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Law allowing foreigners to buy property in Turkey to increase prices

Business Materials 4 May 2012 17:24 (UTC +04:00)

Azerbaijan, Baku, May 4 /Trend A.Taghiyeva/

The recently approved law allowing foreigners to buy property in Turkey, adopted by the parliament will lead to a sharp rise in housing prices and land, Adviser to the Minister of the Turkish economy, Alparslan Uymaz told Trend on Friday.

"Even before the adoption of this law the citizens of some countries, particularly the Arab Gulf countries have shown great interest in buying property in Turkey. Some consumers even choose to buy a priority property" he said.

Uymaza said such a high demand for property in Turkey will undoubtedly lead to a significant increase in property prices.

Thus, increase in housing prices by at least five percent during the year is expected, he said.

Uymaz also noted that the bill has been amended during the voting in the parliament. Previously it was proposed to make a buyer to be able to purchase no more than 30 hectares throughout Turkey. Under the amendments to the law, a foreign buyer may purchase up to 60 hectares of land, if appeal to the Turkish authorities and get permission.

Uymaz said if previously it was prohibited to buy land on or near military objects, it is possible now with the permission of the General Staff of the country in accordance with another amendment.

"If the purchase of land on or near military installations will be beneficial for the government (a major investment or construction of major facilities), a foreign buyer can apply to the Turkish General Staff, and get permission," Uymaz said.

Foreign citizens can not be sold more than 10 percent of the total area of land in each province in accordance with the law.

Previously only citizens of those countries in which Turkish citizens could buy a land could become property owners in Turkey.

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