Turkey is set to become increasingly popular with overseas buyers when a new law comes into force easing restrictions that apply to foreign investors. Coupled with a double digit rise in house prices in the last year alone, itââ¬â¢s a great time to be investing in homes in Turkey.
Keep reading to learn why it will soon be easier for overseas buyers to purchase in Turkey and how buoyant the housing market is in the country.
New draft laws set to make it easier for foreigners to buy homes in Turkey
The Turkish government recently passed draft legislation with will ease the restrictions currently applies to foreign property buyers. Experts believe that this could boost the property market in Turkey by up to ã20 billion over the next two years.
Nick Marr, director of Overseas property specialist Homes Go Fast, said: ââ¬ÅPreviously, Turkey had a reciprocal arrangement in place which means that only countries that allowed Turkish citizens to buy property in their country were allowed to buy homes in Turkey.
ââ¬ÅThis restricted many overseas buyers and often required property investors to buy a Turkish company in order to own real estate. Now, though, the easing of this law will make it easier for many foreign buyers to snap up property in the country.ââ¬Â
Mr Marr believes that the change in the law could see a huge influx of foreign nationals buying in Turkey and a sharp increase in house prices. This is on top of an already booming property market in the country.
Recent figures from REIDIN show that the average house price in Turkey rise by 1.1 per cent in May 2012 when compared to the previous month. This means that house prices have increased by more than 10 per cent in the last year alone.
Mr Marr added: ââ¬ÅThe prospects for strong capital growth in Turkey are already good, but opening up the real estate market to millions of foreign buyers can only have an even more positive effect on prices.ââ¬Â
