Turkey’s Environment and Urban Planning Minister Erdoğan Bayraktar announced this week he is preparing a law that will allow almost unrestricted property sales to foreign nationals in Turkey. Currently the country works on a reciprocal basis where by foreign purchasers may only buy property in Turkey if Turkish nationals are allowed to purchase property in their country. As a result there are 89 nationalities that can’t buy property in Turkey including Russia, most Gulf States and several countries in central Asia.
Property in Turkey is incredibly popular at the moment due to the country’s thriving economy, flourishing tourism sector and comparatively low real-estate prices. British buyers are the most prominent of overseas property purchasers; however large amounts of property in Turkey are bought by mainland Europeans and Americans as well.
The new rules will open the Turkish property market to traditionally heavy hitting Russian and Arab investors who are expected to quickly take advantage of the law change. As a result, the already booming Turkish property market is expected to receive a considerable lift, directly effecting property prices.
Source: Today’s Zaman