Turkish government considers encouraging overseas buyers

  • 11 years ago
  • Uncategorized

The Turkish government is considering cutting red tape to encourage more overseas investors, according to propertyshowrooms.com.

The property market has apparently struggled in Turkey since the country was hit by the financial crisis.

The law was changed in May last year to make it easier for foreign nationals to purchase property in Turkey, in a bid to jump start the market.   

The result of this was $1.1 billion (£679 million) of revenue being made from the property market in that one month alone. As a comparison, that monthly figure was four times the total revenue for the whole of 2011.

Officials from the ruling Justice and Development Party (AKP) pointed out how important it was for the country to attract wealthy investors from abroad, at a workshop aimed at selling property to foreigners.

Aplaceinthesun.com reported that Turkey was a country that should be considered by people nearing retirement and wanting overseas property, particularly those who wanted to get more for their money.

As well as house prices being competitive when compared to Spain and France, Turkey has also relaxed rules for importing pets to the country. This may seem like a relatively minor issue but for many people, it could be a deciding factor when looking to move abroad.

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