New draft law opens up overseas property possibilities in Turkey

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The Turkish property market is expected to receive a significant boost as the Turkish Parliament accepts a draft law to promote the sale of real estate to foreign investors.

The acceptance of a draft law from the Turkish parliament comes shortly after investors from the Middle East expressed a keen interest in owning property in Turkey.

However, despite interest from nations including Saudi Arabia, United Arab Emirates and Iran, investors were unable to purchase property due to current laws preventing foreign nationals from such nations to purchase a home in Turkey.

Now that a draft law has been adopted, a foreign buyer will be able to purchase land from 2.5 to 30 hectares, but this may yet increase to 60 hectares according to the Turkish Council of Ministers.

The timeframe that permits authorisation for the purchase of property in Turkey from overseas buyers is set to be reduced to a matter of weeks rather than months.

Julian Walker, director at Turkish Agency Spot Blue, said that despite the draft law awaiting acceptances from the Cabinet and the President, this is “just a formality.”

Considering the huge interest from property buyers in the Middle East, it is no surprise that Walker believes the changes will be a “huge boost” to the Turkish overseas property industry.

Transferring money to Turkey

If you are looking to invest in Turkey, think carefully about how you will send money to Turkey. 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 is probable if you are intending to make a property investment - be sure to compare the market before you buy your overseas currency.

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