New law boosts overseas property buyers
Recent changes in Turkish property law are responsible for a new influx of foreign property buyers flooding the market from the Middle East, Gulf countries and the Turkic States of Central Asia.
Last week saw the approval of new legislation responsible for regulating the sale of Turkish land to foreigners. Despite only coming in to force last week, already tourism centres such as Didim and Kuşadası have received much greater attention from buyers sparking speculation that there will be a rise in property and housing prices as demand increases.
As well as paving the way for foreign citizens from the Middle East, USA, Gulf Countries and the Far East to purchase real estate, the new ruling also raises the amount of land a foreign buyer can purchase significantly from just 2.5 hectares to 30 hectares. The Turkish Council of Ministers may also be able to increase this limit even further upon request to as much as 60 hectares.
Under the previous legislation, citizens of countries such as the United Arab Emirates, Qatar, Syria and Libya were unable to purchase property in Turkey because their countries did not have reciprocity agreements in place which would mean that Turkish citizens could have the same rights in their country.
Foreign nationals, legal entities, and local firms that are at least 50 per cent owned by international enterprises will have the right to own real estate and limited real property rights in Turkey, according to the approved law.
The new law also provides that the amount of property owned by foreigners in a given district cannot exceed 10 per cent of the privately owned real estate there.
For details of property for sale in Turkey, visit the Turkey listings on Rightmove Overseas. One way to save money when buying or living in Turkey is to use a currency specialist when transferring your pounds into lira or euros. For more information on this, contact Smart Currency Exchange.
To understand the full step-by-step process to buying a property in Turkey, collect The Overseas Guides Company’s ‘Turkey Property Buying Guide’