Legislative development to regulate the real estate sector in Türkiye
The Turkish real estate sector witnessed great development and steady expansion, and the development is still continuing, as Turkish legislation allowed foreigners to own real estate in Turkey, and based on that, Arabs entered the Turkish real estate market strongly, through investing in purchase and construction operations, in addition to marketing operations.
When looking at the official statistics, a continuous increase in Arab purchases of real estate in Turkey appears, not to mention the increase in the establishment of companies by Arabs in Turkey that specialize in the real estate field.
The Turkish government has given special attention to the real estate sector, as it represents a fifth of the gross domestic product of the state’s economy, and because of that, it has been steadily developing real estate investment and providing its requirements.
At the level of the Turkish laws regulating real estate investment, since 2002 the legislator began to allow foreigners in general to own property in the real estate sector in specific areas exclusively and to apply the condition of reciprocity with respect to the laws of other countries, then the legislative situation developed in 2005 by allowing the purchase of real estate in any area Inside Turkey by foreigners, but with the continued application of the condition of reciprocity, and finally in 2012 amendments were made to the Turkish law stipulating the abolition of the condition of reciprocity for the purchase of real estate in Turkey by foreigners to include 183 countries, with the exception of some other countries.
