11/15/2011

Turkey to abolish reciprocity principle for property buyers

Sabah - The legal barrier on buying a property in Turkey as a foreign individual on reciprocity grounds is expected to be lifted in 2012. The draft law expected to double the foreign investments in Turkey’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 Turkey 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 Turkey’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.
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