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Turkey lifted restrictions in foreign currency on real estate transactions

Turkey lifted restrictions in foreign currency on real estate transactions

Turkey lifted restrictions in foreign currency on real estate transactions! In September 2018, a law introduced under which Turkish citizens and foreigners with a residence permit in this country had to carry out transactions with local real estate only in Lira. But on November 16, 2018, the restrictions lift up. According to President Recep Tayyip Erdogan, they do this to support the Turkish Lira.
Now all these restrictions are lifted.  It is according to the law published in the official newspaper of the Turkish government on November 16, 2018,
Earlier, the Association of hotels of Turkey appealed to the Ministry of tourism to allow transactions in foreign currency. And a month ago, the Turkish authorities allowed the use of foreign currency in the conclusion of export contracts and employment contracts with workers from abroad.

Turkey lifted restrictions in foreign currency on real estate transactions – what will bring us to lift restrictions

So now foreigners will be able to enter into contracts for real estate in foreign currencies. Turkey allow using the foreign currencies for lease agreements for tourist accommodation facilities, duty free shops and business agreements. Hence, they include export contracts, capital market instruments and employment contracts involving foreigners.

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