Turkey Temperature Goes From Hot To Roasting

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Property investment company colordarcy.com say it has just got a lot easier to invest in Turkey property after The Turkish Parliament finally passed the long-awaited draft bill that eases restrictions on property investments by foreigners.

Kusadasi resort property

Turkey property market receives another boost

In my humble opinion, the demand for Turkey property will immediately double from its current $2.5 billion a year as those who previously could not buy in the country are now able to do so.

According to colordarcy.com The reciprocity principle was a major stumbling block for investors from those countries that did not have the kind of open relationship with Turkey which would allow them to freely invest in property within its borders.

Investors from countries which did not have a reciprocity agreement with Turkey have long been forced to jump through hoops to allow them to invest in its lucrative property market according to colordarcy.com.

Loxley McKenzie Managing Director of Colordarcy said "This included a large number of our investor clients from the Middle East who needed to set up a company in Turkey and then invest in property using that company.

Trying to get through all this red tape was frustrating and went against our view that everything connected with investing in property should be an easy, hassle free experience.

Not only that, as we like to say at Colordarcy, property should pay for itself. Unfortunately with an extra £12k per annum in running costs to pay – due to the high administrative cost associated with running the companies - investing in Turkey property was really expensive."

The lifting of the reciprocity principle will now allow citizens of Central Asia and the Middle East to own property in Turkey. Alongside the bill approved this month, the total amount of real property that a foreigner can own has increased from 25,000 square meters to 300,000 square meters.

The new law also states that the amount of property privately owned by foreigners in a district cannot exceed 10%. It goes on to say that the total area of the property that a foreigner can own in the country is limited to 300,000 square meters, however here too the Cabinet is authorized to double this amount in some cases!

Loxley added "We expect this to trigger unprecedented demand for property in Turkey, which I am pleased to say will give investors even more reasons to invest in Istanbul or holiday homes on the coast of Turkey.

We have been busy contacting all our clients who were, until now, based in restricted countries to inform them about this important change of the law. As a result we have 115 clients now ready to invest and we have also taken four further reservations directly as a result of this change in the law.

In my humble opinion, the demand for Turkey property will immediately double from its current $2.5 billion a year as those who previously could not buy in the country are now able to do so.

Investors already have the resources, so now that these restrictions have eased, I expect a surge in demand which therefore makes further price growth inevitable. This will be good news for those who have invested and those who are about to consider Turkey following the law change."

Click here to review our Turkey property portfolio.

Notes to the editor:

Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Atlanta, Brazil, Florida, Turkey and the United Kingdom.

For more information, supporting pictures or logo artwork, please contact:

Steve Billing
PR Manager

Tel: +44 (0) 207 100 2393
Email: press(at)colordarcy(dot)com
Web: http://www.colordarcy.com/

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Steve Billing

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