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Syrians, Armenians, Cubans Can’t Buy Turkish Estate, Sabah Says

July 27 (Bloomberg) -- Citizens from Syria, Armenia, North Korea, Nigeria, Cuba and Yemen won’t be allowed to buy property in Turkey even after the government eased restrictions on foreigners’ property ownership, Sabah said.

The government will allow citizens of 129 nations to buy property unconditionally while those from 52 others will have limited access to the real estate market, the Istanbul-based newspaper reported, citing a draft cabinet decree pending the government’s approval. Easing the restrictions may bring in $300 billion of foreign capital in 10 years, the newspaper said.

The government in May abolished a so-called reciprocity rule that barred Turkish property purchases by citizens of countries where Turks can’t buy real estate. The cabinet decree will enforce that law, Sabah said.

Citizens from China, Denmark, East Timor, Fiji and Israel will be able to buy one residential property and a Jordanian citizen two residential properties or one commercial, Sabah said. Citizens of countries bordering the Black Sea including Russia and Ukraine may buy property in Turkey except on that coastline, the newspaper said.

To contact the reporter on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

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