Historically, it was nearly impossible in most instances for a foreign national to purchase property in Turkey. Indeed, for the most part, Turkey maintained a nearly absolutely blanket prohibition against foreign nationals having the ability to directly purchase and own real estate in that country.
In 2003, the Turkish government liberalized the laws pertaining to the ownership of real estate in that country. The actual steps taken by the Turkish government to liberalize the real estate ownership laws in that country as far as foreign nationals are concerned is discussed in a bit more detail later.
With the liberalization of real estate laws in Turkey, a growing number of foreign nationals are taking a second look at the possibilities and opportunities that exist when it comes to real estate in that country.
Investment Property in Turkey
Only in the past couple of years has there been any real movement in regard to investment property in Turkey . Of course, the primary reason that this is a development of recent times is the fact that Turkish laws regarding foreign ownership of real estate were very restrictive until the past few years.
In any event, a growing number of foreign investors are turning towards Turkey when it comes to real estate acquisitions. While there certainly is not a flood of foreign money being invested in Turkish real estate at this juncture, more and more foreign investors are taking a close look at what real estate investment opportunities are now available in Turkey.
With that said and understood, many industry analysts maintain that now is the perfect time for a foreign national to take steps towards investing in property in Turkey. With Turkey’s admission into the European Union, Turkey will be able to reap many economic benefits that are attendant to being a part of the EU. This likely will translate positively for men and women who have invested in real estate in that country.
Residential Real Estate in Turkey – Single Family Properties
With the relaxation of Turkish laws governing the foreign ownership of real estate, some foreign nationals are now taking a look at the prospect of buying residential property in Turkey. While the movement of foreign nationals towards buying residential property in that country has not been overwhelming at this juncture, there is an ever increasing number of foreign nationals who are buying residential real estate in Turkey with each passing month.
Most of the residential real estate that is being purchased in Turkey by foreign nationals is located in more of the resort communities in that nation.
Residential Real Estate in Turkey – Apartments
en it comes to the purchase of residential Turkey property, apartments are serving as solid investments that people from other nations are beginning to purchase to gain a foothold in the Turkish residential property market. There are a wide array of different types of apartments available for sale in Turkey at this point in time. For example, there are very high end properties that are luxurious.
At the other end of the spectrum, there are more moderately priced units that are suitable for men and women who find themselves finding a part of the year in Turkey in business and desire a second residence for their time in country.
Popular holiday resorts have an abundance of apartments for sale. Apartments in Altinkum are selling very well at the moment and from low prices too.
Holiday Property in Turkey
The newest movement that has occurred as a result of the liberalization of real estate ownership laws in Turkey is the advent of foreign nationals making the purchase of residential properties to be used for vacation purposes. (More information about the liberalization of the laws governing the foreign ownership of real estate is discussed shortly.)
With Turkey’s entry into the EU, a growing number of Europeans are examining the country as a location for holiday travel. Historically, Turkey was not particularly a destination of choice when it came to holiday travel by Europeans. Generally, the same was true for tourists from many other locales around the world.
However, in recent years, more and more foreign nationals have marked Turkey as a definite tourist destination. In addition, Turkish governmental officials as well as business and civic leaders have taken strong steps towards promoting Turkey as a travel and holiday destination.
Because of this movement, a notable number of men and women are now purchasing vacation residences in the form of apartments, houses and other types of villas in Turkey. For the first time, some foreign nationals are purchasing residential property in Turkey that they are using for their own travel needs.
In turn, these same people are then turning around and letting these residences to other people during those times of the year that these foreign owners are not using these properties for their holiday purposes. In short, many foreign investors are now taking the initiative to turn their own vacation properties in Turkey into profit generating enterprises.