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Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Turkey: Foreigners Buy EasierSince June 2003, when Turkey liberalized its real estate market for foreign buyers, some 5,000 foreigners had purchased land for residential or commercial development. According to new Turkish law, the citizens of countries that don't prevent Turkish citizens from buying properties can in turn buy in Turkey without limitations*. This measure is considered as a necessary step toward adopting the European legislature in respect to individual foreign investors. Hoping to become EU member in the years to come, Turkey benefits from the low property prices in the country, relative political stability and adjacent location to one of the world financial centers Western Europe. In 2003 Turkey has liberalized its real estate market for foreign buyers. Now more than 40,000 estates in 70 Turkish cities are owned by foreigners from 64 countries. Almost 5,000 foreign investors are new to the market. Citizens from 87 countries qualify to buy without approval by the local authorities. Citizens from 24 other countries can purchase only buildings but not land. Quite surprisingly, third of all foreign owners in Turkey are from Greece. It's surprising because 81 years ago under Lausanne Treaty almost all ethnic Greeks were forced to flee Turkey. Germans, British as well as Dutch, French, Syrian and American citizens are also at the top of the list of nations interested to buy in Turkey. In general, half of the foreigners prefer settling down in Istanbul and Antalya, while Americans prefer the capital city of Ankara, Greeks Izmir and Syrians the nearby Hatay region. The main explanation for the opening of the Turkish real estate market is the country's bid to become European Union member in the years to come. One of the reasons why foreign investors should consider Turkey as an option, according to most local agents, is that prices in the country are much lower than in EU in average. Depending on the area prices as low as $25,000 for an apartment and $50,000 for a house aren't impossible to find. So the investors should expect at least 400-500% appreciation when Turkey become EU member. The calculation isn't that simple as is might seem at first glance. It's the Eurozone, not the EU membership itself that even in theory makes prices converge bit by bit. Some older EU countries aren't part of the Eurozone, not even one of the new members from Eastern Europe is. Turkish properties may appreciate but expecting increase in values of 500% in terms of dollars or euros in the years to come isn't realistic. What are the main obstacles while buying property in Turkey?
* - Some limitations apply, e.g. when land is close to military bases.
Turkey country profile: --------------------
See also the directory of companies providing real estate services in, and general real estate information of Turkey.
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