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    Spanish model for property sales to foreigners

    07.08.2006 - 14:29 | Son Güncelleme: 07.08.2006 - 14:29

    Turkish experts are studying the Spanish model for property sales to foreigners. To date, 62,486 foreigners purchased 57,472 properties in Turkey.

    Turkish Minister of Finance Kemal Unakitan and Minister of Culture and Tourism Atilla Koc were in Spain between July 28th-30th where they held discussions and meetings on the Spanish model for property sales to foreigners.

    After studying the Spanish model, Unakitan asked Turkish  bureaucrats to implement the Spanish model of property sales in Turkey. “Most of the residential properties in Spain are designed to be used as homes during the summer. Almost all properties are sold while the project is going on and has not been completed yet. Companies who are responsible for the marketing of the properties use small scale models of the properties in Germany, Britain, France and Holland. There are also sample residences used as scale models with exactly same dimensions as the actual residences. Once the sale is completed, construction of the residential unit takes place with credit obtained from a bank. Spain makes use of golf fields in the construction of private villas,” said Spanish sources.

    So far, Spanish real estate agents have sold around one million units of residences to foreigners at an average price of 178,000 Euro.57,472 residential units have been sold in Turkey to foreigners since the republic's establishment (in 1923). These residential units comprise a total of 178.9 million square meters. 83 percent of all sales to foreigners went to Syrians. 5.4 percent of all sales to foreigners went to Germans. And, 2.4 of all sales to foreigners went to the British.

    The number of residential properties sold in Turkey to foreigners, after the enactment of a new law on residential purchases on January 7th, 2006, has been 4605. Turkish bureaucrats are working on how the Spanish model may fully be implemented in the Turkish market.


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