New Property Law Set to Boost Turkish Market

The Turkish government are expected to pass a bill which will reduce the amount of restrictions on foreigners purchasing property in the country. For many western European countries there have been no great restrictions in overseas property investment in Turkey. However, investors in Russia, the Middle East and Central Asia now have the legal freedom to purchase holiday homes in the Eurasian country. Many of these countries were prohibited from buying in Turkey because Turkish citizens couldn’t purchase real estate in their countries. However this issue of reciprocity is beginning to be eradicated.

Many firms and individuals involved in international property are very pleased with these latest developments. Janet McGovern, a Property Consultant at Knight Know International said, “This change in the law has opened the gates to many people who were interested in purchasing, but were unable to buy due to the restrictions imposed by the government.” With greater international access to the Turkish property market, a surge in investment is expected which is likely to equal a rise in the number of overseas property insurance purchases.
 
One of the main features of this change in legislation is the amount of land foreigners may purchase. It will rise from 2.5 hectares to 30 hectares, which is an attractive property feature particularly for wealthy and ambitious property investors. In fact there are already reports from Turkey’s leading news source, Hurriyet Daily News, that high profile managers from the Middle East and Asia will be attending a summit organised by the Turkish Real Estate Investment Trust Association.