Toki To Sell Real Estate Properties To Foreigners

ANKARA - A project making it possible for foreigners to own residential units and holiday villages in coastal provinces and towns of Turkey is underway.
Turkey`s Finance Minister Kemal Unakitan has approved a decision that grants the Housing Development Administration of Turkey (TOKI) lands for the construction of real estate properties that will be sold to foreigners.
The TOKI project is expected to bring in revenues of 20 billion USD to Turkish government.
The first phase of the project will take place in Antalya-Finike and Didim, Aydin-Kusadasi, Mugla-Bodrum, Izmir Konak-Mersinli and Cesme.
Related Turkish Treasury lands have been transferred to TOKI.
TOKI and Turkish Finance Ministry will each receive 50 percent of all income generated from the sales of properties to the foreigners.
(SOL-GC)