Turkey Attracts International Investment

A major change to the property
laws in Turkey is set to see a huge overseas investment in the country’s real
estate.  The removal of the
country’s ‘reciprocity’ law now means that residents of almost 100 additional
countries can now buy property in Turkey.

If you are thinking of purchasing
a home in Turkey, now could be a great time to buy as demand for homes and
prices is set to increase significantly. 
Keep reading to learn more.

Change to Turkey property laws set to see huge surge in demand

The Fethiye Times outlines the change in Turkey’s property laws.  ‘The new law changes the Turkish title
deeds law (Tapu law) to extend the nationalities that can own real estate in
Turkey to 183. Previously only 89 nationalities were allowed to purchase in
accordance with ‘reciprocity’ – if a Turk could buy real estate in your country
then you could buy in Turkey.’

Foreigners have only been able to
buy property in Turkey since 2002 and the existing laws excluded many buyers
from countries including the Arab states. 
This restriction has been costing Turkey billions in property
investment.

A bill was recently drafted to
remove reciprocity from property law, and it came into force in August
2012. 

Nu Wire Investor reports that ‘it is thought that the Arab states
alone have the potential to add a further 2 billion USD to the Turkish property
market.’ “Recent figures from Turkey’s Central
Bank revealed that foreigners bought £700 million worth of Turkish property in
May – around four times the amount purchases in the whole of 2011.

“With other nationalities now
able to buy, I expect the demand for property in Turkey to increase dramatically,
driving up prices.”

Author:  Nick Marr
 
Homesgofast.com