The Turkish government is expected to bring a major amendment to the country's investment law targeted at improving conditions for foreign investors. Experts opine that this change could put the boosters on the already high-flying property market of the country.
The Foreign Direct Investment Law governs all foreign investments in property in Turkey. At the moment, this law does not allow overseas buyers to directly purchase or own more than two and half acres of land. However, the new amendment is aimed at lifting this limitation in addition to clarifying the position of investors who wish to buy larger tracts of land.
In a talk with Property Wire, Orhun Ozdener Vahaboglu, real estate attorney and consultant in Istanbul informed that Turkey is currently seeing a flood of British and European tourists, many of whom are also potential investors. A report by Principal International lends credence to this; it states that 17,000 Britons already own a property in Turkey and the number is rising.
'Turkey is a growing country with a lot of potential, as the European [Union] membership is a pending issue,' Mr. Vahaboglu said. His comments are supported by Hot News Turkey, which reported that investment Turkish property has crossed the USD10 billion (GBP5.44 million) mark in the last five years and continues to rise.
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