Turkey presently implements this passed law of reciprocity principle for foreign citizens on the visitors from abroad who are looking for property investments and purchases in Turkey. This allowance is only provided to those buyers who belong to specific countries that have been permitted the equivalent privilege to Turkish citizens as well for buying property in Turkey.
This newly introduced law helps augment the quantity of Foreign Direct Investment in Turkey. Furthermore as mentioned by Ayci that its instantaneous benefits on the real estate property sector are that investors from abroad take notice of Turkey's living ways and conditions while taking a decision to make an investment for buying property in Turkey, and also many firms who are planning on investing shift their managerial staff and families to Turkey as well. This adds to the uprising of the reciprocity principle, which raises the living standards in Turkey and generates better employment opportunities in Turkey.
After investigating the recent developments taking place in the international FDI prospect, Turkey's being able to attain to hold a stronger position in regard to the financial crisis that are happening in the EU and the fiasco occurring in the Arab countries. Investors are being attracted to Turkey excessively and capable investors are being highly impressed by the high development growth rates and the enhancing industrial output.
The main objective of this abolishment was to attract foreign investors towards Turkey and increment the development and growth of the country, which is being slowly and gradually. However, here are some very important restrictions that come along with this law and these terms and conditions need to be followed in any case. Therefore, when the foreign investor is purchasing any property in Turkey, he or she must keep note of the following conditions beforehand. Any closed military zones or areas that are now not currently in use, leasing or buying or any such property is not allowed and cannot sold to any foreign investor even if he is interested or willing to pay any amount.
Also, if any kind of property to be bought by the foreign investor which has the area more than 30 ha needs to be permitted from the Cabinet itself and unless the permission is granted the purchasing cannot take place at all. Another law article mentioned in the Law of reciprocity principle claims that any immovable property would not be able to be purchased by the foreign investor if it belonged to the Turkish countryside.
All these things need to be kept in mind while purchasing any property in Turkey and where the Law of reciprocity had its advantages; it also had it disadvantages together with it.