German citizens show great interest in Turkey’s real estate

Business Materials 29 October 2012 12:56 (UTC +04:00)

Azerbaijan, Baku, Oct. 29 / Trend, A.Taghiyeva /

According to a new law, since allowing foreigners to buy property in Turkey since Aug. 2012, foreigners have purchased real estate in the country with a total area of 1.16 million square metres, a report of the Turkish state body on land cadastre and purchase, sale transactions said today.

According to the report foreigners have bought 2578 real estate units in Turkey since August.

During this period properties were mainly bought by Germans. Around 561 people from that country bought property in Turkey with a total area 789,000 square metres. Around 416 Russian citizens purchased property in Turkey with a total area of 35,000 square metres. Around 521 British citizens bought property in Turkey.

Three Azerbaijani citizens bought property in Turkey with a total area of 2600 square metres in August 2012. Four UAE citizens bought property in Turkey with a total area of 3500 square metres.

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 a foreigner may buy a plot of land in the area of military facilities with the permission of the country's General Staff.

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.