There is expected to be a significant increase in interest in property in Turkey after the countryÃ¢â¬â¢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 countryÃ¢â¬â¢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 TurkeyÃ¢â¬â¢s Cabinet and President, experts believe this will be a formality.
Julian Walker, Turkish property expert, said: Ã¢â¬ÅThe reciprocity aspect is huge, as before certain countries were not allowed to buy here.
Ã¢â¬ÅThey 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 thereÃ¢â¬â¢s less risk Ã¢â¬â fewer things can go wrong in the interim.Ã¢â¬Â
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.