The decision of an administrative court can be appealed to the High Administrative Court (Danıştay).
Entry into force of two long-awaited reforms, namely the Code of Obligations as the main piece of legislation on real estate, and amendment to the provisions of Land Register Law regarding foreign ownership took place in 2012. There are currently no major proposals to reform real estate law.
Main activities. This is the relevant directorate of the Ministry of Environment and Urbanism that issues policies relating to real estate in Turkey.
Main activities. The Public Register offices are in charge of registration of real estate in Turkey. The website provides practical information in relation to the procedures.
Description. This is the official website of the General Directorate of Land Registry and Cadastre, which is in charge of real estate issues in Turkey. The information contained in this website is official. However, the website does not have an English version.
T +90 312 442 4680
F +90 312 442 4690
E m.durakoglu@cakmak.av.tr
W www.cakmak.av.tr
Qualified. Ankara, Turkey, 2009
Areas of practice. Energy and project finance; banking; real estate.
Recent transactions
T +90 312 442 4680
F +90 312 442 4690
E g.mermer@cakmak.av.tr
W www.cakmak.av.tr
Qualified. Admission pending, Ankara, Turkey
Areas of practice. Energy and project finance; banking; real estate.
Recent transactions
