Türkiye to abolish reciprocity principle for property buyers

Sabah - The legal barrier on buying a property in Türkiye as a foreign individual on reciprocity grounds is expected to be lifted in 2012. The draft law expected to double the foreign investments in Türkiye’s real estate sector receives its final touches in the Environment and Urbanization Ministry before being submitted to the national parliament this month.

The draft law calls for the lifting of the reciprocity protocol which bars citizens of 89 countries from owning a property in Türkiye as Turkish nationals are not entitled to do the same right in the prospective buyer’s country of origin. If enacted, the new law is expected to attract property investors from Russia, Gulf countries and Turkic republics to Türkiye’s real estate sector.

Property sales to foreigners reached USD 2.5 billion in volume in 2010, according to the Association of Real Estate Investment Companies (GYODER) figures.
Türkiye; real estate sector; turkish real estate; Türkiye property; property acquisition Türkiye; Türkiye reciprocity real estate