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The government has initiated efforts to simplify procedures and minimize formalities hindering real estate purchases by foreign buyers in Turkey, the Anatolia news agency reported last week. 

Representatives from  the Finance Ministry, the Ministry of Public Works and Housing, the Interior Ministry, the Ministry of Industry  and Commerce, the Treasury Undersecretary, the Land Registry and Cadastre General Directorate, the Security General Directorate, the Turkish Union of Chambers and Commodity Exchanges (TOBB), the International Investors Association (YASED) and the Turkish Exporters Assembly (TİM) met recently to find solutions for the problems foreign buyers face during real estate purchases.
Reports indicate that demand for real estate from foreign companies and individuals has dropped significantly as a result of the ongoing global financial crisis as well as a recently introduced regulation requiring that foreign buyers secure approval from the governor s office in the province where the real estate they are purchasing is located.

Following are some of major problems discussed at the meeting:  Ambiguities regarding the types of real estate that foreign buyers must get approval to purchase; uncertainty for a company purchasing real estate that has an indirect partnership with a Turkish company or that has shares traded on the Istanbul Stock Exchange (İMKB); the license a foreign company must have to prove its right to purchase real estate in Turkey; a lack of criteria for determining the kinds of operations a company is engaged in; lengthy procedures; an insufficient number of meetings held by the commissions that provide companies with licenses for real estate purchases; ambiguity regarding the procedures of purchasing real estate as part of a privatization process

According to figures released by the Land Registry and Cadastre General Directorate, 347 new companies with foreign partners have been established since the new regulations entered into force in November 2008. Fifty-one of these companies purchased 1,668 properties in Turkey.