Finding Real Estate in Turkey

Finding Real Estate in Turkey

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Finding Real Estate in Turkey
Property in Turkey can be purchased by people born or based outside of the country as long as they apprise themselves of the required regulations to be followed when going through a transaction. The purchases of property in Turkey by U.S citizens and other foreign nationals were once prohibited by law in the country, but the nation’s government has been noted as more recently moving to a more favorable position on the overall process, as may be related to the proposed entry of the country into the European Union. 
 
 
Non-Turkish real estate buyers first became legal in Turkey in 2003, though courts would later declare the new liberalizing law invalid after two years’ time had seen reported violations of the conditions set for purchases of property in Turkey. 
 
 
That being said, it has been reported that outsiders continue to buy property in Turkey, with a 2008 survey discovering that some 73,103 people who were not citizens of the country at that time owned property in Turkey, with over 415 million square feet of Turkish real estate thus resting in foreign ownership.
 
 
 
In regard to the current state of the market for property in Turkey, and the prospect for further development of such real estate lots, it was noted in September 2010 that construction projects on property in Turkey was going through a period of upward trends, one believed to be connected to the overall occurrence of improvement in the Turkish economy. The second quarter of 2010, in this regard, saw improvement at more than 20%.

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