With the reciprocity law change that opens the door for the real estate selling/buying to or from foreigners, 1 million residences are expected to be sold throughout Turkey. With an expected 1 million housing being sold over the next 12 months stated Vice President and Antalya Organization of Constructors President Deniz Karatas.
Karatas stated that the residence sales in Turkey had increased over 10% in the second quarter of this year compared to the same period of last year. With the increase in the customer base housing prices are expected to increase as well.
The new law removes most obstacles from foreign investments. Agricultural acres are also free for foreigners to buy with this law as well. Citizens from Georgia, Greece, and Bulgaria will also be able to buy property from Turkey with the new law.
The Law still has coastal restriction which forbids the selling to foreigners’ property from coastal area of Turkey; border security is given for the reasoning behind this restriction.
This complied with Turkey stability in the region makes investing in Turkey increasingly more attractive.