The Turkish government looks set to approve a new decree that will allow buyers from 129 countries to enter its property market.
In May the Turkish government enacted a bill abolishing a reciprocity ruling that banned Turkish property purchases by citizens of countries where Turkish nationals couldn’t buy real estate.
The bill also increased the amount of land foreign nationals are able to buy in Turkey from 30 to 60 hectares. The cabinet decree defining who can buy is now to be approved by the Turkish government and will see a further 52 formerly prohibited countries added to the buying process.
Buyers from the UK, Germany, Sweden, Norway and Holland already had unrestricted buying rights before the new law was approved. Buyers from Russia and the Ukraine faced restrictions buying on the Black Sea coastline as did Greeks. That is to be removed and new buyers, such as those from the Middle East, will get the right to buy.
The final details have still to be released and it is likely that there will be a limit on the number of properties that foreign buyers can own, according to Turkey property specialists Oceanwide Properties.
The news comes shortly after the Turkish Central Bank revealed there was a mini buying boom in the first month after the new property law was published in May. Approximately £706 million worth of real estate was snapped up by foreign investors, four times the total purchased by non-Turkish nationals in 2011.
‘Our experience in May alone, prior to who could buy without restrictions under the new law was defined, is testament to the upward swing overseas investors are rightly anticipating in the Turkish property market in light of the market extending to new entrants,’ said Suleyman Akbay, Oceanwide managing director.
‘Turkey is making quite a name for itself on the property scene in lieu of Europe’s troubles and the ongoing investments it is making to advance its economy. Our clients are constantly amazed at the value for money properties available in prime business and coastal spots,’ explained Akbay.
‘But Turkey’s upper hand is that its values and rental yields are increasing year on year where other markets are contracting. Affordable, good connections, lots of new homes, a burgeoning population and now an increasing market presence makes Turkey attractive,’ she added.