Thread: Turkey to debate property reciprocity law

Turkish Environment and Urbanisation Minister, Erdogan Bayraktar has stated that the draft law which allows nationals of foreign nations to purchase and own property in Turkey is set to be debated in Turkey in the early days of 2012.

Bayraktar said that the Grand National Assembly of Turkey (TBBM) will vote on the issue in the imminent future and is expected to be made law in the first quarter of 2012.

Speaking during a conference in Istanbul, Bayraktar said: "Turkey offers an excellent investment location for foreigners. The new legislation will make obtaining property easier with the lifting of the reciprocity principle. Citizens of other countries will be able to buy any kind of property, including homes and office space."

The Minister also revealed that the current limit to the size of land that a foreign national can own in Turkey is also set to be increased with the new law. Bayraktar said that the current 25,000 square metres land limit will be increased to 300,000 square metres, further increasing investment in property in Turkey by foreign nationals.

When the new law comes into place, it will lift restrictions on citizens from 89 countries worldwide from owning a property in Turkey. This will undoubtedly see property sales in Turkey increase dramatically, with Turkey already a hotspot for investment in real estate with foreign sales of real estate in Turkey measuring USD 2.5 billion in 2010 � experts predict that the new law could see the figure doubled in 2012.

One thing is for sure, property in Turkey is on the rise and rising fast. The time to buy property in Turkey is now. As Turkey becomes a premier nation for investment, the value in Turkey will continue to rise further � while other nations are seemingly struggling, Turkey is flourishing and growing at an unprecedented rate.