Change To Turkish Property Law

As House Sales Turkey has previously revealed

, Minister Erdogan Bayraktar of Turkeys 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 It was thought by some, including Minister Erdogan Bayraktar, that this legislation was out of date and needed to be overturned if the market for property in Turkey was to reach its full potential.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 Arabias Saudi Binladin Group and Kuwaits Mena Real Estate have both opened units in Turkey in recent weeks in anticipation of the change, the newspaper said.

Minister Erdogan 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. If you have any other question or queries regarding our business, the different procedures involved ,or if you are simply interested in what we can offer you, you can find out more on our website, or you can email or phone us at your convenience.

by: James P Martin

POST COMMENT

What Is Asian Bodywork? Tips For Negotiating The Price Of A Property In Turkey How To Settle In Quickly In Egypt How To Lower High Triglyceride Levels Naturally? What Is Quantum Energetics? Deals Of The Used Cars Among The Metroians Tips For Saving Money In Egypt Address Labels - Is Customization Proper With Them? The Best Way To Get Expedited Transportation Of Products Benefits Of Sound Air Conditioning System Explaining Freight Class For First Time Shippers 6 Steps For Keeping A Silver Certificate Why Property In Egypt Is A Good Idea