Posted on 04 May 2012
Regular readers of this blog and most other sources remotely relating to Turkey or overseas property would only have needed the first part of the title to know what we meant. The Turkish Parliament has been discussing a new property law, to end reciprocity as a barrier to foreign buyers and allow foreigners to buy more land in Turkey. Well, now the law is passed.
Before yesterday only foreigners from countries that allowed Turks to buy property could buy property in Turkey, this prevented nationals from 89 countries from buying in Turkey. The final decision on the articles of the law will be made by the Cabinet, which will be able to determine which of the 89 countries will be added to the list of countries whose citizens are able to purchase property.
The law is unsurprisingly expected to bring thousands more buyers and millions more dollars into the Turkish property market. Although the main currencies will likely be Dirham (UAE), Riyals (Qatar, Saudi Arabia) and other currencies from Arab countries. Many Arab nationalities were prevented from buying by the lack of their countries reciprocity, they are now allowed to buy, and with Turkey’s current popularity in the Arab world, along with the lack of compeition due to the lingering effects of the Arab Spring, Arab buyers are expected to pour into Turkey.