Finance Minister Kemal Unakıtan has approved the decision to hand over land on which housing estates sold to foreigners will be constructed to the Mass Housing Administration (TOKİ). The sales revenue from these projects will be distributed evenly between the Finance Ministry and TOKİ.
TOKİ will undertake the construction of property sold to foreigners in Antalya's Finike, Aydın's Didim and Kuşadası, Bodrum in Muğla, Konak and Çeşme in İzmir and Mersin on the Turkish Riviera.
“The income distribution method will mostly be used in the projects. Initially, we will construct pilot projects in Finike, Didim and Kuşadası, Bodrum, Konak, Çeşme and Mersin. The lands are ready... we are only waiting for the legal regulations to be completed. The project is expected to bring in revenue worth $20 billion. We also plan to extend the project in the future,” said TOKİ Chairman Erdoğan Bayraktar. He said the houses can be paid for in seven to year year installments.
The housing project is based on the “Spanish Model.” It will include holiday villages on the coast of Antalya, Muğla, Aydın, Fethiye and Mersin. These housing estates include tennis courts and golf courses, green areas, walking paths, medical centers, shopping centers and other social facilities. Set to be managed by the private sector, these premises will provide property owners with high-quality services.
Spain's 'mini-cities'
Foreigners tend to prefer houses close to the airport, said authorities from the Finance Ministry, basing the results on recent research. The authorities also noted that the holiday villages had the potential to become "hot spots" in the future.
“Spain's Malaga district has been allocated for construction of houses mainly for the foreigners. Houses of 50 square meters are on sale for 300,000 euros, while those of 70 to 80 square meters sell for 400,000 to 450,000 euros. Spain has mini-cities that include many facilities, from hospitals to shopping centers, designed for foreigners on a total area of 1.5 to 2 million square meters. The sales take place based on the scale models,” authorities said.
The project on the Turkish coast has already begun to attract the attention of many international firms, including those from Spain.
Investment Property overseas
