Restrictions on Foreign Purchasing of Property in Turkey to be Relaxed
House Sales Turkey (http://www.housesalesturkey.com/) can report that the current restrictions on foreigners purchasing property in Turkey are to be relaxed, according to the Turkish news website ‘Today’s Zaman’. Until now, legislation has dictated that foreign citizens can only buy real estate in Turkey if there is a reciprocity agreement in their country of origin which allows Turkish citizens to buy there. These restrictions are set to be eased by the Justice and Development Party (AK Party) government.
Currently, if you are a foreign citizen wishing to purchase residential real estate in Turkey, you can only do so if the country where you are from allows Turkish citizens to purchase residential real estate in that country. This is called enforced reciprocity and it is this enforcement which will be relaxed under proposed changes to Turkish law according to Environment and Urban Planning Minister Erdoğan Bayraktar.
This is important news for the real estate market in Turkey, as these restrictions have, up until now, limited opportunities to enter into the market for some foreign purchasers. There was a way around the restriction, through setting up a company in Turkey, although some found this a costly and lengthy process. Opening up the market through this relaxation of legislative restrictions will further boost the already burgeoning market for property in Turkey. Minister Erdoğan Bayraktar made it clear that the purpose of this relaxing of restrictions was to encourage foreign property investment: “We will of course not sell the land that we are not supposed to sell for military or security purposes or according to our national strategy, but we will remove all obstacles before the sale of property representing investments that will create employment and increase the quality [of life] and exports in our country.”
Although people from the UK, the United States and Germany, and some other countries, are currently free to purchase Turkish property thanks to full reciprocity, this news is going to be of particular interest to potential investors in property in Turkey from Russia and the Arab nations, as currently they have no access to real estate in Turkey.
If you are looking to enter into property investment in Turkey or are searching for villas in Turkey for use as a holiday or retirement home, or if you are looking to sell property in Turkey, then you’ll find House Sales Turkey the comprehensive property portal. Find out more at http://www.housesalesturkey.com/.
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