Important information about the right of foreigners to buy real estate in Turkey …
• Turkey is witnessing these days growing up in land and real estate sales to foreigners, which increased by almost 30% from 2014.
• This is because of the flexibility created by modifying the acquisition of real estate in Turkey Law, which make it possible for citizens of 183 countries to own property in Turkey if they meet a set of conditions.
• This law has excluded citizens of Armenia, North Korea, Syria from the right to buy property in Turkey, while allowing Syrian companies own properties, which explains the growing Syrian companies due to the desire of the owners to own property legally in Turkey. Syrians founded more than 30% of the new economic projects; most of them small businesses such as restaurants.
• Turkish law differentiates between the foreign company and the Turkish company that has a part of its shares, if the foreign equity ratio exceeded 49%, then it is a foreign company in the eyes of the law even if it was Turkish company in origin.
• The citizens of Britain are the most inclined to purchase property in Turkey, followed by the Russians and then the Germans. While Iraqis ranked first among the citizens of Arab countries due to the growing motivation to buy real estate in the past year.
• Citizens of foreign countries that have the right of ownership are allowed to buy realstats in any area with the exception of Turkey’s military, security and strategic areas; and in total of only 30 acres.
•The election results boosted confidence in the economic and political situation in Turkey, which will drive more investments in Turkey Real Estate, where it is expected to exceed five million dollars in early 2016.
• The distribution map of the purchase of real estate in Turkey spreads to different States, which indicates that the boom demand for real estate will continue for a long time, and will not have a severe impact on Turkish citizens, especially because Turkish economy is still in a rapid growth phase and is not vulnerable to a recession in the current economic cycle.