Real Estate Sales Boom in Turkey
Foreign sales of real estate in Turkey are increasing at a rapid pace. More people from different countries are investing on real estate in Turkey day by day because of the country’s advantageous geographical location, extensive urban renewal and development, large capacity and strength in the construction sector, population growth and demographic advantage, increasing per capita income and ease of doing business.
For all these reasons real estate sales to 183 countries from Turkey have been done so far. Which are these countries and what are the details? All of these are in our essay.
Real estate sales to 183 countries from Turkey have been done and Turkey is witnessing a boom in sales of land, housing and office space for the foreign investors. The biggest factor of this increase is the change in 2012 of the Reciprocity Law.
This law allows the foreign investors to buy real estate, land and office space up to 30 hectars per person. Also there is no limit for foreign companies and they can purchase as much property as they want. With this new law, citizens from Syria, Armenia, North Korea cannot purchase real estate in Turkey.
Real estate sales to 183 countries from Turkey. These are the details. Neighbor countries like Iran, Iraq, Georgia and Bulgaria cannot acquire property in provinces bordering these countries. Also, real estate sales cannot be done to Greek citizens in 26 coastal provinces in Turkey such as Istanbul and border of Edirne. But they can buy real estate in inland regions of Turkey.The countries which are allowed to purchase real estate are those the United States, Germany, Argentina, the United Arab Emirates, Bahrain, Belgium, Brazil, Brunei, the Dominican Republic, France, Finland, South Korea, the Netherlands, Ireland, Sweden, Britain, Spain, Italy, Japan, Canada, Kuwait, Qatar, Luxembourg, Lebanon, Saudi Arabia, Morocco, Saint Vincent and the Grenadines, Turkmenistan, Tuvalu and Oman.