Azerbaijan, Baku, July 13 / Trend A. Taghiyeva /
After the law allowing foreigners to buy property in Turkey was adopted, many bought property worth 1.1 billion in May 2012, or four times more than in 2011, the Turkish Central Bank's report said today.
Foreigners bought property in Turkey worth $114 million between January and April 2012. The Central Bank forecasts more growth of real estate purchase in the next months. Mostly Austrian and Saudi Arabian citizens bought the real estate.
The law allowing foreigners to buy property in Turkey was adopted in late April 2012.
According to the new law, a foreign buyer may purchase up to 60 hectares of land, adviser to the Turkish Economy Minister Alparslan Uymaz told Trend earlier.
Uymaz said that it is now possible with the permission of the General Staff of the country in accordance with another amendment.
"A foreign buyer can purchase a plot of land on the territory of military facilities after getting permission from the Turkish General Staff," Uymaz said.
According to the law, more than 10 per cent of the total area of land plots in each province cannot be sold to foreign citizens.
Previously, only citizens of those countries in which Turkish citizens could buy a land plot, could become property owners in Turkey.