Greek citizens are not allowed to buy real estate in coastal provinces and that includes Istanbul, so they will not be able to take advantage of investing in that city’s booming property market either.
(PRWEB UK) 20 August 2012
Colordarcy.com point out that those countries that are unable to invest in Turkish property may well be disappointed to be missing out on all the lucrative investment opportunities.
For example a Greek citizen who wants to take advantage of annual growth of 10% and the low prices of Turkish property on the coast compared to most coastal locations in the Mediterranean would be disappointed to find that there are strict rules restricting ownership in certain areas.
Other countries that are also not on the list following the latest Turkey property law change include Syria (which is perhaps not a surprise given that the country recently shot down one of Turkey’s fighter jets and is in the midst of a civil war), Armenia and North Korea.
Citizens from these countries are no allowed to invest in residential, business property or land according to the new law.
Loxley McKenzie, Managing Director of Colordarcy.com added, “Greek citizens are not allowed to buy real estate in coastal provinces and that includes Istanbul, so they will not be able to take advantage of investing in that city’s booming property market either.”
According to Colordarcy, Turkey is taking a rather different approach when it comes to its Arab neighbours in the Persian Gulf.
The country is sending its ambassadors and TV celebrities out to promote the new law to drive more property sales and this has helped boost the number of foreign purchases of property to four times the total seen in 2011.
As a result of this latest law change, Turkey is expecting $300 billion worth of property to be sold to foreign nationals in the next 10 years. (Source: Hurryiet Daily News)
While Turkey is busy making all these new friends, there is a still the opportunity for citizens from most other countries in Europe and the rest of the world to invest in property available from just £36,000 with yields of 7.5% a year in resorts such as Kusadasi.
McKenzie added, “With prices rising more than 10% a year, this could help investors achieve capital appreciation of 50% in five years. This is why this is one particular party I’m glad to be invited to.”
For the record nationals of the following countries have the unconditional right to purchase property anywhere in Turkey:
Argentina, Albania, Belgium, Belize, Benin, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, Colombia, Croatia, Burkina Faso, Burundi, Chad, Dominican Republic, Estonia, Germany, Holland, Italy, Kenya, TRNC, Kosovo, Libya, Lebanon, Luxembourg, Norway, Morocco, Cote d”Ivoire, Finland, France, Gabon, Gambia, Georgia, Guinea, Mali, Moldova, Monaco, Namibia, Niger, Poland, Portugal, Peru, Romania, Serbia, Slovakia, South Africa, South Korea, Spain, Sweden, Switzerland, United Kingdom, United States.
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 Brazil, Florida, Turkey and the United Kingdom.
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