Europeans Flock to Turkey

Those who vacation at five-star hotels along the Aegean and Mediterranean coasts are buying houses in seashore towns and settling in.

Sales have increased because for a number of reasons: a law passed in July facilitates foreign purchase of Turkish real estate; positive governmental steps on the way to European integration, and property costs in vacation spots.

As of the start of the tourist season, 800 tourists own houses in the Alanya and Antalya resorts in the Mediterranean region. Century 21, an American real estate company, opened a branch in Kusadasi, a town in Izmir, and sold more than 50 villas to foreigners.

Foreigners along the Antalya coasts consist of German, Dutch, Irish and Scandinavian citizens while those along the Aegean coast are primarily British. The market revitalized when, a few months ago, Russians were given permission to own property in Turkey.

As of May 12, 2004, Germans own 10,795 homes in Turkey; the British, 4,010; and the Russians, 68.