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Turkey New Property Ownership Law Enacted

Turkey New Property Ownership Law Enacted

Property sales to foreigners start again. Dalaman, £173,000. Ref: 2658856

New law brings greater foreign ownership rights in Turkey. Dalaman, £173,000. Ref: 2658856

The Turkish government has enacted a decree increasing the number of countries able to buy property in Turkey and the amount of land they will be eligible to purchase.

Property conveyancing to foreigners, which had been frozen for a short time until final details of the law were passed, has now been re-permitted opening the gates to a total of 129 nations who will now be able to buy without restrictions in Turkey.

Citizens from the Arabian Gulf and Russia are among the new group to join countries approved under a former reciprocal agreement, including the UK, Germany and the Netherlands.

Suleyman Akbay, Managing Director of Oceanwide Properties, says: ‘Turkey offers much for buyers looking for a productive and affordable alternative investment to the struggling Eurozone.

‘The leniency of the new legislation is already fostering growth having encouraged some £706 million worth of property sales in Turkey since the law came into play in May.

‘However, while these figures are exciting, we aren’t anticipating an influx of cash rich Arabian oil barons and Russian oligarchs! Many buyers, like our traditional European markets, are simply second home hunters seeking value for money properties in attractive coastal or city locations with good shopping facilities – a plethora of which we are well placed to offer.’

The law increases the amount of property a foreigner can own to 60 hectares. Citizens of 183 countries are now able to own property in Turkey.

Countries approved to buy in Turkey list (doc)

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