Tuesday, 8 May 2012

Turkish property floodgates open with law change

A long-awaited law change that has just come into effect in Turkey means that more foreign nationals will be able to purchase Turkish property.
Citizens of the Gulf countries, South America, Australia and other countries are now freely able to purchase property in Turkey after the Turkish president overhauled the reciprocity law.
Previously, only  certain countries were able to buy Turkish property, including EU countries, Canada and the United States. These countries hold reciprocity agreements with Turkey, meaning that Turkish nationals are allowed to purchase in these countries. The only way around the law was to establish yourself as a Turkish-registered limited company - a time-consuming, costly and beaurocratic nightmare.

The new law allows non-reciprocal countries to purchase freehold Turkish properties. 

Unsurprisingly, foreign investment in Turkey is expected to reach record levels, with numbers of Middle Eastern and Russian buyers, who have been waiting for the law change, poised to invest in the booming country. 

If you'd like to know more, please contact us at Place Overseas.


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