2 a new law is underway to create new metropolitan municipalities in various regions of Turkey.
the objective is to be among the ten largest economies in the World.
According to the Organization of Economic Cooperation and Development( OECD), Turkey is expected to be the fastest growing economy amongst the OECD members during 2011-2017, with an annual average growth rate of 6.7 percent. With its ever rising economic climate, Turkey stands firmly in its place amongst the global economies stated as centers of attraction.
المقبلة هو جعل �سنوات الهدف في الع�شر
في دول اقت�صادية تركيا من اأكبر ع�شر العالم
Turkey is located at the crossroads of Europe, Asia, and the Middle East and this serves as an opportunity to interact simultaneously with multiple players. In this regard, we began to reach out to countries in our neighborhood and beyond. While located in close proximity to more than 70 % of the world’ s proven oil and gas reserves and consumer markets, Turkey has also tried to reach out beyond to Africa and Latin America.
Advantages of the new law of foreigners’ real estate ownership
Since 2006, non-Turkish citizens have been able to acquire property in Turkey of up to 2.5 hectares. With the amendments made to the Land Registry Law No. 2644 and published in the Official Gazette on 18 May 2012, the citizens of 183 countries around the world are now able to acquire property in Turkey up to 30 hectares. The Council of Ministers is authorized to increase the limit up to twofold.
The amendment paves the way for property acquisition by foreigners who were not eligible for such transactions due to the reciprocity principle. In other words, the
Number of companies from the Middle East established in Turkey up to November 2012
Countries
Immovable Property
Tourism
Total
Bahrain 9 3 39 UAE 50 6 190 Iraq 39 39 941 Qatar 9 2 34 Kuwait 37 7 117
Saudi Arabia
48 9 288
Oman 1- 11 Jordan 21 13 222 Yemen 2 2 24
Real persons’ purchase of real estate from Turkey up to November 2012
Countries
No. of Property
Area( m2)
No. of
Persons
Bahrain 12 3.553 11 Iraq 35 4.321 37 Iran 155 202.459 217 Kuwait 6 2.116 5 Lebanon 172 657.629 107 Egypt 120 30.954 102
Saudi Arabia
66 76.115 58
Oman 1 503 1 Jordan 57 14.895 43
DORCHESTER December 2012 69