Turkey's move to make it easier for foreign nationals to buy property in Turkey will “open up the market” according to a leading agency.
The bill, which is currently in draft form, would remove current reciprocity laws. This would mean that a person of any nationality can purchase in Turkey, rather than just those that allow Turks to purchase in their home countries. It is hoped that by opening things up to Middle Eastern buyers in particular, that this will boost the Turkish housing market, meaning a more lively market for everyone.
The law would also increase the amount of land that foreigners can buy in Turkey from 2.5 hectares to 30 hectares.
Julian Walker of Spot Blue said that the decision would “open up the market” by reducing the hoops that prospective buyers currently have to jump through.
“Currently those countries not in the reciprocity agreement can in theory buy property in Turkey, but only through lots of bureaucracy and red tape,” he told OPP. “This is about opening borders. If you open up your borders you are giving easier access to investors from all over,” he commented.
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