Turkish President Abdullah Gul has signed a bill allowing foreigners to purchase real estate in Turkey. Foreigners were permitted to purchase 60 hectares of land, rather than 30 hectares as planned initially, Trend reports.
An Advisor to the Turkish Economy Minister, Alparslan Uymaz, said that land near military facilities will not be sold, although land at military facilities may be purchased.
Foreigners may buy up to 10% of the land in the provinces.
Haluk Sar, CEO of Emlak Konut, said that foreign investments in housing should total $5 billion annually, compared with $7.5 billion invested in 2005-2010. Analysts say that most Turks do not want to sell their property at low prices. Turkey attracted $2 billion out of $15.7 billion total foreign investment in real estate in 2011, a surplus of $500 million compared with 2010.
An advertisement on sales of small islands appeared right after announcement of the law. The islands have all the necessary infrastructure. Their cost ranges from 5 to 23 million euros. Kystak-Adasy, located 14 km from Bordum in the Gulf of Gekov, is worth 5 million euros. It has an area of 5.6 hectares. Ciftlik-Adasy on the Marmaris coast has an area of 8.1 hectares and costs 17 million euros. Tavsan-Adasy at Bodrum has 98 hectares and costs 10 million euros. Karaja-Adasy at Marmaris has 32 hectares and costs 23 million euros.
