Published on 25 March 2008 at 08:06 am
Filed in Property News for Turkey » Istanbul is Officially the Best Place to Invest in Property
It’s official – no longer are the likes of Dublin, London, Barcelona or Budapest worthy of your real estate investment cash, Istanbul is the number one location for property investment money in 2008 according to the Urban Land Institute and PricewaterhouseCoopers.
In their excellent and fascinating ‘Emerging Trends in Real Estate Europe 2008’ report which focuses on both old and new Europe, Istanbul’s residential and commercial sectors were highly ranked as investment prospects and for developmental advancement. So, if you were looking where to expand your portfolio in 2008, look no further than Turkey’s developing property 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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