New Property Laws in 2012 allow ALL foreigners to buy in Turkey

Turkey has an important place in developing countries around the world and especially in the last 10 years has demonstrated a clear growth processes. With these processes and the environmental affairs network, Turkey has grown rapidly and has been able to stabilize this growth. The real estate sector is one of the fields that have shown significant growth in recent years and this sector is surviving and prospering each year. With all the components of the sector, (builders, developers, real estate agents etc.) property investments play a big role in this prosperity.

Between 2002-2009 property sales have shown a rapid growth and the new law is expected to remove all the obstacles by a number of legal changes involving regeneration. With the apparent existence of a globalizing world and the purchases of property by foreign investors worldwide, with the developing, and removal of obstacles, Turkey will not fall far short of this process.

Considering the important role of the real estate sector after the general elections held in 2010, Erdogan Bayraktar who is one of the top architects of the past 10 years and has an important role in the growth sector, is elected for the new chair of Department of Environment and Planning. Erdogan Bayraktar before being the chair, was known for his work in the administration of social housing (TOKI) and his role as a minister is expected to accelerate the process.

In the new era and the 2012 January-March period, three important changes in law for the purchase of property in Turkey are concerned; the law is decided and prepared for the Council. According to this legislation:
1) Foreigners buying property in Turkey is considered the main obstacle to reciprocity, the principle will be replaced and people from all around the world who want to take the property will purchase it without any restrictions (with the exception of military and strategic areas). This law has a great importance for Russia and the Gulf countries that wish to purchase property in Turkey.

2) Law of urban transformation is brought to Istanbul, a metropolis of the world. This Law has started the restructuring of the city, and then lifted all legal obstacles, investments (real estate construction and sales) in Turkey will be the most profitable real estate to provide more livable. Property sales to foreigners are no longer an obstacle as mentioned above. The real estate acquisition by foreigners will be possible, individually and collectively.

3) The problem for so many years in Turkey is called the sale of land no longer being a forest, which is also known by law 2B, will change by the state. As above restrictions will be removed for the sale of these lands to foreigners. The provinces of Istanbul, Antalya, and Mugla, the current values of the land is low and the future value due to foreign investors will be very large so the gain will be remarkable.

Taking all the above processes, investment in property by foreigners in Turkey is very important to value differences around the world in real estate. It's very clear that the land in Turkey, after the purchase of the land or real property leasing provided a great income. The Turkish people focusing on real estate are one of the elements that made the difference for foreign investors in Turkey and create a safe harbor. Court proceedings in real estate is more reliable and harder than all other areas of law provisions, so buying a property in Turkey is increasingly attractive.

Units built in Istanbul are about 100,000 per year. With the process of urban transformation in Istanbul 2.8 million homes will be rebuilt. As a result, construction will continue at least for 28 years. In recent years, the attraction of foreign investors' preference for Turkey also confirms this. In the continuous process, we see thatthe advanced economies are moving to Turkey. We believe that foreign investors should consider Turkey. Theabove mentioned three laws will be adopted by the Assembly in the period from January to March, we do not want foreign investors in Turkey lack the opportunity. The real estate sector will go beyond its role for Turkey after 2012 and will reach a point on a global scale.

*This article has been translated from Turkish so the grammer may not be perfect*

What this means, is that the laws preventing foreigners from countries that do not have a reciprocal agreement with Turkey will be changed after March 2012 and ANY foreigner wishing to buy property in Turkey will be able to without restriction. This is fanastic news not only for anyone looking for a great investment property, but also for the Turkish economy. See updated property laws in Turkey May 2012.