A new law that was recently approved by the President of Turkey will make it easier for many foreigners looking to buy property in the country. New regulations mean 183 nationalities will now be able to purchase property in Turkey without any restrictions from the state, compared to just 89 nationalities that were able to do so before.
However citizens of countries will not benefit from this new law include those from Syria, Armenia, Bulgaria, Iran and Greece. Citizens of these countries will either be limited on the type of property they can own, or will be barred entirely. This is something of a throwback to regulations in the past that limited foreign property ownership due to national security.
In spite of this, the new legislation should make Turkey far more accessible to outside investment, and experts think Istanbul will truly become a global city. Turkey is aiming to make Istanbul the financial and holiday capital of the Middle East and it’s been predicted that the city will benefit from investment from the Gulf States and Saudi Arabia.
In the short-term housing prices should remain the same due to a current glut, but are expected to rise in the longer term if the government ambitions come to fruition. The Turkish government is intending to attract $300 billion in foreign investment during the next decade which might seem ambitious, but that investment has already begun.
At the moment Istanbul is the world’s fifth most popular tourist destination. More interestingly the city features in a number of Turkish soap operas that are extremely popular in the Middle East. There is even speculation that the government will ask these soap actors to help publicise the city to Middle Eastern buyers.