The Condominium Ownership Law was amended on 23 June 2009 to enter into force as of 6 July 2009. The new regime removes the monetary fine introduced in 2007 against the failure to establish condominium ownership within two years from the grant of the occupancy permit. On the other hand, as per the amendments in the Law, condominium ownership may be formed either (i) upon the request of the land owner or one of the easement right holders or (ii) ex-officio by the relevant authority, on the condition that the occupancy permit has been obtained.

The Council of Ministers Decree No. 2009/14802 dated 16 March 2009 and 2009/14812 dated 29 March 2009 reduced VAT rates from 18% to 8% for the purpose of residence and office sales exceeding 150m2 until 15 June 2009 and 30 June 2009, respectively. Additionally, the Council of Ministers Decree No. 2009/148123 applicable from 29 March 2009 until 30 June 2009 reduced title deed charges for the sale of immovable property from 0.15% to 0.5% (to be calculated over the entire declared value of the immovable property) applicable for both the vendor and purchaser.

However, since the recent Council of Ministers Decree (No. 2009/15081), dated 12 June 2009, does not indicate the extension of the said VAT and title deed charge incentives, the respective rates have returned to 18% and 0.15%.

The Annexed Table No. 4 of the Monetary Charges Law published in the Official Gazette (numbered 11756 and dated July 17, 1964) was amended in light of the Council of Ministers' Decree on 29 March 2009 and title deed charges have decreased from 15/1000 to 5/1000 in the case of sales, to be calculated over the entire declared value of the immovable property, for both the vendor and purchaser. The amendment will remain in force until 30 June 2009.

The Communiqué on Infrastructure Real Estate Investment Trusts (Serial No. VI/24) was enacted on 29 January 2009 introducing the concept of "infrastructure real estate investment trusts" and special provisions in relation to incorporation, organisation, portfolio management and public offering, along with scope and prohibited activities and the investments of these trusts.