Posted on 12 October 2011
Many reports have indicated strong growth in sales of Turkish property to foreigners, not least a report by the Association of Real Estate Investing Partners GYODER, which recorded a 40% growth last year compared to the year before.
Never the less, the government seems increasingly committed to making sure the growth continues. The latest move is to open mini-registry offices at the Turkish embassies of countries with a heavy Turkish presence. This will, when launched in 2012, allow buyers from these countries to apply for title deeds at the Turkish embassy. The deeds will then be entered into the online Deeds and Land Registry Information System (BİS), by the fully trained professional staff.
Gökhan Kanal, the acting general manager of the Deeds and Land Registry Office said that they plan to request staff for foreign missions from the Foreign Ministry.
“In addition to following deeds transactions, our representatives at embassies will also act as real estate consultants. So, our citizens residing abroad will be able to get information on the value of their house or land in Turkey. In a way, these employees will be our real estate ambassadors,” said Kanal.
The Embassy offices will register the deeds online as part of the same system registry offices in Turkey began using recently, whereas before that buyers had to travel to the office serving the property being bought. According to Kanal the next step is to expand this so that property transactions can be completely registered online, without needing to go to a registry office at all.
At the same time a bill to allow all foreigners to buy property in Turkey, not just those from countries that allow Turks to buy is also currently being considered. This would allow the millions of Arabs coming to Turkey because of the Arab spring to buy without the hassle of forming a company etc