In my opinion the demand for Turkish property will effectively double as those previously unable to buy are now free to do so and such a surge in demand will inevitably produce price growth.
(PRWEB UK) 28 May 2012
Known as the Reciprocity Law and passed by Turkey’s Grand National Assembly this month, it has already had a major impact on the Turkey Property market which has been instantly revitalized by foreign investors, especially those from Gulf nations according to Colordarcy.com.
Loxley McKenzie, Managing Director of Colordarcy.com said, “In the past only countries that allowed Turkish citizens to invest in property in their country were allowed to invest in Turkey.
In general terms this meant that large parts of the Middle East were restricted and they could only invest in Turkish property if they bought a Turkish company, however this typically added in the region of £12k per annum to the running costs and in most cases proved to be price prohibitive.”
The passing of the Reciprocity Law is expected to see property sales increase dramatically with up to 20% being bought by foreign nationals. Turkey is also seen as a much more secure and lucrative opportunity in the Middle East in lieu of the Arab Spring which has left some Middle Eastern markets isolated because of a general lack of confidence amongst investors.
Foreigners in- particular are expected to target branded property developments in centralized locations.
McKenzie continues, “Our experience in the last week alone is testament to the effect that this bill will potentially have on the financial resurgence of the Turkish property market.
We have already contacted numerous clients who are based in previously restricted countries to inform them of the changing of the law and now have 115 investors actively looking to invest and we have already secured 4 reservations.
In my opinion the demand for Turkish property will effectively double as those previously unable to buy are now free to do so and such a surge in demand will inevitably produce price growth.”
Click here for more information on Turkey Property: http://www.colordarcy.com/turkey-properties.php
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.
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