A Huge Increase in Foreign Real Estate Sales in Turkey
As the new Property Law, No: 6302 (The Law amending the Law on Land Survey) that allows foreigners to buy properties in Turkey released on 18 May 2012, Turkey real estate market had rebounded and nearly reached 19.000 property sales achieved by more than 13.500 foreigners.
This law is a significant departure from Turkey's reciprocity policy in its real estate laws, abandoning the principle that "you can buy real estate in Turkey only if a Turk could buy real estate in your country," says Bahçeşehir University economics professor Seyfettin Gürsel.
The Property Law eliminated boundaries on real estate or land sale to foreign companies and individuals, letting more space for foreigners to invest in the Turkish real estate fast-growing market.
Minister of Environment and Urbanization Bayraktar mentioned during a meeting on 15 January 2013, "Since Turkey started recording real estate sales for foreigners, there is 152.993 property sold in Turkey by 139.859 Foreigners."
Antalya Ranked First Property Sales Destination
For years, Germans lead the list of foreign buyers, with 10,067 properties, then Austrians and Russians follow them all around Turkey.
Antalya is the most attractive city for foreign buyers with 3,268 properties sold since the law passed.
If you're wondering why Turkey is one of the most preferred countries for property purchases, take a look at our Why Turkey? page.