1/16/2008

Turkey to build Spanish model vacation properties to foreigners

Today's Zaman - The Housing Development Administration of Turkey (TOKI) is launching a new project for the sale of vacation properties to foreigners. TOKI is planning to build villas and holiday villages on the coast between Canakkale -- the northernmost point of the Aegean Sea -- and Mersin -- on the eastern edge of the Mediterranean coast -- for foreigners. The sites will feature recreation facilities, health centers, retirement homes for the elderly and golf courses. A protocol for the project, patterned after the "Spanish model" mentioned by Finance Minister Kemal Unakitan in 2006, will be signed between the Finance Ministry and TOKI. The ministry will determine the appropriate sites that belong to Turkish Treasury in coastal provinces like Canakkale, Bursa, Balikesir, Izmir, Aydin, Mugla, Antalya and Mersin. It will also determine suitable sites for spa tourism in Denizli and Afyonkarahisar. These sites will then be allocated to TOKI for construction. The sites will be promoted abroad by contracting firms or by the other private companies. The properties will be sold via direct sales or time-share holiday contracts. The management of the sites will be done by private firms. TOKI will share some of the profits with the Treasury. TOKI President Erdogan Bayraktar said they were aiming to build high-end properties of limited height, with large gardens and green spaces.

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