TURKEY LAW CHANGE WILL BOOST REAL ESTATE MARKET
A change in Turkish law to drop reciprocity conditions and let non-Turkish nationals buy property in Turkey will open up the market to Arabs, according to Bloomberg.
The new law will create a $10 billion real estate market that will see buyers from Saudi Arabia, Dubai and Qatar enter the Turkish property market.
Urban Planning Minister Erdogan Bayraktar will introduce legislation to drop the reciprocity requirement in real estate purchases in parliament over the next few days.
Many Arabs enjoy visa-free travel to Turkey and to end the reciprocity requirement would put Turkish property in high demand.
Arab tourists and property buyers tend to only choose other Arab countries to visit but since the Arab Spring, places to go on holiday have been reduced dramatically.
Arabs are now looking at Turkey as their new holiday destination and have shown interest in buying property in the country, which will see Turkey have a huge tourism boost and growth in the property market.
Turkey has had a great year, topping the list for the fastest growing economy in the first six months of 2011. The country has been recognised for its good performance including its successful banking system.
Neil Hollingsworth, senior manager at Rivermead Global Property, commented: “The news that Turkey’s reciprocity requirement is being dropped is great for the Turkish economy and its property market. If you are thinking of buying a property in Turkey now is the time to do it because once this law is dropped properties will be in even greater demand.”
Source: Bloomberg, nuwireinvestor.com