Although the economic needle of the Turkish compass suffers through changes and deviations in the recent years, energy sector (mainly renewable/sustainable) remains true to its nature of sustainable growth and energy.
Although mediation process entered into force about 5 years ago, due to many reasons, it has not caught up the expected effect yet, however, it seems determined to change this trend. It is possible to resort to mediation for resolving all kinds of private legal disputes arising from acts or transactions of real and legal persons.
The Moral law firm has advised the Aryom real estate developer on the construction and sale of the Aryom Koru Project, which consists of 425 residences surrounded by sculptured landscapes and multiple social and sports facilities and is located just outside Izmir. The investment value of the project is TRY 130 million (approximately EUR 36.4 million).
The Regulation on the Law on Applications for Turkish Citizenship ("Regulation") has been published on Official Gazette dated 12.01.2017 and numbered 29946. According to the amendment, a foreign investor who meets certain conditions mentioned under the provisions added to the Regulation can obtain Turkish Citizenship. Besides the Regulation, Land Registry Code also stipulates criteria for buying property as a foreigner in Turkey.
The most significant agreement prepared to create a uniform universal sales law is United Nations Convention on Contracts for the International Sale of Goods, also referred to as Vienna Convention (“CISG”), dated 11 April 1980. CISG has entered into force on 1 January 19881, has been accepted without any reservation and has become applicable in Turkey as of 1 August 20112. In brief, CISG comprises of provisions regarding the establishment, performance and expiration of agreements relating to the international sale of moveable goods.
Prime Ministry Circular No. 2016/27 on Trade Facilitation Board ("Circular") has been published with the Official Gazette dated 03.12.2016. The Circular stipulates a process involving many public institutions and establishments with regard to the adoption of measures to enhance the competitiveness by improving the international trade infrastructure.
On July 15, 2016, the streets of Istanbul and Ankara erupted in violence during a surprise – and ultimately unsuccessful – coup d’etat attempt against the Turkish government and Turkish President Recep Tayyip Erdogan. By the time the coup had been put down, over 300 people had been killed and more than 2,100 were injured.