Market news

Spanish model to be implemented in Turkey


  The Housing Development Administration of Turkey, or TOKİ, has applied for 416 plots of land to construct holiday villages and summerhouses for foreigners. To be built on the Spanish model, the project is planned for Aydın, Muğla, İzmir, Bursa, Antalya, Balıkesir and Adana.  
  While the evaluation of the land is still underway, it was reported that the total size of the land TOKİ has demanded amounts to nearly nine square kilometers. The largest land demanded is in Muğla's Milas-İsmetpaşa district, with a size of over four square kilometers.

Income to be distributed

  The Ministry of Finance and TOKİ signed an agreement regarding the project last March. According to the document, urban villas and holiday villages will be constructed on real estate given to TOKİ by the Directorate General of National Real Estate by the system of income distribution in return for land.
  The Ministry of Finance is to hand over the land allocated to TOKİ by the administration free of charge. The preparation and term of the project, and the payments will be conducted according to an agreement between the parties. TOKİ will be responsible to follow up on the project.
  According to the agreement, the firm in charge will evaluate the sales reports and give them to TOKİ with one copy of the report to be sent to the Directorate General of National Real Estate.
  TOKİ expects an income of $20 billion from the sales of the properties to be built for foreigners.

Properties to be marketed abroad

  Following the investigation initiated by Kemal Unakıtan, the minister of finance, the properties to be constructed on the Spanish model will be promoted in both domestic and international markets. The villa city and holiday villages will comprise a several-story buildings, which will be furnished with tennis and golf courts, green areas, walking paths, medical units, shopping centers and some other social facilities. Hotels will be constructed on the golf courses, which will be operated by the private sector with the service level of five-star hotels.
ANKARA – Anatolia News Agency

News was edited by "Vesta Estate".

Forget password?