New laws make turkish investment easier

The country removed reciprocity restrictions in 2012, a move that opened up the market to a wave of new nationalities – and they flooded in, with sales of Turkish property continuing to surge all the way through to 2013. The country’s growing economy, strong tourist industry and favourable investment regulations have seen the emerging market become a regular favourite among TheMoveChannel.com’s 10 most popular destinations.

Now, a smaller amendment to laws has made the market even more accessible and transparent to foreign investors.

The rule relates to the TAPU, which is similar to a title deed and proves ownership of a property in Turkey. Under the old rules, the document could take several months to obtain due to the need for military clearance. Now, though, TAPU offices have been provided with military maps showing where restricted zones are, which has sped up the clearance procedure significantly.

The TAPU application procedure could take up to eight weeks, explains Universal21. Now, buyers can obtain within a single day.

Any TAPU clearances that have been approved for a plot of land previously also apply to subsequent purchases by foreign buyers, which will make it quicker and simpler to resell real estate.

The new rule was introduced in October for properties that had previously been cleared after the 5 May 2011 cut off point.

Monica Anca, Director of Universal 21 comments, "This rule Change makes it easier and faster for those investing in property as well as companies like ours involved in the sales of property in Turkey. It cuts out all of the unnecessary delays that our clients would previously have encountered.

“Developments can now be sold to investors with the TAPU already approved and in place so they can begin benefitting from the income their property brings sooner rather than later. It also solves the problem with lack of transparency which has caught out unwary investors in the past."