Lawyer Backs New Turkish Regulations
News Posted On: 28 August 2008
New regulations surrounding foreign purchases of property in Turkey have been backed by a lawyer at the UK-based International Law Partnership (ILP).
In April 2008, the Turkish government banned foreigners from purchasing houses in the country, but this restriction was lifted a few weeks ago, reports the International Herald Tribune.
Since then, the law has been changed to limit the proportion of the local planning zone for a town that can be bought by overseas investors to ten per cent.
John Howell, senior partner at ILP, said that the new system should ease the worries of individuals looking to purchase a Turkish property.
"Buyers know exactly where they stand and what they are permitted to purchase," he added.
He asserted his belief that the new law would not affect individual house-hunters and could even act in their favour.
In the past five years, over $10 billion (£5.4 billion) was spent on property in Turkey by overseas investors, according to the latest figures.
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