Turkish temporary title deed restrictions lifted

The temporary restriction which prevented foreign property investors from buying property in Turkey has been lifted.

Earlier this year, the Turkish government temporarily suspended the issue of title deeds to overseas property buyers whilst discussions were held over whether non-Turkish investors, especially companies, should be allowed to buy agricultural and sensitive real estate. The major driving factor behind this was concern that large areas of Turkish agricultural land, particularly to the east of the country, was being bought up by foreign property investors.

A new bill has now been introduced which stops foreigners from buying real estate and property in irrigation, agricultural, religious, cultural, archaeological, strategic and specially protected areas, as well as land with unique characteristics such as energy resources, mines, and places such as wildlife reserves.

New plans have also been announced that will try and minimise the effects of property development on the local environment and will also limit development in special areas. An example of this is if someone fells trees in order to build a new property, they must plant double the amount of trees that they felled in order to make up the environmental damaged they have caused.

With more than $10 billion spend on Turkish real estate by foreign property investors between 2003 and 2007, real estate agents are hoping that the news will help buoy the property market.

However, there is mixed opinion on whether Turkish property does represent good value for money or not – some believe that despite all the positive talk, Turkish real estate is not as valuable as some may think and much of it may be over-valued. Since the start of the year, the Turkish stock market has seen a drop of around 27 percent, and it’s currency has fallen about 5 percent against the dollar. These figures may be of some concern as it indicates that the property price growth may not be sustainable, and in fact, may have led to an over-valuation of some real estate.

Others remain optimistic about Turkey’s property future. Many property fund managers have invested in Turkey, particularly in retail and residential real estate, and the returns are still good with many funds seeing double figure returns each year.

If you are thinking of buying property in Turkey, we have a range of free guides to help, as well as a list of the up-and-coming areas to invest in:

Guides
A Buyer’s Guide
Moving to Turkey
An overview for prospective buyers

Areas
– Turkey: An Overview
Tourism Plans
Alanya
Dalaman

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  1. Thobile | Nov 24, 2008 | Reply

    dear sir

    development property for sale in South Africa. Please find a buyer, the place is near Pretoria and is 20 Min drive from OR Tambo international air port. for more information dont hasitate to contact me

    The land is 4000000 hectares, situated in Bronkhorstspruit.
    It is selling for USD 15 Million .

    THE LAND HAS BEEN ZONED AND ALL PLANS ARE APPROVED

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