Monday, October 6, 2008

Foreign purchases of real estate in Turkey

Purchasing property in Turkey is becoming increasingly popular with holiday home owners and investors around the globe. Several factors are contributing to the popularity and the trend displayed by foreign purchases of property also had important repercussions within Turkey. The issue is especially notable given Turkey's potential EU membership and the related economic integration processes.[1] In 2003, property purchases were opened up to foreign nationals with restrictions on the provinces. When these restrictions were violated in 2005, the law was annulled by Turkish courts; Despite this property purchases continue. As of 2008, 63,085 individual properties have been sold to over 73,103 different foreigners. This amounts to 38,623,661 square metres (415,741,630 sq ft) of land, and US$10.4 billion of foreign investment, mostly by German, British and Greek citizens

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