Turkey law change to spur $10 billion land market

A proposed Change in Turkish law to drop reciprocity conditions and allow more non-Turkish nationals to buy property in the country will create a $10 billion real- estate market spurred by sales to Arabs, Sabah reported.

Companies including Saudi Arabia’s Saudi Binladin Group and Kuwait’s Mena Real Estate have opened units in Turkey in recent weeks in anticipation of the Change, the newspaper said.

Urban Planning Minister Erdogan Bayraktar is expected to introduce legislation to drop the reciprocity requirement in real-estate purchases in parliament in coming days, Sabah said.

Passage of the legislation is expected to spur purchases from buyers in Saudi Arabia, Syria, Dubai, Azerbaijan, Qatar and Iran, the newspaper said, citing Isik Gokkaya, chairman of the Turkish real estate trust association GYODER.

Source: Bloomberg.com