Turkish property investment law appeals to Russian elite

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.

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