New law to help foreign property buyers

Istanbul, 4 May 2012 - The long awaiting property bill has finally passed through the Turkish Parliament lifting the restrictions of reciprocity for foreign property buyers in Turkey. The removal of the reciprocity law means citizens of the Middle East and Central Asia may now purchase property in Turkey freely. The new law will also increase the amount of land in Turkey that foreigners can buy from 25,000 square metres to 30,000 square metres. Even this amount can be increased to 60,000 square metres by application to the Council of Ministers. The new law is expected to substantially increase property sales in Turkey especially property in Istanbul and the popular coastal areas. Source: Invest in Turkey

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