As Turkey begin the political process of opening up their doors to foregin investment, will the market see a lot of buyers who have been previously kept out?
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The Fethiye Times outlines the change in Turkey’s property laws. ‘The new law changes the Turkish title deeds law (Tapu law) to extend the nationalities that can own real estate in Turkey to 183. Previously only 89 nationalities were allowed to purchase in accordance with ‘reciprocity’ – if a Turk could buy real estate in your country then you could buy in Turkey.’Fethiye Times outlines the change in Turkey’s property laws. ‘The new law changes the Turkish title deeds law (Tapu law) to extend the nationalities that can own real estate in Turkey to 183. Previously only 89 nationalities were allowed to purchase in accordance with ‘reciprocity’ – if a Turk could buy real estate in your country then you could buy in Turkey.’
Foreigners have only been able to buy property in Turkey since 2002 and the existing laws excluded many buyers from countries including the Arab states. This restriction has been costing Turkey billions in property investment.
