Turkey is reforming its property laws according to Reuters. Among other changes, new laws will double the amount of land foreigners are allowed to buy in Turkey. Wealthy investors from Russia and the Middle East are taking a new interest in Istanbul. According to the Knight Frank Global House Price Index, Turkish property prices are experiencing the third fastest-growth in the world, outpacing both Russia and Hong Kong.
“Istanbul is becoming a second London for the Arab world,” said Erdinc Varlibas, chief executive of Varyap Meridian. Varyap Meridian is building massive towers, luxury residential property, in what developers hope will become a financial district on Istanbul’s Asian side.
A wave of construction and urbanization is sweeping across Turkey. Next month the national government plans to begin a multi-billion dollar urban transformation project, which they predict will take two decades. Much of this new development takes place at the cost of Turkey’s historic buildings and open spaces. The national government recently made 4.1 million acres of forest available for purchase and construction. Istanbul is home to the highest number of buildings being demolished as part of this nationwide urbanization project. An estimated total of 6.5 million buildings will be demolished. In their place the government plans to construct facilities for the police, military, and additions to various medical centers.
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