Turkish govt may cut red tape to attract foreign property buyers
By Peter Mindenhall

Turkish govt may cut red tape to attract foreign property buyers

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The Turkish government is welcoming overseas property buyers, as it considers cutting red tape in order to see to “foreigners with money”.

Ruling Justice and Development Party (AKP) officials emphasised the importance of attracting wealthy overseas investors while speaking at a workshop aimed at selling property to foreigners. 

Environment and urban planning minister Erdogan Bayraktar and the AKP’s deputy chair responsible for external affairs, Mevlüt Çavusoglu, highlighted the advantages that Turkey could gain by being home to overseas investors who surpass the average income level. 

Mr Bayraktar argued that creating new regulations to ease off on bureaucratic obstacles would benefit Turkey. He noted that a revenue of USD 5 billion is expected in 2013 purely as a result of real estate to foreigners. 

Meanwhile, Mr Cavusoglu pointed out:  “Foreigners pay for all expenses related to the property or properties that they have purchased from the region. An estimated 600 families are directly affected by this.”

He added that the issue had proven “an absolute dilemma” between people who were calling on the government to cut red tape in order to attract foreign buyers, and critics who accuse them of “selling the country”. 

In May 2012, a law allowing foreigners to purchase real estate without mutual consent between Turkey and their home country being needed saw nationals from a large number of countries - especially Arab countries - to become eligible to buy property from Turkey. 

This law saw USD 1.1 billion in revenue being made from real estate sales in May alone. This equated to four times the total revenue for 2011. 

Foreginers buying in Turkey are particular fans of coastal areas where they can enjoy sun, sand and sea. As a result, most buyers from Europe flock to areas such as Alanya, Fethiye, Didim, Bodrum, Kusadasi and Ürgüp.

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