Land ownership in Turkey

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 of land valued at US$10.4 billion, mostly by German, British and Greek citizens. The Turkish government controls a high proportion of land, either directly, under the authority of the Undersecretariat of Treasury or indirectly through the inheritance and management of Ottoman foundations under the authority of the General Directorate for Foundations. Investment through land ownership was and still is the most widespread and profitable investment method during the past decades, especially in the middle east countries, because land ownership adds, stability, and a better guarantee for the future and its fluctuations for most investors. Against demand, which raises the market value of the land and makes owning it a distinct investment opportunity. During the weakening phase of the Ottoman Empire in the 19th century and the global dominance of new imperialism, purchases without constraint and effective surveillance of real estate by the nationals and companies of western powers was one of the issues on which the Ottoman state had been subjected to the direst foreign pressures. As a consequence of these pressures, The Ottoman Land Code of 1858 was passed, it's reformed taxation and land law. An 1858 firman on "Reform" had announced a grant of permission in this respect, but the necessary legal arrangements had been delayed till 1868.