Turkish Property Market Opens up to Foreign Investors

​A popular destination for both lifestyle and investment buyers alike, the restrictions on foreigners purchasing property in Turkey have now been eased with the passing of a long-awaited bill in the Turkish Parliament.

Turkish Property Market Opens up to Foreign Investors

Traditionally the domain of buyers from within the European community, the lifting of the reciprocity law will enable residents from the Middle East, Russia and Central Asia to purchase property in the country.

Janet McGovern, Property Consultant with property investment firm Knight Knox International, specialises in Turkish property sales and is delighted by the new regulations commenting “I have sold property in Turkey for many years and this change in the law has opened the gates to so many people who were interested in purchasing, but were unable to buy due to the restrictions imposed by the government.

Istanbul, Antalya, Bodrum, Fethiye and Kusadasi are all popular areas with overseas buyers”, says McGovern, “due to the wide range of properties available, from luxurious beach-front villas to sophisticated buy-to-let apartments and studios”.

The amendment to the bill is estimated to bring in $5 billion annually to the country as a direct result of foreign property investment, greatly expanding the Turkish public budget and diversifying the opportunities for tourism within the country.

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