On 20 November 2024, the Council of Ministers issued Decree No. 50/2024 regarding the Status of Existing Sales Contracts and extending the periods outlined in the Transitional Section 1 of the Immovable Property Acquisition and Long-Term Lease (Foreigners) Amendment Law.
According to the decree, the deadline for registering contracts of sale, applying for permission to purchase, and transferring title deeds has been extended for an additional 90 calendar days.
This means that anyone who purchased property before 21 May 2024 and has not yet registered their contract of sale and/or applied for permission to purchase must complete the procedure by 19 February 2025.
For purchasers who obtained permission to purchase before the Amendment Law came into force, but where the vendor has not yet transferred the title deed, it is required that the transfer process be completed by 19 February 2025.
The decree also specifies that in cases where the purchaser, or the vendor, refuses to accept or transfer the title deed, either party must notify the Ministry of Interior by 19 February 2025. The party notifying the Ministry of the other party’s non-compliance with the law will not be subjected to a fine.
According to the decree, purchasers who have acquired more than one immovable property and wish to apply to the Ministry of Interior for an extension to sell such properties within a 24-month period can still pay a tax at the rate of 1% until 19 February 2025. Furthermore, the decree states that the 24-month extension period for the sale of properties in this category will commence on 19 February 2025.
Lastly, the decree has extended the deadline for the registration of Trustee Agreements by an additional 75 working days, commencing from 24 December 2024.
Our understanding is that there will not be further extension of deadlines.