Foreigners face Turkish land embargo
Date:2008/04/17 Source:
FOREIGNERS were barred from purchasing land or property in Turkey as of yesterday because parliament has failed to revise a law blocked by the Constitutional Court, Milliyet newspaper reported.
The ban will apply to all foreign nationals and companies until parliament makes legal changes to meet the court's concerns, Istanbul-based Milliyet said, citing Zeki Adli, chief of the government's land registry office.
Revisions to Turkey's land registry law were canceled by the Constitutional Court last year after a legal appeal brought by the main opposition Republican People's Party, Bloomberg News reported.
The government missed a deadline to alter the law after the court's ruling was published in the Official Gazette on January 16, Milliyet said.
Turkey had encouraged foreigners to purchase property in Istanbul and other cities and resorts to help increase budget revenue and finance a current account deficit that widened to a record US$38 billion last year.
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