Private Forex News

A new bill is set to be passed by the Turkish government to facilitate the acquisition of real estate by foreigners in the country; it has been reported by Todays Zaman.The bill will amend title deed laws and change the current reciprocity requirement, which will lead to almost unrestricted property sales to foreigners.This will come as positive news for investors looking to acquire a foreign property mortgage in the country, as the Turkish government look to boost the construction sector with overseas investment.Chairman of the Construction Sector Assembly of the Turkish Union of Chambers and Commodities Exchanges (TOBB) Erdal Eren commented in Todays Zaman: “This bill is very important for attracting foreign investors. In order to boost the construction sector, we need this law.”It has been reported that British mortgages abroad were most popular in Turkey, with 35,656 British citizens owning 25,177 properties in the country.The figures, provided by the Land Registry Directorate General, declared that a total of 123.000 foreigners own 113.687 different properties in Turkey in 2011, as well as 2.858 properties owned by foreign investment companies in Turkey.For more information on purchasing currency for regular or one-off payments, visit our Personal FX site