Property law changes entice foreign investors to Turkey

mar bonnin palmer

New property laws have come into force in Turkey which is making it considerably easier for foreign investors to purchase property.

Previously, foreign investors could only purchase property in Turkey if they hailed from a country that allowed Turkish nationals to buy property.

However, this old reciprocity ruling has now been scrapped and foreign investors are turning their attention to the country as a result.

However, if you are planning to invest in the area then you may have to put up with an accompanying rise in prices.

According to reports and analysis conducted by the online real-estate analysts REIDIN, there has been a price growth in terms of Turkish properties which has reached 10.76% year-on-year.

For example, if you are planning to rent in the areas of Istanbul or Izmir then you will be looking at an increase of 11.38% and 13.7% respectively.

Turkish property is understandably becoming more and more popular with investors, but the price tags that run alongside that are an undeniable feature of the fresh injection of interest in the area.

This is something that investors will simply have to deal with if they wish to expand their portfolio in increasingly vibrant areas such as Istanbul.

Transfer Money to Turkey

If you are looking to invest in Turkey, think carefully about how you will be transferring 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 looking to send money online 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.

Taking a sensible approach such as this could be the difference between securing a profitable exchange rate or one that leaves you disappointed overall when you are looking to send money worldwide.

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Property law changes entice foreign investors to Turkey

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