TheMoveChannel.com finds Turkey broadens its property horizons
December 12, 2008 (PRLEAP.COM) Business NewsTheMoveChannel.com annouces the Turkish Government has realized that measures must be taken to relax property laws in order to attract much needed foreign money into the country's ailing property market.
The current rules governing foreign ownership of Turkish properties are fairly limiting. The country operates under the principle of reciprocity, which only allows foreign buyers to purchase Turkish property if Turks are allowed to buy homes in the buyer's home country.
These laws are currently prohibiting a broad spectrum of potential foreign buyers from purchasing property in Turkey.
When the global property markets were booming, European investors were pouring money into the Turkish economy in exchange for second homes and investment properties. Now, with the credit crunch putting off a lot of European buyers, Turkey is hoping to lure in cash rich Middle Eastern buyers.
As these Middle Eastern buyers are not currently permitted to buy Turkish property under the Turkish rules, it has been decided that the rules should be reviewed.
As well as broadening Turkey's appeal, the rule changes may also benefit those who already own property in Turkey as the country should be boosted by the injection of cash from new buyers.
Turkey is also improving its infrastructure and accessibility, in a bid to appeal to yet more foreigners - both investors and tourists. The new airports under construction are expected to have a big impact on the level of tourism over the next few years.
The new international airport in the Alanya region, which is 30 km away from the centre of the city, means that travellers can now reach the heart of Alanya in less than half an hour.
For more information on Turkey property and the market in general, please visit http://turkey.themovechannel.com/
Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
0207 952 7650