Investment law change expected to boost Turkish property market

Changes to property investment laws in Turkey could boost an already thriving property market, it has been suggested.

According to Hot News Turkey, investment in Turkish property has reached USD10 billion (GBP5.44 billion) in the past half a decade and could continue to rise.

Amendments to the Foreign Direct Investment Law are likely to improve conditions for foreign investors, the news source stated, as it will clarify the position of people from abroad who want to purchase more than two and half acres of land.

Real estate attorney and consultant in Istanbul Orhun Ozdener Vahaboglu told PropertyWire that Russian, British and German tourists are "flooding" into the country.

"Turkey is a growing country with a lot of potential, as the European [Union] membership is a pending issue," he added.

Principal International reports that 17,000 UK investors own property in Turkey as an increasing number of tourists head to the nation.