There are many countries in the world where investors are reluctant to buy property due to unfavourable property laws or problems with ownership or title. Recent bad press concerning title deed issues in Cyprus is one such example.
However, a new report into property market transparency shows that Turkey is the most improved country when it comes to the process for buying real estate.
New survey puts Turkey as most improved property market
Jones Lang LaSalle and LaSalle Investment Management have recently published the 2010 Global Commercial Real Estate Transparency Index. Since the last report in 2008, Turkey has jumped 27 places in the ‘real estate transparency’ rankings and has improved more than any of the 81 countries in the sample.
Turkey’s property market is now classified as ‘semi-transparent’ rather ‘low transparency’.
Reasons for Turkey’s improvement
Alan Robertson, managing director of Jones Lang LaSalle in Turkey, pointed to a number of causes for the improvement in Turkey’s property buying process:
· Strong commitment from Turkish government to create equal conditions for local and overseas investors
· Improvements to legal and regulatory system pending European Union membership
· Improved private initiatives intended to improving property market data
Robertson believes that the trend will continue, making Turkey more and more attractive to foreign investors. “In the coming years we expect to see improvement in the levels of transparency, and I think will be good news for Turkey and for those who invest in commercial real estate markets”, he said.
So, if you are looking for an overseas property investment in one of Europe’s best property hotspots, consider Turkey. Not only will you benefit from good rental yields and the potential for capital growth but you can also have the peace of mind of an improved, more transparent, property buying process.
