Top Turk court partly cancels property sale law

ANKARA (Reuters) – Turkey’s constitutional court yesterday canceled part of a law allowing sales of real estate to foreigners, the state-run Anatolia news agency said. Turkey’s center-right government had previously approved a law allowing property sales to foreigners as part of a drive to open up the economy and to meet legal standards of the European Union which Ankara hopes to join. Anatolia said the ruling affected a part of the law which allows the cabinet to increase the amount of land owned by individual foreigners in Turkey by up to 30 hectares. In recent years, Turkey’s relatively inexpensive real estate sector has attracted increased interest from foreign buyers, many of them Europeans looking for a home in the sun, and prices have soared.

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