Market news

Bye your real estate before the reciprocity principle cancellation law.

25.01.2012

The adoption of a law of cancellation of the principle of reciprocity in buying real estate by foreigners is expected to raise property prices. Representatives of the real estate sector is recommend to those with purchasing power and real estate needs, to buy it in this time period.

Despite branded real estate market players expectations of 2012 as a balanced year, adoption of such laws as the "Abolition of the principle of reciprocity" and "On the reconstruction of city planning," is expected to advance real estate prices. Representatives of the sector, noting that the property will make a profit this year, emphasize: "The adoption of laws of "Abolition of the principle of reciprocity" and "On the reconstruction of city planning" planned in the near future will lead to raising prices for real estate especially in Istanbul and in southern areas. Citizens who can afford themselves property should buy it just now."

Member of the Board of Directors of Dumankaya İnşaat company Ali Dumankaya said: "At the moment, the interest rate is about 1.20. In comparison with past periods, this figure is a bit high, but in anticipation of a possible rate increase you get home at a rate. If the same rate, by contrast, is reduced, you can restructure it.

Besides this, there will not be a significant increase in property value this year. In the near future such as the laws "On abolition of the principle of reciprocity" and "On the reconstruction of urban development" will add dynamism to the market. Following the adoption of these laws in particular will increase property prices in Istanbul. Therefore, this period represents an opportunity for real estate acquisition."

Işık Gökkaya, the president of the Association of Investors in Real Estate, said that in 2011 the prices for buying and renting real estate grew limitedly in general and are at an accessible level at the moment.

The head of the executive committee of the Artaş İnşaat company, which is building a housing complex Avrupa Konutları, noting that the rise in interest rates and construction costs negatively affects the purchasing power of citizens, said: "Despite this, the sector expects the adoption of important laws. These laws will cause price raise. In light of these developments, it will be beneficial for the citizens, that have the opportunity to purchase real estate to do it right now."

Turkey is a favorite of investors.
Turkey, with its rapid economic growth has attracted investors from the Middle East, especially in the real estate sector. Dr. Rıza Kadılar, discussing the theme "Turkey is becoming a new center of attraction for investors from the Middle East?", said that major investors from Dubai, Abu Dhabi, Qatar and Saudi Arabia came together, and that Turkey is very attractive to investors coming from the region Middle East and Persian Gulf.

Kadılar summed up: "Factors such as light availability, climate, infrastructure and development opportunities provided by our economy, bring our country onto the front plan. However, project profits are lower than that of the leading countries such as England, Spain and Germany. In particular, it prevents the entrance in the market investors who seek profits. With the adoption of law on the abolition of the principle of reciprocity, this problem will disappear. Foreigners are eagerly waiting for a new legal settlement, which will overcome such obstacle as a principle of reciprocity."



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