Turkish government to build holiday resorts for foreign buyers - 27th October 2008

According to reports, the government-affiliated Turkish Housing Development Administration (TOKI) has applied to the Finance Ministry for permission to use 416 plots of land to develop holiday resorts for foreign buyers.

TOKI said that it plans to build residential resorts across the regions and towns of Aydin, Mugla, Izmir, Bursa, Antalya, Balikesir and Adana and will base the development of the country’s tourist regions on the “Spanish model” of residential tourism.

A spokesperson said that it will develop villas and holiday resorts, which will include the construction of tennis courts and golf courses, shopping centres and medical facilities. TOKI said that the units will be sold as “direct property or timeshare” and homeowners will not be permitted to rent out the properties.

The size of the plots requested by TOKI is around nine kilometres, with the largest portion of the land situated in the MIlas-Ismetpassa district of Mugla.

TOKI expects to generate an income of $20billion from the sales of the projects to international investors.

Simon Conn, Sales & Marketing Director at Conti Financial Services, says:
“There’s no doubt that Turkey is popular with UK buyers – after Spain and France, it’s the location we receive most enquiries about. It offers some great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro, which have led to decreased levels of demand in countries such as Spain, France, Portugal and Cyprus. 

“Recent reports suggest that Turkey is currently seeing a major increase in the number of British retirees setting up home there because of the country’s excellent property value.”