11/17/2008

Investing in Turkish property made easy

Hurriyet Daily News - The government is taking steps to make it easier for the citizens of Gulf states and Turkic republics to buy real estate in Turkey by taking into consideration whether or not Turkish citizens are allowed to invest in real estate in those countries. After making it possible for Turkish citizens abroad to bring money back into Turkey with the new tax regulation, the government is now looking for ways to make it easier for citizens of the Gulf states and Turkic republics to buy real estate in Turkey. The first step the government is taking to make it easier for the citizens of the Gulf States and Turkic republics to buy real estate in Turkey is taking into consideration the reciprocity principle. This principle is based on the idea that the ability to purchase real estate is a reciprocal right, whereby, if a Turkish citizen can buy real estate in the country in question, then the citizen of that country may purchase real estate in Turkey. Citizens in oil rich countries in the Arabian Peninsula, such as Saudi Arabia, the United Arab Emirates, Qatar and Kuwait, as well as citizens from the Turkic republics in Central Asia, have been lining up to buy real estate in Turkey.