A.A - Buying Property in Turkey Ban Lifted

16-07-2008

The Turkish government has announced the end of a temporary suspension on the issuing of title deeds to foreign buyers. Brought into force on 15th April by order of the country’s Constitutional Court while parts of the legislation relating to foreign buyers were re-drafted, a parliamentary commission has passed the changes, enabling title deeds transactions to foreigners again.

The changes made will have no effect on foreign property buyers and relate to the amount of land foreigners are entitled to buy.

With the revised law, non-nationals can now  buy land and freehold property up to 10% of the land in any town, city or resort. On another note, the total area of lands a foreign national can own in Turkey has been settled on 2.5 hectars, which is still a huge area.

There are over 73,000 foreign-owned properties in the country,  Antalya is ranking nr 1 with 26,000 foreign buyers. 
2 billion Euro was invested in the Turkish real estate market by foreigners in 2005.

With these figures, Turkey has firmly established itself as the largest emerging property and investment market in Europe . With the release of the revised law and the increasing profile of the country as a holiday and investment spot, this number is expected to rise further in the forthcoming years.