New airport at Gazipasa makes Turkey a property hotspot

Turkey is anticipated to become one of the most popular destinations from Gatwick to the Mediterranean this year, since the announcement of the new airport at Gazipasa near Antalya.

Simon Ryeland, Director of Principal International has said that increase in number of flights expose this region. This will attract more vacationers and investors looking for property to rent out. British Airways have announced that they will operate 3 flights per week from Gatwick to Antalya from April. The move by the airline signals the growing popularity of the region of Antalya with British holidaymakers. Antalya International Airport already comes second in the busiest airport terminal on the Mediterranean coastline and 14th in the world during 2007.

This is exciting news for the region that has already seen an increase of 25% in tourist numbers since last year. Now travelers will be able to choose from the increased number of flights. Property investors can expect good rental profits and high occupancy in low tourist season also as year round sunshine in turkey extends the rental year.

The Ministry of Forest and Agriculture in Turkey has issued a White Paper on guidelines and restrictions to be introduced up to the year 2025 to ensure that its immaculate and unspoilt coastline remains that way. It may have some impact in the number of new construction but tourism is on the high, the Turkish Riviera will be protected for generations to come and the same high level of tourism can be maintained.

Buildings is restricted to enable coastal resorts to grow but without spoiling any of the natural beauty of turkey, while those who have already invested in properties reaping the rewards of inflation in house prices and high rental yields in all areas which is stimulated by a shortage of available resale and new units.

Overseas investors tipped to head for Turkey

The Independent, a British newspaper has reported that Investors who are looking to buy a property at an affordable price have been pointed towards Turkey. Experts consider Turkey as an emerging market and house prices are rising at a considerable rate, therefore creating strong capital growth potential.

The property market in UK is beginning to hold up; the outlook for the British market is getting gloomier by the day as property prices are dropping due to global sense of credit crunch. Property purchasers are increasingly looking overseas to collect returns from their investment.

Despite the fact that the House prices increased by 20 per cent in Turkey last year its property values are relatively cheap when compared with the UK. The increase in property prices due to huge demand for Turkish property and subsequent growth looks likely to continue over the next decade. Many analysts state that this could be the best time to buy properties in turkey due to a lack of risk associated with Turkish market, continuing affordability and the realistic potential for substantial capital appreciation.

Benedek, of Solaris Villas has said that Turkey can be compared to a Spanish property market few years ago and Turkey is a safer bet for overseas property investors. He also said that there is in any case another ten years of good returns can be obtained from the Turkish market.

Turkey offers the holidaymakers requirements of great scenery, climate, over 300 days of sunshine per annum, fine sand beaches, and fabulous countryside including its good-quality infrastructure and amenities. These factors combined with its relatively low cost of living and easy accessibility are said to make it ideal for overseas property purchasers.

Wet summer drives British investor's to Turkey

Humberside Airport Travel figures reveal that many people from Humberside last-minute holiday bookings in order to escape from last year's wet summer. Their reports confirm that nearly 92 per cent of its bookings were made at the last minute.

The travel agency further said that Turkey was the most popular destination for followed by Cyprus. Turkish Airlines reported that a total of eight million people flew with the carrier till September of 2007 which is 19.4 per cent higher than the figures recorded 12 months earlier.

Rob Goldsmith, managing director of Humberside Airport, said that the last year summer saw increase in the number of visitors and he expected that the trend will continue. Property experts pointed out a link between the wet summer and an increased number of people purchasing property abroad. Currency specialist HiFX explained the surge of interest in buying abroad is mainly due to people wanting to live in a better climate.

Turkey is increasingly becoming popular because it offers overseas property investors the ideal place to buy a home in the sun as it has good weather all round the year. Michael Harrop, MD of New Turkish Properties has commented that glorious weather is pulling in crowds of takers when it comes to property in Turkey.

Global credit crunch beneficial for investors in turkey

The ongoing global credit crunch could prove to be advantageous to owners of rental accommodation in Turkey. Official figures from post offices states that there has been 15 per cent increase in sales for Turkish currency among Brits. This is due to the reason that the pound has hit a record low against the euro and has fallen drastically in value over the last couple of months. Experts have said that People are likely to visit countries which are not part of the single European currency.

The fall in the value of the pound against the euro will mainly have an impact on holidaymakers. Travel weekly has reported that UK vacationers are preparing to make their annual trips abroad despite the fears about the people's finances being constrained by the slowdown in the worldwide economy. Countries along the Mediterranean coast like turkey are found to be most popular locations with more bookings. Turkey statistical institute has reported that 23.5 million tourists visited Turkey last year and is expected to increase to 27 million in 2008.The tourist trade was up a massive 43.9% in the last 3 months in 2007 when compared with the same period in 2006.

Murat Dedeman, the head of The Turkish Tourism Investors Association (TYD) also predicts the increase in the number of foreign tourists visiting Turkey in 2008, resulting in profits of up to $21 billion. Dedeman's optimism is supported by the Turkish Travel Agencies' Association (TURSAB), which expects a 15 percent rise in tourist numbers this year to 27 million.

The dynamic infrastructural and economic transformation process that the Turkey has been experiencing in the last decade has a powerful impact on Turkish tourism and strengthened Turkey's place in the world.

This comes after the predictions from Cushman & Wakefield, global property agents and they say that real estate in emerging markets like turkey will evade the current slowdown relatively unharmed and Goldman Sachs investment bank has said turkey is having promising outlooks for investment and future growth.

Swedish retirees increased migration traffic to turkey

Allan Williams from London Metropolitan University has said that Turkey is on the threshold of becoming a major hotspot for retirees who want to live abroad. Expatriates always long for a place which offers culture, good lifestyle and a favourable climate. He also predicted that Antalya will be the main hotspot for older expatriates within the next couple of years.

Recently a poll carried out by Dokuz Eylul University (DEU) of expatriates living in Antalya to check what made them to live there full-time revealed that they are most attracted by the warm climate of the country.

Christer Asp, the Swedish ambassador in Ankara has said that a rising number of people from Sweden desire to have property in Turkey. Retirees from the Scandinavian country are choosing to spend their retirement years overseas and recent migration traffic to Turkey shows its popularity among Swedes who were hoping to relocate permanently.

Mr. Asp commented that Swedish retirees used to relocate in Spain earlier and now the trend is changing as more people are now choosing Turkey. He predicted that about 400,000 Swedes would visit Turkey before next summer and there will be busy relocation traffic of the retirees to turkey in 2008.

Recently the Turkish Press reports have highlighted the popularity of Turkish property with Russian holidaymakers. According to Russia today, more than two million Russian holidaymakers visited Turkey last year.

Izmir

• Area: approximately 330 square miles / 855 square kilometers
• Population: approximately 2.7 million
• Language: Turkish
• Currency: New Turkish Lira (TRY)
• Time zone: UTC + 2, summer UTC + 3
• Country dialling code: +90
• Telephone area code: 0232
• Elevation 2 m (7 ft)
• Postal code:35 xxx

İzmir is the third largest city in Turkey with a population of around 3.7 million, after both Istanbul and Ankara. Izmir is home to one of the country's leading ports and is located within the Mediterranean basin, the second biggest port after Istanbul. Izmir is in western Anatolia and the capital of the Izmir province. The city is located along the outlying waters of the Izmir Gulf on the eastern shoreline of the Aegean Sea. The city was formerly known as Smyrna and boasts an extraordinary history, dates back to 5,000 years, it is set around a huge bay and surrounded by mountains now a modern, urbanized, and busy commercial center. Although the city has an atmosphere more of Mediterranean Europe than traditional Turkey, the large boulevards, glass-fronted buildings and contemporary shopping centers are dotted with conventional red-tiled roofs, the 18th century market, traditional mosques and churches.

The city has been one of the principal mercantile cities of the Mediterranean Sea for much of its history as it is located on an advantageous location at the head of a gulf running down in a deep indentation midway on the western Anatolian coast. Izmir port is Turkey's principal port for exports with regards to the freight handled and its Free zone, a Turkish- U.S joint venture established in 1990, is the leader among the twenty in Turkey. The city is widely considered as one of the most developing Turkish cities in terms of its lifestyle, business, values and dynamism.

History of Izmir

The history of Izmir stretches back to around 5000 BC and the original city was established in the third millennium BC (at present day Bayraklı), at which time it shared with Troy the most advanced culture in Anatolia. Izmir is ranked as one of the most important cities in the first millennium BC of the Ionian Federation and this was the birthplace of epic poet Homer, who was thought to have lived here around the 8th century BC. The Aeolians, the first Greek settlers, were finally taken over by the Ionians, and Lydian conquest of the city around 600 BC brought this golden age to an end. throughout the Lydian and subsequent sixth century BC Persian rule, Smyrna was little more than a village and a new city was built on the slopes of Mt. Pagos (Kadifekale) in the fourth century BC during the reign of Alexander the Great.

Alexander’s generals followed his wishes after his death and rebuilt Smyrna on Mount Pagos in Kadifekale, and the city then prospered under the Roman period beginning in the first century BC which was its second great era. In 178 AD, The city was destroyed by an earthquake but later renovated and became a major commercial port. After the Byzantine rule, the city had a tumultuous time under the Crusaders, Arabs, Seljuks and Mongols, until Sultan Mehmed Çelebi integrated it into the Ottoman Empire in 1415. Despite its frequent earthquakes, Suleiman, the magnificent made Smyrna into a flourishing and sophisticated city with a huge trading center. Smyrna became one of the earliest centers of Christianity which is revealed by both Revelation and the Martyrdom of Polycarp. They indicate that the Jewish community existed in Smyrna as early as the 1st and 2nd centuries AD.

Following World War I and the defeat of the Ottoman Empire, The city earned its fame as one of the most important port cities of the world. The majority of its population was Greek but merchants of French, Italian, Dutch, Armenian, Sephardi and Jewish origins transformed the city into a cosmopolitan portal of trade. At the moment, Izmir is Turkey's third largest city and is nicknamed "the pearl of Aegean."

How to get in?

The Izmir Adnan Menderes Airport is located 16 km south of the city center, has several daily flights to Istanbul, Antalya and Ankara. Named after former Turkish Prime Minister, Adnan Mendes, It is ranked fourth in terms of total number of passenger traffic. The fastest way to get to Izmir airport is via the airport shuttle bus which is available every 20, 45 and 60 minutes from the Turkish Airlines offices. The airport has regular flights from many European cities and Iz Air is a local carrier operating out of Adnan Menderes airport and offers many domestic connections.

Izmir has two railway stations: Basmane (built in 1876) in the city centre is the major terminal for intercity trains, and Alsancak, built in 1858, in the north is mostly a commuter and local route. Travelling to Izmir through ferry is fun, not expensive and of course faster than take the local bus that will probably stuck in the traffic for hours. The ferry from Izmir- Istanbul (19 hours), operate at weekends, and one or two weekly ferries between Izmir and Venice (67 hours). All ferries harbor at the Alsancak Ferry Terminal, 2km north of the city center.

The bus station, or otogar, is 6km north east of town in a huge building. Visitors can go to bus station by taxi (around 15 TL to the center) but every company has free mini shuttle buses for the city every 30’.

Bodrum-Izmir costs 20 TL (12euro) and takes 4 hours
Marmaris-Izmir costs 22TL (13 euro) and takes 4.5 hours
Istanbul-Izmir costs 40 TL (22 euro) and takes 10 hours

Climate of Izmir
The climate of Izmir can be easily distinguished by its lengthy, sunny summer months and mild, winter weather. Temperatures in Izmir regularly exceed 30°C between June and August and can often top 35°C / 95°F. Meanwhile, the added humidity levels can make the climate feel even hotter. The winter climate can be quite temperate, while often rather wet, majority of the annual precipitation tending to fall between November and March. Snowy weather will make rare appearances in January or February although it is extremely unusual in Izmir. When the climate is pleasantly warm and dry, many tourists favor visiting Izmir during the spring and the crowds are fairly light. The summer temperatures will start to manifest in Izmir by the end of May and soon begin to exceed 25°C. Sunbathers set to throng the beaches of Izmir by the end of May, and the surrounding waters of the Aegean Sea quickly warm up and lend themselves to swimming.

Many outdoor events take place around Izmir Throughout the summer season, with open-air concerts taking full advantage of the pleasant evenings and abundant tourists. The summer heat lasts well into the year and both September and October see plenty of sunny weather and reliable temperatures.

• The average temperature in Izmir, Turkey is 17.5 °C and the average temperature range is 18.5 °C.
• The highest monthly average temperature is 33 °C in July & August.
• January & February recorded The lowest monthly average temperature 5 °C
• Izmir's climate receives an average of 58 mm per month and 695 mm of rainfall per year
• There are nearly 70 days per year with more than 0.1 mm (0.004 in) of rainfall (precipitation) or 5.8 days of rainfall per month.
• July & August has the driest weather when an average of 3 mm (0.1 in) of rainfall (precipitation) occurs.
• The rainiest weather is in January & December when an average of 141 mm (5.6 in) of rainfall occurs.
• Average monthly relative humidity ranges from 49% in July & August to 72% in January & December whereas yearly average is 61.7%
• Average sunlight hours in Izmir vary between 4.0 hours per day in January and 12.5 hours per day in July.
• With an average of 8.2 hours of sunlight per day, there is an average of 3008 hours of sunlight per year.
• There is an average of 10 days per year with frost in Izmir and in January there is an average of 3 days with frost.

Izmir Tourist Attractions

Konak Square (Konak Meydani) and Clock Tower

The Konak Square earned its name after the Turkish Ottoman government mansion known as the 'hukumet konagi' and it is a open traffic-free public plaza and. the landscaped cactus garden is the surprising feature in the Konak Aquare, while the historical clock tower was donated to Izmir by Sultan Abdul Hamit II. The clock tower has four fountains surrounding the base with ornate and oriental in style as well as a number of mature palm trees provide a Mediterranean flavor around the square, it is great place for tourists to visit in the evenings.

Open: daily - 24 hours
Admission: free

Agora of Smyrna / Agora Open Air Museum

The Agora was completely reconstructed by Marcus Aurelius, the Roman emperor of the time, following serious earthquake damage in the 2nd century. The Agora of Smyrna remains in a very good state of repair, despite its considerable age, with many Colonnades of stone Corinthian columns still standing today and providing a clear indication of how a Roman bazaar once appeared. A Muslim cemetery surrounds the ancient landmarks being dotted around the perimeter. The Agora is easy to find and with free brochures ensuring that you will make the very most of your visit.

Open: daily - 08:00 to 17:00
Admission: free

Kordon

Beside the Alsancak docks and to the south of the Konak Meydani, The Kordon is located and it has become something of a famous local waterfront landmark. The Kordon is the perfect place for an evening stroll and carriage ride onboard a traditional Turkish 'phaeton', to simply watch the bay front activity or the sun set.

Open: daily - 24 hours
Admission: free

Kadifekale Castle

The ruined Kadifekale Castle (literally "the velvet castle" in Turkish) is the name of the hill and of the castle situated on top of the same hill in İzmir, Turkey. The castle is located south of Konak square 2 kilometers away from the seashore and it offers breathtaking panoramas across the urban cityscape. These ancient fortifications crown the hilltop and are connected by frequent buses. There's a lovely cafe inside the castle walls and a small market where women sell handmade souvenirs such as bracelets, necklaces and rugs.

Open: daily
Admission: free

Izmir Tourist Beaches

Izmir has much to offer in the way of naturally formed beaches, secluded bays and coastal attractions as it is located on the north-westerly shoreline of Turkey and the Aegean Sea. Many beaches really are just a short distance from the actual city centre, with the most popular offering a good selection of facilities. Alaçatı is a unique Aegean town on the western coast of Turkey and it is popular for windsurfing and kitesurfing, with its crystal clear water, consistent and steady wind as well as well acclaimed Turkish hospitality. Ilıca is historically a retreat for wealthy people during summer holidays and also it is a popular destination for many. It has natural hot water springs and Ilıca also has a golden beach, approximately 1.5 km long and favorable wind condition. Çeşmealtı is 36 km. away from Izmir, is a lively and natural center of tourism with long beaches which stretch from Çeşmealtı to Içmeler. The Akkum Beaches in Sığacık holiday local are 5 km. away from the district of Seferihisar and it is a beautiful holiday and recreation center with its clear sea and glittering sand.

Izmir Dining

The definite Aegean and Mediterranean climate as well as warm year-round climate of the Izmir region influences the local vegetation and tropical local produce is in abundance. Many of the city restaurants frequently make use of the abundant melons and other fruit grown nearby. Anafartalar Caddesi market is an excellent source of fruit and vegetables, along with spicy pastries and freshly baked bread.

Within the Alsancak area of Izmir, There is a definite cluster of bars and eateries located and these are often to be found within historical Greek and Turkish houses. Seafood is the speiality of cities restaurants and menus regularly include sea bass and sole, which tend to be served grilled. The Ataturk Caddesi has a number of very popular seafood restaurants serving dishes such as 'tuza balik' (a fish baked in a large block of salt) and Shish kebabs (kebaps). Traditional Turkish 'koftes' (meatballs), 'piyas' (white beans with onion and lemon juice), 'tarhana' soup (made with sun-dried tomatoes and yoghurt), 'keskek' (boiled meat and wheat), 'boyoz' pasties, and 'kumru' sandwiches are also worth tasting in Izmir restaurants.

Izmir Shopping

Those who enjoy spending time in shopping, then Izmir is certainly the place for them, Although Izmir is filled with a wealth of incredibly historic attractions and beautiful buildings, it is the city's shopping scene that most impresses many a visitor. The city of Izmir is certainly a shopping haven, with colorful and other rather hectic open-air markets.

Turkish carpets, hand-woven rugs, all kinds of fabrics, Kilim rugs, and leather ware of an exceptional quality, gold and silver jewellery and boxes of tasty Turkish delight sweets (Lokum) are popular purchases when tourists visit Izmir. The Kizlaragasi Han market offers everything from jewellery, souvenirs, ceramics and antiques and of course confectionary. Konak Pier, which is just few minutes walk from the Clock Tower, has a very traditional shopping vibe to be found around. The Karsiyaka Carsi shopping centre is close to the Karsiyaka Pier and it features a truly excellent selection of local stores which makes it a very busy part of the city.

High rental yields in Turkish properties

Turkish Hotels Federation Official figures have revealed that there is massive rise in rental accommodation in a Turkish tourist destination this year. TurkishPress.com has reported that Occupancy rates in Antalya rose by 20 per cent over the Easter holiday.

Ahmet Barut, president of Turkish Hotels Federation has predicted further growth rest of the year. He said that during the Easter tide, Antalya attracted people from European countries like Spain, Switzerland and central Europe. He also stated that Turkish appeal will get extended to Eastern Europe in 2008.

Turkey is on the threshold of becoming most popular destinations for eastern Europeans due to the low entry costs they provide for investors in terms of getting on to the property ladder.TurkishPress.com cited Turkish Statistical Institute statistics showing that in last 2 months turkey has attracted over 280,000 people from Eastern Europe.

The rental returns in turkey are getting better every year. They are sufficient to cover mortgage repayments. Rental Yields for apartments and single-family homes in Istanbul and Ankara are currently around ten per cent, and it is anticipated that in the next few years will see a very profitable buy-to-let boom in Turkey's major cities.

This comes after the Turkish Daily News quoted Alaaddin Yuksel, governor of Antalya, as saying that he hopes Antalya province itself will attract ten million visitors this year which was eight million in 2007. Figures from the Turkish Board of Statistics revealed that the country is attracting tourists from a number of countries. This means that Turkey boasts higher occupancy rates and healthy rental yields.

Turkey become popular destination for Eastern Europeans

Turkey is becoming the most popular destinations for eastern Europeans due to the low entry costs they provide for investors in terms of getting on to the property ladder.

TurkishPress.com cited Turkish Statistical Institute statistics showing that in last 2 months turkey has attracted over 280,000 people from Eastern Europe which is more than 2 percent when comparing the same period last year.

The aesthetic beauty of the costal areas blended with a rich history and a hospitable atmosphere makes Turkey appeal to Europeans and particularly eastern Europeans recently. The official figures states that nearly 140,000 Bulgarian nationals chose to take a holiday in turkey during winter months and they were only fractionally behind German tourists to visit Turkey in 2008

The Turkish government initial target is to boost tourism from 20 million to 25 million in 2008 and also aims to double the annual number of foreign tourists from 23 million to 50 million in the next 15 years.

The government's initiatives to boost tourism are anticipated to increase interest from foreign property buyers. The BuyAssociation states that Turkey's growing holidaymaking appeal is making it very attractive to but -to-let investors.

Golf tourism boosts property investment in turkey

Overseas investor who wants to buy property in Turkey has different needs and requirements, and Turkey fulfills their requirements and ensures excellent investment potential. Now golf properties are gaining momentum in turkey due to large influx of golf fans and investment in golf properties.

NuBricks.com states that an 18-hole course is being built in Bodrum as part of a complex which includes hotel and about 4,000 villas. The website believes that the development which features shopping facilities and all other amenities will not only attract golfers but also new investors.

NuBricks.com revealed that Turkey golf tourism has extended its appeal beyond the golfers and the increase in the number of tourists visiting turkey made this as an investment zone with very high potentials for holiday makers and investors alike.

The website added that investment interest in the Bodrum is likely to shoot up as the new infrastructure facilities will boost the appeal of Bodrum. The rental market is already booming with increase in number of tourists. The anticipated increase in prices has created the potential for investors to enjoy a high capital growth

John Howell of the International Law Partnership admired Turkey for proving its credibility as excellent atmosphere for second home buyers.

Purchase a Turkish island

Daily Hürriyet reported about the summer holiday trends research done by Turizm Haber, publisher in the tourism sector. The active holiday's market assessment suggests that number of luxury vacations in Far East has increased to cater for the property investors and purchase of private islands is the new trend in Turkey and Bahamas. Recently four islands were announced for sale in Turkey.

Ayvalık Islands are the group of islands around Ayvalık district of Turkey and four years ago, Cicek Island in Ayvalik, roughly 400,000 square meters in size, originally priced YTL 7.8 million which is approx. £2.5m and due to lack of interest the price was lowered to YTL 6.8 million. Recently the owner of the island declared that this island is for sale, this time for $11 million. The rising prices Turkish property market means buyers are seeing an excellent return on their investment.

Three more Turkish Aegean islands were announced for sale.

Garip Island in Izmir Bademli Bay is for $25 million.
Kstas Island near Gokova of 56,000 square meters costs $ 5.5 million.
Tavsan Island near Bozcaada, which is 980,000 square meters, costs $10 million

73,000 foreign nationals own Turkey properties

A report in Today's Zaman stated that Turkey has grown in popularity and has become one of the main destinations for overseas property purchasers looking for an affordable second home in the sun and according to official figures more than 73,000 foreign nationals now own a property in Turkey

Turkey’s popularity is being attributed to an ever improving economy, magnificent climate, and extremely cheap property prices. Majority of overseas investors were found to have invested in Antalya, whereas Mugla and Istanbul are highlighted as other popular locations. Turkish daily news reported that Antalya graph could be set to increase after the new airport in Gazipasa is opened. This has triggered the investment boom and Government also plans to develop Antalya into a year-round holiday destination.

Figures from the Turkish Board of Statistics revealed that the country had attracted visitors from a number of countries. The country is also becoming popular destination for people in Eastern Europe. Today's Zaman commented that the highest demand comes from Germans and Brits. This means that Turkey should also benefit from higher occupancy rates and healthy rental yields.

Turkish real estate gets trendy with ice rinks

Construction of different and entertaining social facilities in housing projects has become inevitable as there is stiff Competition among real estate firms in turkey.

The customary facilities like well maintained swimming pools, tennis courts and social clubs as standard for their customers are available in all developments. Real estate firms have begun to introduce new alternatives like golf courts, landing runways for helicopters, spectacular observatories, botanic gardens and orchards been designed to fit in their properties naturally to outshine their rivals.

Popularity of television ice skating shows has made Ice skating rinks as latest favorite of real estate firms. Five projects with ice rinks are already constructed in Istanbul so far, and the number is anticipated to catapult this year. These projects include Meritlife Kent in Istanbul's Sarıgazi by A-Z Yapı, Flora Residence in Kozyatağı by Abka Yapı and Eltes Gold Residence by Ağaoğlu,Tulip Turkuaz in Bahçeşehir by Tulip Gayrimenkul and Olimpiakent in Halkalı by Soyak.

Ankara Ice Rink and Kocaeli Municipality Olympic Ice Rink are the two main ice rinks of turkey besides 15 smaller ones, and they are expected to increase this year. The popularity of television skating shows had a domino effect as it increased ice rink customers by 30 % and this had positive impact on the developers to build ice rinks in their new projects. The ice skating rinks is popular among youngsters and properties with ice skating rinks attracts families with children.

TOKI to build Spanish model villas and holiday villages

Turkish Finance Ministry and Housing Development Administration of Turkey (TOKI) has launched a new project for the construction of vacation properties to foreigners.

Finance Minister Kemal Unakıtan said that this project is patterned after the Spanish model and this is signed between the Finance Ministry and TOKİ. Treasury's real estates were allocated to TOKI free of charge and they will construct villas and holiday villages.

The protocol foresees construction of vacation properties for foreigners in various coastal areas. The sites will feature recreation facilities, health centers, gardens and pools, tennis courts and golf courses.

Officials said that they were aiming to build high quality properties of limited height decorated to high specification with large gardens and green spaces similar to the construction in Malaga region of Spain.

Already 3 to 4 Private constructions companies from Spain were offered to build the Spanish model in Turkey .TOKİ will directly monitor the construction process.

Sources revealed that project which is primarily constructed for foreigners will be available for Turkish citizens as well.