TURKEY SIMPLIFIES PROPERTY SELLING FOR FOREIGNERS
Finally, the time when government started thinking about how to make buying real estate more convenient and profitable for foreigners has come. The bill on the simplification of sales of real estate for non-residents is under the consideration, and this law will greatly increase the demand for housing by foreigners. As a result of the adoption of this law, many investments on construction and building will also increase. All details of this project, you will learn by reading the entire news. Authorities of the country are working on a bill that would abolish the principle of reciprocity in the sale of real estate to non-residents.
Foreigners get a right for ownership of facilities in Turkey, even if their native countries do not grant similar rights for Turkish people. Plans on commandments to the law were shared by the Minister of Environment and Urban Planning Erdogan Bayraktar. Turkish developers and realtors welcomed the proposal of the government. They expect that due to this law, the demand for houses and apartments in Turkey will rise considerably, and, therefore, the prices will also rise. According to experts, after the amendments to the law, investment in the construction sector of the country will rise from the current € 2,5-3 billion to € 5 billion a year.
As Prian.ru agency reports referring to the RestProperty company’s CEO Lyudmila Tufan, the meaning of the principle of reciprocity in the sale of real estate by foreigners is in that non-residents in Turkey get the same rights as their countries provide Turkish citizens.
"For example, now tourists from Denmark can buy only one apartment or villa in Turkey, under the condition to obtain permission for residence for 6 months. However, let’s say citizens of Germany, Ukraine, and many other countries can buy property in Turkey without permission for residence or registration, but only when they have a mandatory permission from the War Office in Izmir "- Lyudmila Tufan says.
Poles, however, have to receive permission not only from the War Office, but they also have to obtain additional authorization from Ankara. But some foreign citizens of such states as Azerbaijan, Belarus, and Kazakhstan can not get the property rights for a private person, the expert added. The procedure of selling a property in Turkey for Russians is written in details in the article of Prian.ru.
"Of course, the abolition of the principle of reciprocity will allow many interested buyers to get a property. Especially this is profitable for those foreign citizens who were very close to Turkey, but did not have the appropriate rights, for example, citizens of Kazakhstan and Iran”, the expert said. – “The increase in demand will increase the level of sales and will inevitably lead to higher prices. If be honest, we all have long been waiting for these changes to the law"
