International

Greece targets Turkish property purchases via EU firms

By: SigmaLive English

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Greek authorities are moving to regulate Turkish property purchases made through companies registered in Bulgaria and other EU countries, the Turkish newspaper Milliyet reports.

According to the report from Istanbul by Manolis Kostidis, Greek officials have warned that they will monitor and restrict Turkish companies buying real estate. “Greek citizens cannot purchase property in Turkey’s coastal and border areas,” the paper notes.

Authorities clamp down on cross-border acquisitions

Turkish citizens have reportedly acquired properties in the Evros region, along the Turkish border, and in the city of Alexandroupolis via foreign-registered companies. This activity has sparked debate in the Greek Parliament. The government describes the matter as a security concern and plans to amend the law to tighten controls.

New rules require disclosure of true owners

Under the proposed changes, the real owners of properties purchased through foreign companies in the Evros area must be disclosed. All sales will require approval from the Ministry of Defence. If approval is denied, the property will be confiscated.

Authorities are also monitoring property acquisitions on the islands of Lesbos, Chios, Kos, and Rhodes. Reports suggest that some Turkish citizens have obtained large estates in these areas using Bulgarian passports or through companies registered in Bulgaria.

Reciprocal laws underpin government action

Greece and Turkey have long maintained reciprocal laws restricting foreign property ownership in border and coastal regions. Since 1924, Greece has barred property sales east of the Nestos River to Turkish citizens, and similar rules apply to the Greek islands.

Turkey enacted a reciprocity law in 1927, and since 1964, Greek citizens have been similarly restricted from acquiring property in Turkish coastal and border zones. Some Turkish citizens circumvent these restrictions by establishing companies in Greece or other EU countries to buy property indirectly.

The Greek government’s new measures aim to close this loophole and ensure that all property acquisitions near sensitive areas comply with security requirements.

Source: Skai Greece

Also read: Third PAOK fan injured in Romania accident returns to Thessaloniki
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