3/19/2008

Turkish Finance Ministry sign protocol for real estate sale to foreigners

The New Anatolian - Turkish Finance Ministry and Housing Development Administration of Turkey (TOKI) signed a protocol aiming to implement the "Spanish Model" concerning the sale of real estates to foreigners on Monday. According to the protocol signed by Finance Minister Kemal Unakitan and TOKI President Erdogan Bayraktar, TOKI will construct "villa cities" and "holiday villages" on Treasury's real estates which were transferred from DG of National Real Estate to TOKI free of charge. The protocol envisages construction of resorts for foreigners in various coastal provinces and regions with thermal springs. TOKI plans to construct resorts with tennis courts, golf courses, green areas, walking paths, health facilities, shopping malls and other social facilities. According to officials, such type of construction can be seen in Malaga region of Spain as well. "Many foreign companies are interested in this project. 3-4 companies from Spain offered to implement the Spanish model in Turkey. However, the construction work will be carried out by TOKI totally," officials said. The real estate complexes that will be constructed for foreigners will be on sale for Turkish citizens as well, sources added.

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