Foreign investors flock to Turkey as new law relaxes restrictions

Currency Calculator App

A new law which relaxes restrictions on overseas buyers looking to purchase property in Turkey could ultimately help to boost the nation’s economy.Turkey-money-transfer

The government decided earlier this year that foreign buyers wishing to invest in Turkish property should not have to face such tight restrictions.

The decision permits a greater quantity of foreign purchasers to invest in Turkish property and is expected to improve the real estate market there, which should in turn boost the economy.

Buyers from 129 countries are now permitted to invest in the Turkish property market. The new law has also doubled the amount of land which overseas buyers are allowed to purchase, from 30 to 60 hectares.

Greek buyers can make purchases in coastal areas while inhabitants of countries including Azerbaijan and Kazakhstan are able to acquire property with ease as they are no longer obliged to deal with preconditions.

With the property sector currently set for growth, the Eurozone crisis which is prompting investors to look further afield and the fact that the country is a popular tourist destination – especially during the summer months – Turkey’s economy is expected to flourish.

The new law, which was published in May, has already sparked a notable increase in the amount of property purchased in Turkey. In the first month after the law was published, overseas investors purchased around £706 million worth of real estate – which is four times the quantity purchased in 2011, according to the Turkish Central Bank.

Transferring money to Turkey

Those who need to transfer money to Turkey might want to review their options and find the best way to send money abroad.

If you are looking to invest in Turkey, think carefully about how you will be sending money there. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So, if you are sending money to Turkey – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Company Details

Foreign investors flock to Turkey as new law relaxes restrictions

Get a quick quote

Open Account with International Foreign Exchange

International Foreign Exchange are located at:
52 Brook Street, Mayfair, Greater London, W1K 5DS, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882