Turkey opens foreign-friendly property market

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Turkey is rising through the ranks as an attractive location for foreign property investment.

A draft bill of a land law which is designed to reduce restrictions for foreign property buyers in the country could open the floodgates for new investment.

Under the previous land law, overseas property buyers were limited to buying just 2.5 hectares of land after which they had to seek consent. The new legislation means that this has increased to 3.0 hectares.

Turkey is emerging as a new contender on the property market for foreign investors. Prior to this new bill, only citizens in countries that allowed Turkish citizens to buy land were allowed to buy property in Turkey. This stipulation has been amended which opens up the market to 89 countries across the Middle East and Asia.

Suleyman Akbay, Director of property firm Oceanwide Properties, said: “The bill is a confident call to millions of overseas property investors to look to ‘foreigner-friendly’ Turkey, where they will now be able to get more property for their money without having to seek special permissions.”

“For many Middle Eastern investors, the Arab Spring has shaken confidence in traditional second home destinations of the East – and Turkey offers an attractive alternative, aided by shared religious foundations, visa-free deals which have eased travel into Turkey, and now less prohibitive buying rules.”

Transferring money to Turkey

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

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Turkey opens foreign-friendly property market

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