The Russian arm of a real estate agency is preparing to take a $1 billion (£500 million) dive into the Turkish property market. Turkish paper Hurriyet reports Alexander Blank, of Century 21 Gold, has said his company is planning to make the investment in the province of Antalya.

Quoted by the paper, Mr Blank said:

“We will have elite Russian people purchasing houses in Antalya. Real-estate marketing in Antalya is suitable for Russians because real estate prices are very high in Russia.”

His announcement comes days after the sale of Turkish property to foreigners restarted after the enactment of a new law. According to the Turkish Daily News, sales were first halted in April after the constitutional court had created a legal loophole with an annulment.

However, sales will not be able to officially change hands for three months and foreign property investors will have to get the permission of governor’s offices.

Century 21 is one of the world’s largest residential sales companies, with more than 8,400 independently-owned franchised broker offices across an international network.

Dubai-based developer Emaar is another foreign firm muscling in on the Turkish market, currently building and selling units at its Tuscan Valley Houses development near Istanbul.

UK property owners looking to sell up have slashed their asking prices by an average of £4,345 in the last month, according to a survey published on Monday. Other statistics from the report show this is a fall of 1.2 per cent in the last month, bringing the average property asking price to £239,564.

The figures from Right Move are included in the July edition of the firm’s house price index. It also says unsold stock has hit a new record level in spite of falling amounts of property coming on to the market.

Right Move commercial director Miles Shipside said:

“Sellers are finally recognising that they need to undercut their rivals from the outset, rather than testing the market and dropping prices later.

“It could be a lot better outcome to price aggressively and sell now, rather than accept a bigger reduction later as prices continue to fall.”

Right move said banks would have to loosen lending practises before sales started to go up again and added prices were also in danger of continuing to fall. The Financial Times recently reported homeowners on the continent have high hopes the value of the their homes will rise over the next five years even if the next 12 months see prices fall or hold firm.

The paper also said the British were revealed as the most gloomy when it came to the short-term, with 42 per cent expecting house prices to fall over the next 12 months.

Five premium plots in a Dubai golfing community backed by Tiger Woods are being offered up to property investors by developers Tatweer.

The firm said the five spaces include two luxury villa plots with lake views and two mansion plots, plus a “palace land” sprawling over 100,645 sq ft. Scheduled to be complete in September next year, Tiger Woods Dubai is a “private residential community and resort” which will include the Al Ruwaya golf course – designed by Woods.

Project director Abdulla Al Gurg said:

“Based on our phenomenal sales record and early success stories, we are offering this closed bid as a rare opportunity to own premium plots on the site.

“The grandeur and scale of the project is complemented by superior standards of quality, making Tiger Woods Dubai one of the most highly anticipated developments in the region.”

Shaping is in progress for the 7,800 yard, par 72 championship-quality course, while the hotel at the development will include 89 suites and 14 bungalows in sizes varying from 1,600-9,500 sq ft.

Tatweer is also behind Dubailand, one of the biggest leisure, entertainment and tourism destinations in the Middle East, and Dubai Healthcare City.