According to the Investment Support and Promotion Agency of Turkey (IPSAT), the draft law that will see the abolishment of the reciprocity rule for foreign property buyers will result in an influx of Foreign Direct Investment (FDI) in Turkey.
The current law prevents certain foreign nationals from investing in Turkey on the grounds that Turkish nationals can’t invest in those countries either. The new law would allow nationals from all countries the right to invest in Turkey and buy property in Turkey. The new law would see nationals from all countries buying property in Turkey and would evidently have a positive impact on the amount of yearly FDI in Turkey.
IPSAT President Ilker Ayci said: “Turkey’s appeal to investors is on the rise. Potential investors are impressed by Turkey’s high growth rate and increasing industrial output.”
Ayci went on: “Foreign investors take a country’s living conditions into consideration when deciding on an investment. This is because most investing companies transfer their managers and high-ranking staff with their families.” The new law would make living and working in Turkey even easier for foreign nationals.
Turkey’s Grand National Assembly is set to discuss the new law later this month. Turkish real estate is already a leading market and the removal of the reciprocity laws will see further growth of the Turkish real estate market.