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"Well, Turkey voted Yes in the referendum on constitutional reform. We have been saying that a yes vote of 60% or more would be a good sign for overseas property investors, and the yes vote of 59% is close enough.
For anyone who doesn't know, the referendum we are referring to was on whether or not the government of Prime Minister Recep Tayyip Erdoğan should be able to amend the Turkish constitution set after the coup 30 years ago. The amendments include increased protection and freedoms for women, children and the elderly, greater fiscal responsibility, and -- perhaps most important -- bringing the military under the control of civilian courts.
The strong yes vote indicates the people's faith in the current government, which is an indication of stability; good news for foreign buyers.
It also indicates a desire for reform, which, because many of the reforms have been set down as part of the path to EU accession, this also indicates a continued desire to join the EU within the Turkish population. EU membership has become less necessary to the success of Turkish property investment, but none the less it would still be a great boost to confidence and likely prices as well.
Some also believe that there is potential for the constitutional reforms to make the process of buying property in Turkey easier. Foreign restrictions on ownership are long removed, but the military's involvement in the country's governance brings a lot of additional red tape into the buying process. With the military under the control of civil courts perhaps the buying process will be simplified in the hopes of increasing foreign investment.
