Law change could see $20 billion buyer surge into Turkey

Turkey’s relaxation of property buying laws for foreigners could see $20 billion-worth of overseas property investment pour into the country, according to the country’s second biggest real estate investment trust.

A statement by Torunlar Gayrimenkul Yaltrim Ortagkligi AS (TRGYO), said the boost will mainly come from Persian Gulf and Central Asian countries.

Azerbaijan, Iran, Kazakhstan, Qatar and Saudi Arabia would be the major sources of new demand, it added.

The statement comes a week after the Turkish government abolished a rule that barred Turkish property purchases by citizens of countries where Turks weren’t allowed to buy real estate, as reported by OPP.

Prior to the change overseas property buyers in Turkey were spending around $2.5 billion annually, according to Torunlar chairman Aziz Torun.

http://www.opp.org.uk/news-article.php?id=6516