Law Change Impacts Owners of Apartment Property in Turkey

Summary: How a new change in law in Turkey is actually good news for apartment property buyers

The ancient cities, incredible architecture and breathtaking beaches of Turkey all make this destination very popular among foreign property buyers.  If buying property in Turkey is on your agenda, there is a proposed change to property ownership law that you might need to know about.

Relax!  You can still buy property in Turkey.  It just might cost you a little bit more if a flat on the beach, in Istanbul, Ankara or another location is to your liking. The proposal however is more likely to appeal than leave any flavour of distaste in your mouth.  It is meant to improve the safety of mass housing complexes by ensuring that individual flat owners are fiscally responsible for certain upgrades.  The law change impacts owners of apartment property in Turkey and prospective future flat purchasers as well.

In this article we’ll explore the proposed rules change and what it will mean for those buying property in Turkey.  If safety is a top priority, this particular proposal will make a great deal of sense to you.

Ever since the two devastating earthquakes of 1999, Turkish government officials have been looking at a reworking of the “commonhold bill.” The focus is to ensure that costs of seismic retrofitting are paid for by flat owners and that any new construction meets more strict safety requirements.

Sounds logical so far, right?  See!  We told you not to panic.

For existing apartment buildings, the law change would break up retrofitting costs among individual flat owners.  The owners would have to pay their portion of the total costs or face fines and/or legal action.  Flat owners would also have to grant access to their property for the work to take place.

The law, in essence, would ensure that existing buildings are made safer in a financially fair manner without any single owner having to carry a larger financial load.  The equitable nature of the law and the teeth it provides for enforcement are likely to appeal to property investors who are concerned about safety if 1999’s tragedies do ever repeat themselves.

With flats proving to be very popular purchases among investors, expats and second home buyers, this law is likely to be well received by international buyers.  Although it’s true legal changes do often produce butterflies in buyers’ stomachs, this particular restructuring seems quite sound.  Ensuring equity and safety at the same time, this particular change has been seven years in the making.  Whilst many would say it is long overdue, it does pave the way for safer buildings in the near future.

Buying property in Turkey is many an investor’s dream come true.  If making sure that safety is paramount in the plan is important, this particular law does seem to make a great deal of sense.  Buyers in existing buildings might find themselves paying more, but if the integrity of the structure increases, the costs can be chalked up to an investment protection measure.

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