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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 can again buy propertiesFor many weeks the foreign investors and their real estate agents in Turkey had to hold their breath. At the beginning of this year, the constitutional court of the country had decided to cancel the law that allows for the sale of real estate to foreign companies and joint ventures involving foreign firms. Following this decision, the government halted temporarily all property sales to foreigners at the beginning of April. Now a parliament committee approved amended version of the same bill. Foreigners and foreign-hold companies from now on will again be able to purchase real estate. There will be, however, some important restrictions. Foreigners would buy no more than 10 percent of areas within any zoning plan. The amended bill is certainly a victory for those in Turkey who want to put some sort of restrictions for the sale to foreigners in the prime locations along the Mediterranean coast. And, certainly, it's a hit in the previously good image of the country as one widely open for foreign investments. Geographically and socially, Turkey is very close to perfection when it comes to providing good conditions for foreign real estate investors. Among many other things, these include mild Mediterranean climate along the long southern coast; traditionally warm people toward the foreigners; relatively cheap properties compared to Greece or Cyprus; and until very recently, quite predictable legal regime for property ownership based on the principle of national reciprocity. So far more than 70,000 foreigners have bought properties, mainly in the coastal areas. In some locations, we now learn from local sources, the percentage of foreign-own properties has gone too high, putting an obstacle for other sorts of developments: residential, rural, industrial and commercial. With the recent changes, however, Turkey is losing one of its credits, the predictability. Generally speaking, Turkey is right now in no position to harden the conditions upon which foreigners can come to buy properties. On the one hand, without them the local real estate market just won't be able to absorb all luxury properties that are specially designed and built to suit foreign investors, coming mainly from Western Europe, and particularly from Britain. On the other hand, the international property market now is greatly shaken by the western financial crisis. Many foreign investors in Turkey use their own national sources of financing, and the banks now are more reluctant than one year ago to allow such transactions. Third, other countries in the Balkan region, definitely not as good as Turkey in terms of climate, but better in terms of predictability, can supplant Turkey on the international real estate market. And finally, losing a name in this business, like in any other business, is sometimes very difficult, if not impossible, to undo.
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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