A major change to the property laws in Turkey is set to see a huge overseas investment in the countryÃ¢â¬â¢s real estate. The removal of the countryÃ¢â¬â¢s Ã¢â¬ËreciprocityÃ¢â¬â¢ 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 TurkeyÃ¢â¬â¢s property laws. Ã¢â¬ËThe 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 Ã¢â¬ËreciprocityÃ¢â¬â¢ Ã¢â¬â if a Turk could buy real estate in your country then you could buy in Turkey.Ã¢â¬â¢
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 Ã¢â¬Ëit is thought that the Arab states alone have the potential to add a further 2 billion USD to the Turkish property market.Ã¢â¬â¢ Ã¢â¬ÅRecent figures from TurkeyÃ¢â¬â¢s Central Bank revealed that foreigners bought ÃÂ£700 million worth of Turkish property in May Ã¢â¬â around four times the amount purchases in the whole of 2011.
Ã¢â¬ÅWith other nationalities now able to buy, I expect the demand for property in Turkey to increase dramatically, driving up prices.Ã¢â¬Â