Buy Land for Investment in Turkey
Is Buying Property in Turkey a Good Investment?
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Turkey has in August, 2012 abolished Property Law restricting foreign property purchases. According to that law the citizens of countries which allows Turkish citizens to buy property, would buy in Turkey. Shortly, we call it simply "Reciprocity Rule". With the abolishment of this reciprocity rule, property investment opportunities have greatly increased in the country. Turkey's new "Property Law" also allows all foreigners to purchase up to 60 hectares of land.
New Property Law Allows Every People to Purchase Property in Turkey
Like German and Russian citizens, European and major neighbours have long bought property on the Turkish Coast - from Alanya on the Mediterranean to Fethiye and Bodrum on the Aegean Region. Trend of the foreign investors is; buying up property in Istanbul.
Turkey's Association of Real Estate Investment Companies is forecasting that newly welcome investors from the Iran, Egypt, Gulf States and central Asia could drive property sales in Turkey from $2.5 billion in 2012 to $4 billion in 2013.
Turkey's property market in particular is booming as a result of Turkey's prosperous economy. Turkey's per person capital income has almost tripled during the last ten years, driving a growing demand for luxury construction.
The Istanbul International Financial Center, a $2.6 billion project in Atasehir, Istanbul, plans to hire 50.000 people. There is third airport of Istanbul planned to be built until 2019. New airport would have a capacity of 150 million passangers a year.
"Channel İstanbul" is one of the most attractive and popular Project in Europe. Traditional pass from Black Sea to Marmara Sea and rest of the seas is Bosphorus. It locates in the hearth of İstanbul. The freight is sometimes very dangerous for 15 million population, like oil, waepon, etc. Channel İstanbul is a plan to open a new pass fro the ships at West part of Istanbul.
Projects like the IFC will undoubtedly raise property values in the area, yet property in Istanbul is 5 times cheaper than comparable real estate in Tokyo, Paris and other world capitals. This makes Istanbul an excellent investment at this time.
Unlike neighboring Middle East and Europe, Turkey has performed an incredible economic growh after 2002. The International Monetary Fund, IMF has declared Turkey to become the most modern country in its region. With Istanbul in nominee as host city for the 2020 Summer Olympic Games, economy can only grow. Additionaly, if Turkey joins the European Union, which could be within the near future, the economy will experience and even greater boom.
It is advised to purchase property in Turkey. It is safe in Turkey. We beleive, it is a very good investment to buy property in Turkey.
27.03.2016 Update: As we have advised to foreigners to buy a property in Turkey, numbers of 2016 shows that foreing property market is grown after changing reciprocity rule about 160%. Foreing sales was around 5.000 properties in 2012 and it is 13.500 properties in 2015. These numbers shows that we are right to say buying property in Turkey is a very good investment indeed".