The Turkish government have passed a draft bill allowing more foreign investment in the country’s real estate, increasing the temperature of the country’s property market, meaning Turkey property is ready to roast!
Turkish property has long been a popular choice for lifestyle property buyers in the UK and Europe, but has only so far been available to countries that allowed Turkish buyers to invest there in return.
This restriction, which primarily affected investors from the UAE and other countries, left buyers needing to register a Turkish company first, adding red tape and extra costs to their investment.
But property purchasing agents are now saying that is about to change, thanks to the country’s acceptance of this new law, which is expected to bring a gold rush of buyers back to Turkish real estate.
Fresh investment is expected from the Middle East and countries within the EU, as the government bill also increases the amount of real estate a foreigner is permitted to own, from 25,000 square metres to 300,000 square metres.
The Turkish government have also reported that tourism revenue is continuing to heating up due to the fact that Europe is still plagued by a financial crisis. Turkish Tourism Minister Ertugrul Gunay predicted that 31 Million visitor arrivals in 2012 would remain stable, but profits from overseas visitors would be expected to rise from $23 Billion (USD) to $25 Billion (USD).
As income increases from both holidaymakers and foreign property investors, Turkey’s property market appears ready to roast and the $2.5 Billion (USD) currently invested by foreigners in Turkish real estate each year is expected to double to $5 Billion (USD).
The predicted rush of foreign investment will see the Turkish property market become even stronger as the country opens its doors to more and more investors from different countries.
Many people are already looking at this already popular holiday hotspot to purchase a second home, pushing real estate prices up over the next few years, making the holiday destination an even better place to invest and Turkey property a mouth-watering prospect.
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