Real estate sales boom as Turkey opens to foreign buyers
Following measures making it easier for foreigners to acquire property in Turkey, sales have skyrocketed. Foreigners’ locations of choice include Istanbul as well as the Turkish coast, especially Antalya.
Turkey is currently witnessing an explosion in sales of land, housing and office space to foreigners. It seems that the biggest factor in the increase has been the change made in 2012 to the Reciprocity Law, which dictates the conditions under which foreigners can own Turkish property. This new regulation lifted the reciprocity requirement for property sales and stated in which regions of Turkey and under what conditions citizens of 183 countries may purchase property. The law allows foreigners to buy residential property, plots of land and office space throughout Turkey up to 30 hectares (74 acres) per person. There is no limit for foreign companies in Turkey; commercial companies are allowed to purchase as much property as they wish. However, in the event of a purchase of plotted or unplotted land, approval must be obtained from the relevant ministry within two years of blueprints being drawn up for buildings to be constructed.
Who can purchase land and where?
