Foreigners in Turkey prefer to purchase real estate in Aegean and Mediterranean regions
Foreigners looking to purchase real estate in Turkey tend to pick coastal regions known for their warm weather and sandy beaches, according to data from Turkey’s Land Registry Directorate. Antalya, one of the most preferred holiday destinations in the Mediterranean, has proven popular with Germans, while the majority of Britons have chosen Mugla, another tourist hotspot, either to settle down or to make a worthy investment.
Over 125,000 foreign nationals from 92 countries own nearly 90 million square-meters of property and land in Turkey. The province with the largest area of foreigner-owned land is Konya in Central Anatolia, with 6.4 million square-meters belonging to foreigners.
About 6.3 million square-meters of property and land in Antalya belong to foreigners, while Mugla has about 5.9 million square-meters of land owned by foreigners.
The province most preferred by individual real estate investors is Antalya, with over 42,000 foreigners having acquired either property or land. Mugla comes second with 20,657 foreign real estate owners, followed by Istanbul (13,007), Bursa, (5,575) and Izmir (5,432).
The Turkish Parliament is expected to pass a new bill soon to relax the restrictions on foreign real estate purchases, opening up the Turkish real estate market to property investors from all over the world, particularly from the Gulf countries and Russia. The country currently applies the reciprocity principle for foreign citizens seeking property acquisitions in Turkey, allowing only citizens of certain countries that have granted the same right to Turkish nationals to buy real estate.
31.03.2012
SOURCE: SABAH
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