Controversy
The foreign purchase of real estate is a widely discussed subject in the Turkish media and among the public. Some of the opinions put forth in this context may not be based on sound facts, while others are results of in-depth studies.
There is concern over real estate purchases by Greek nationals. Despite EU pressures, Greece does not have a fully functioning national land registry (except in the Dodecanese, where the system was set up during the Italian rule between 1912–1945). This has given rise to questions (under the auspices of opposition CHP party) concerning reciprocity with a country without a land registry system, before the application covering the new law in general was made to the Constitutional Court.
There are occasional sensationalist reports related to Israeli or Arab investors buying land en masse in the prospering Southeastern Anatolia Project region and politically-minded purchases in the Black Sea region or in Eastern Anatolia.
The challenge for the Turkish government will be to negotiate a path which satisfies the skeptical elements within Turkish politics and among the public, while at the same time appeasing liberals and satisfying the open-market criteria which the E.U. expects from Turkey as it moves towards accession.
Turkey's real estate agents have organised themselves to demarcate the definition and the boundaries of their profession and to discourage occasional and non-professional intermediaries. These efforts included professional standards established in 2004. Real estate agents are required to be members (and exhibit their membership) of the association set up for their region. These regional associations are organised within the framework of the national federation, Temfed, which provides a full list of the regional associations.
Read more about this topic: Foreign Purchases Of Real Estate In Turkey
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