Foreign Purchases Of Real Estate In Turkey
Purchasing property in Turkey has become more popular with holiday home owners and investors around the globe. Several factors have contributed to the popularity and the trend displayed by foreign purchases and have had important repercussions within Turkey. The issue is especially notable given Turkey's potential EU membership and the related economic integration processes. In 2003, property purchases were opened up to foreign nationals with restrictions on the provinces. When these restrictions were violated in 2005, the law was annulled by Turkish courts; despite this, property purchases continue. As of 2008, 63,085 individual properties have been sold to over 73,103 different foreigners. This amounts to 38,623,661 square metres (415,741,630 sq ft) of land, and US$10.4 billion of foreign investment, mostly by German, British and Greek citizens.
Read more about Foreign Purchases Of Real Estate In Turkey: Land Ownership in Turkey, Historical Background, Legal Framework, Foreign Ownership Market Trends To 2005, Controversy, Market Data Under The New Legislation (after 7 January 2006)
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