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Lands – to Germans, apartments – to Russians

18.10.2012

Cancellation of the principle of reciprocity attracted Europe most of all.

From the date of entry into force of the Law of May 18th, 2012 (the law on property acqiisition by non-residents) non-residents purchased property the total area of which is 437m2. Germans are leaders in relation to the volume of purchases in the Turkish property market. Russians gave their preference to the Mediterranean Riviera. Greek investors, who cannot purchase property located at the coast line, preferred the Central Anatolia Region.

The law on the cancellation of the principle of reciprocity offered an opportunity to purchase 907 items of property to citizens of 183 countries. Preferences of investors from different countries are as follows:

Build your house yourself.

Upon adoption of the law that increased quotas for acquizition of land plots in Turkey from 2.5 up to 30 hectares, German citizens acquired 304 000 sq.m. of land and 11 apartments.

Intense interest of Russians in the Mediterranean Coast.

Russians preferred apartments and purchased 134 of them at the shores the Mediterranean Sea.  Greeks, as they cannot purchase property at coast and border lines, purchased 408 sq.m. of land plots and 4 apartments in the Central Anatolia cities – Ankara and Eskişehir.

Investment leaders – Europe and Far East.

In accordance with the data provided by the Land Cadastre Department, from the date of entry into force of the Law, citizens of the Netherlands have purchased 33 property items, Great Britain - 111, Ireland – 13, Sweden - 50, Norway – 61, Denmark – 30, Finland – 13 and the Ukraine – 12 property items over a period of 3 months. According to statistics, such countries as the Czech Republic, South Korea, Georgia, Sweden, Switzerland, Italy, Japan, Lebanon, New Zeland and Serbia gathered attention by purchasing of Property in turkey. 368 361 sq.m. of Turkish land were transferred to the ownership of 296 non-residents and 611 foreigners became owners of apartments.

Real property under our wing.

Erdoğan Bayraktar, the Minister of Environment and Urban Planning of Turkey, declared: “Acquired real property items are under the protection and authority of the principles of international law and legislation of the Republic of Turkey. In case foreign investors fail to observe the laws on property acquisition, we are entitled to cancel closed transactions. The foreigners who purchased land plots shall submit their projects to be implemented for approval to an appropriate ministry within 2 years.”



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