Change in the law set to spark demand for property in Turkey

There is expected to be a
significant increase in interest in property in Turkey after the country’s
Parliament adopted a draft law which is set to make it easier for foreign
buyers to purchase homes. 
Additional changes to the law will make Turkey a much more desirable
place to buy real estate and could boost the country’s property market.

Change to Turkey property laws set to boost housing market

Previously, investors could only
buy property in Turkey if their own Government allowed Turkish investors to buy
property in their country.  The new
legislation seeks to scrap this rule. 
In addition, the new law will increase the amount of land a foreign
investor can buy in Turkey from 2.5 to 30 hectares. 

Although the draft reciprocity
law is awaiting approval from Turkey’s Cabinet and President, experts believe
this will be a formality.

Julian Walker, Turkish property
expert, said: “The reciprocity aspect is huge, as before certain countries were
not allowed to buy here.

“They are [also] shortening the
process for international buyers purchasing property in Turkey.  If it takes say two to three months,
this could be drastically cut to two to three weeks. This means there’s less
risk – fewer things can go wrong in the interim.”

Assuming the law is changed it
will mean that property in Turkey will be available to Russian and Middle
Eastern buyers for the first time. 
And, it will also benefit other overseas buyers as it effectively adds
additional protection to the value of a property.

I believe that once the
reciprocity law comes into place I expect to see a higher level of demand for
property in Turkey.  As well as
allowing international investors new opportunities it also adds an extra level
of protection to Brits buying in the country.

Author: Nick
Marr