More Turkish delight for foreign property investors
Overseas property investors are expected to make a dash to Turkey as the Government changes the rules on foreign ownership of residential real estate in Turkey.
Until recently only nationals of countries that allowed Turkish property investors to buy property were able to purchase real estate throughout Turkey and that was limited to a residence measuring a maximum of 25,000 square metres with the introduction of new legislation this has been increased to 300,000 square metres.
Thanks to a draft bill recently approved by the government all overseas property investors are now welcome to buy property in Turkey.
With many of the more popular European property markets suffering due to both economic and political unrest experts are expecting a rush of cash rich buyers – particularly from the Middle East who until now have been unable to move into this sun drenched and very popular tourist destination which is expected to have a very positive effect on local property prices.