Turkey to make it easier for foreigners to buy property

Posted on 15 November 2011

15 November 2011, Istanbul – The Turkish law of property purchase reciprocity is expected to be lifted in 2012. The law bans foreigners from 89 countries buying a property in Turkey because Turkish nationals cannot freely buy a property in that reciprocal country. These banned countries include Russia, Gulf States and other Middle Eastern countries in the region. The Turkish Environment and Urbanization Ministry is currently drafting the law which is expected to be put before the Turkish Parliament this month. If enacted the new law is expected to substantially increase the number of property sales to foreigners in Turkey. According to GYODER (the Association of Real Estate Investment Companies) sales to foreigners reached 2.5 billion USD in 2010. Source: Invest in Turkey

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