The draft bill, which will be forwarded to the parliament for debate, sets the terms for foreigners to purchase real estate up to 10 percent of areas covered by a region’s the zoning plan.
The bill also authorizes the Council of Ministers to change the percentage (not more than 10 percent), taking into consideration the significance of towns in terms of infrastructure, economy, energy, environment, culture, agriculture and other factors.
On March 12, the Constitutional Court overturned the existing legislation allowing sales of property to foreigners, throwing a scare into the real estate and foreign investment sector.
