TurkeyCapital: Ankara
Language(s): Turkish, Greek, Arabic
Population: 70,586,256
Total Area: 783,562 km²
GDP (in million USD): 772,298

Turkey, officially the Republic of Turkey, is a transcontinental country, located mostly on Anatolia in Western Asia and on East Thrace in Southeastern Europe.

Turkey's property market is rising strongly, after lackluster performance in recent years. Nationwide residential sales prices for existing homes soared 17.11% during the year to January 2013, according to REIDIN. When adjusted for inflation, house prices rose 9.13%.

The total number of houses sold rose by 1.76% to 103,543 units in the third quarter of 2012 from the same period last year, according to the Turkish Statistics Institute (TurkStat). However, housing sales actually dropped by 2.35% in Q3 2012 from the previous quarter.

Property prices in Turkey are expected to continue rising in 2013, according to some local property experts.

Foreign individuals can freely buy up to 10% of property and land in officially zoned areas which includes cities, towns and resorts. Foreigners cannot buy properties inside and near military, strategic and security zones and foreigners must secure a clearance from the Aegean Army Command. According to the ATSO, it takes three to six months to receive an answer from the military regarding the clearance.

 

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