Published on 22 May 2008 at 09:10 am
Filed in Property News for Turkey » Positive Economic and EU News Boosting Turkey’s Property Appeal
Following on from the temporary hiccup earlier this year when Turkey effectively halted foreign property sales, all is back on track in the real estate industry ready for a busy summer and positive economic and EU news is boosting Turkey’s property appeal even further.
This is fantastic news for would-be investors who want to be assured that they are buying into a nation with a healthy economy and one where there is long-term potential for strong capital appreciation based on a rise in the appeal and general fortunes of a market.
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The principles relating to the ownership of property in Turkey are laid out in Article 35 of the Turkish constitution and the laws relating to the foreign freehold ownership of land or real estate in Turkey have recently been revised and relaxed meaning that the property buying process in Turkey today has been simplified.
An investor wishing to enter the Turkish property market needs to be aware of certain restrictions that apply to the foreign ownership of properties or land of a given type in a particular location; furthermore it’s imperative that detailed and thorough title searches are carried out by an investor’s lawyer because problems have been known to arise with vendor’s not having the right to sell property for example.
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When it comes to finding the best property investment potential in the world all eyes have turned to Turkey since the country began talks towards achieving EU accession and the Turkish economy officially became a market economy.
The future prospects for Turkey are very positive indeed and this translates well and directly to the Turkish property market where investor interest has surged throughout 2005 and where property prices are beginning to creep up fast.
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The attraction of Turkey from a property investor’s perspective just got even better. In October 2005 when Turkey agreed to enter into talks with the European Union towards the country’s EU membership, the Crown Prince of Dubai immediately invested five billion US dollars into Turkey’s real estate sector giving overseas investors a boost of confidence in the country.
Many second and holiday home owners and retirees had already begun to explore the delights of Turkey particularly along the country’s southern coastline, but now focus has broadened and appeal for property in Turkey is expanding countrywide.
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