Change to Turkish Property Law to Spur $10 million Real Estate Market
Turkey’s leading daily newspaper Sabah reports that the recent proposed changes to Turkish property law regarding reciprocity will spur a $10 million real estate market spurred by Arab purchasers, reports experts in property in Turkey, House Sales Turkey (http://www.housesalesturkey.com/).
As House Sales Turkey has previously revealed, Minister Erdoğan Bayraktar of Turkey’s Justice and Development Party (AK Party) government is proposing changes to the current law which states that foreign citizens can only buy real estate in Turkey if there is a reciprocity agreement in their country of origin that allows Turkish citizens to buy property there. At the moment, the only way around this reciprocity agreement is for the foreign purchasers to set up a company in Turkey, something which was deemed too costly and lengthy by some. It was thought by some, including Minister Erdoğan Bayraktar, that this legislation was out of date and needed to be overturned if the market for property in Turkey was to reach its full potential.
Once the proposed lifting of these reciprocity restrictions goes through, it is thought that this change in property law will spur on a massive boost to the real estate market, by as much as $10 million if reports in the Turkish national newspaper Sabah are to be believed. Allowing more non-Turkish nationals to buy real estate in Turkey “will create a $10 billion real estate market spurred by sales to Arabs”, according to the paper. In fact the article reveals that this boost to the real estate market has already begun, with real estate companies from Saudi Arabia and Kuwait already having opened up offices in the countries in order to profit from the expected influx of interest. Saudi Arabia’s Saudi Binladin Group and Kuwait’s Mena Real Estate have both opened units in Turkey in recent weeks in anticipation of the change, the newspaper said.
Minister Erdoğan Bayraktar is the Urban Planning Minister for Turkey and is expected to lift the reciprocity restrictions in just a few days time. According to the Chairman of the Turkish real estate trust association GYODER, Isik Gokkaya, “passage of the legislation is expected to spur purchases from buyers in Saudi Arabia, Syria, Dubai, Azerbaijan, Qatar and Iran”.
House Sales Turkey matches vendors with potential purchasers of property in Turkey from all over the world, with transactions varying from villas in Turkey for holiday home usage to apartments in the country for investment. Find out more at http://www.housesalesturkey.com/.
Processing your request, Please wait....
