Foreign interests spend $10 billion in 5 years for real estate purchases

Today’s Zaman - Recent political and economic stability as well as efforts by the Justice and Development Party (AK Party) to increasingly integrate the Turkish economy into global business have led foreign interests to invest their wealth in Turkey. In the five-year period from 2003 through 2007 the value of real estate purchases by foreign interests was approximately $10 billion, recent Undersecretariat of the Treasury figures have shown. According to a report titled "Real Estate Acquisitions of Foreign Real Persons" released by the General Directorate of Land Registry and Cadastre, people from 70 nationalities purchased fixed property such as land and houses. Among them, the citizens of Germany, the US, Austria, Azerbaijan, Belgium, Denmark, the Netherlands and France predominate. They usually prefer Istanbul and Antalya, as half of the money is invested in these two cities. These cities are followed by Bursa, Izmir, Mugla, Hatay, Aydin and Mersin. In the five years since 2003 the total amount of FDI has surpassed $46 billion.