Friday, June 29, 2012

Turkey Allows Foreigners 100% Real Estate Ownership

Foreigners can now freely buy and own Turkey real estate. In May 2012, The Turkish parliament passed a bill allowing foreign ownership of Turkish real estate by ending a law of reciprocity where Turks could not own real estate in certain countries around the world.

Investing in Turkish Real Estate

Now foreigners can safely and securely invest in currently low-priced high-value Turkish real estate properties like Property in Altinkum on the Aegean Sea as well as other real estate investments throughout Turkey.

Thanks the Turkish Parliment

With the Turkish Parliament now passing this long-awaited bill, it lifts the restrictions on property purchases and ownership by foreigners. The removing of the reciprocity restriction allows the citizens of Central Asia, the Middle East and other surrounding countries to purchase and own real estate in Turkey.

Foreign Ownership of Turkey Real Estate

Foreigners can now buy and own up to 30 hectares of Turkish land without restriction. With special permission from the Turkish Council of Ministers the amount can be increased 60 hectares. The Turkey real estate industry has been waiting for this new law which they expect the amount of Turkey property investment to grow and double to over $2 billion annually.

Arabs Highly Attracted to Turkey Real Estate

With the passing of this new law, it is forecasted to attract a large amount of Arabian real estate investors now. Arab investors are very interested purchasing and owning Turkish real estate with the current not so attractive real estate investment locations in the Muslim world due to the Arab Spring effects and high popularity of Turkey as a safe secure high value property investment location.

Foreign Ownership of Turkish Metropolitan Real Estate

The new bill also provides for foreigners to be able to buy and own up to 10% of the total areas of major metropolitan towns and cities in Turkey. The Turkish parliament has set some controls on this based on nationality and qualifying as a foreign business. Consult with a Turkish real estate broker for more information on this.

Turkey Real Estate Industry New Growth

Before the passing of the law there some parties in opposition. Planning Minister Erdogan Bayraktar backed up and promoted the law, stating the vital importance of its help with growth to the Turkish tourism industry along with the foreign investment it will bring into the economy. "The law will bring more investors, more tourists and more capital to the country," he said.

Smart Money and Successful Investing

With the current European credit and debt crisis and region wide real estate prices depressed there’s no better time to make a long-term investment in Turkish real estate. Making new investments in hard economic times is hard to do sometimes at that moment, but in the long-term is the best thing to do to lock in equity. Forget the economic problems of right now and focus on the future. Now that’s smart money and successful investing.