Turkey has announced plans to issue permits of a year of residency to foreigners who buy property in the country, as part of a wider campaign of the Turkish government to attract more foreign owners.
The law is a big change of the currently three months license allowed for foreigners. It would also make homes more attractive to buy for the Middle East and European nations who have not previously had a difficult time getting visas, according to local media.
The new law makes "the easier, more streamlined, robust and inexpensive process," Julian Walker of Spot Blue Overseas Property, who specialize in real estate in Turkey, told World Property Channel. "It's good news for Turkey, making the most transparent and clarified in advance to Turkish owners situation."
As the global real estate market recovers from the recession, Turkey has attracted increasing interest from investors. He grew price 10.5 percent in 2012, the fourth largest increase in the rate of global house price for 2012 Knight Frank Globally, Turkey fell behind only Brazil, Dubai, and Hong Kong, and fixed the strongest growth in Europe.
The final decision to add the changes to law already in force aimed at making it easier for foreigners to invest in properties.
Last year, Turkey took a law of reciprocity as working to attract $ 10 billion a year in property investments.
Travel in and out of Turkey also made it easier for owners of second homes and holiday travelers with the introduction of a system of electronic visas this month, according to a statement from Overseas Guides Company.
With the new system, foreigners can obtain tourist visas on the Internet, avoiding long waits at airports.
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