No time like the present for a Turkish property investment

Bank exchange rates are you being ripped off by your bank

New laws are soon to be introduced to make purchasing property in Turkey easier for foreign investors, which are causing many investors to believe that now is the best time to make a purchase.

With new laws expected to come into force imminently, it is going to be more straightforward than ever for overseas buyers to purchase property in Turkey.

Draft legislation has recently been passed by the Turkish government to ease the restrictions currently applicable to foreign property buyers.

When this legislation comes into force entirely, experts expect the Turkish property market will receive a boost as big as £20 billion throughout the next two years.

Nick Marr, a property expert, said: “Previously, Turkey had a reciprocal arrangement in place which means that only countries that allowed Turkish citizens to buy property in their country were allowed to buy homes in Turkey.

“This restricted many overseas buyers and often required property investors to buy a Turkish company in order to own real estate. Now, though, the easing of this law will make it easier for many foreign buyers to snap up property in the country.”

Many experts believe the change in law will see interest increase significantly, which in turn could cause the price of property to rise fast.

Real estate information providers REIDIN, said that the average price of a home in Turkey increased by 1.1 percent in May 2012 in comparison to April.

Therefore, throughout the past year alone, the cost of property in Turkey has risen by more than ten percent.

Transferring money to Turkey

If you are looking to invest in property in Turkey, think carefully about how you will send money from UK 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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