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Land ownership in Turkey had been constrained by the Ottoman Empire in the 19th century. This was to prevent foreigners from competing with natives for desirable property. This policy was continued when Turkey became independent in the early 20th century. The policy was relaxed during the 21st century.
In 2003, property purchases were opened to foreign nationals though restrictions were retained for various provinces. When these restrictions were violated in 2005, the law was annulled by Turkish courts. Despite this, property purchases continue. As of 2008, 63,085 properties had been sold to over 73,103 foreigners. This includes 38,623,661 square metres (415,741,630 sq ft) of land valued at US$10.4 billion, mostly by German, British and Greek citizens.[1]
- ^ Yilmaz, Fatih; Ahmet Yeşhil Fethiye (1 May 2008). "Property prices fall with cancellation of law on property sales to foreigners". Today's Zaman. Archived from the original on 2 May 2008. Retrieved 3 May 2008.