Turkey's Environment and Urban Planning Minister Erdogan Bayraktar gave details with respect to the country's real estate that were sold to foreigners, reported News.am recalling to Milliyet daily of Turkey. Also, the minister made an interesting announcement, and informed that Turkish real estate was sold to two citizens of Armenia, as well. To note, that it became possible only after a new democratic law, which was accepted in May last year. Last law not only forbade foreigners to buy property in Turkey, but also limits the possibility of its own citizens.

Turkey's Teknopark Istanbul, a hub of research and development efforts similar to the Silicon Valley but for the country's defense and related industries, will be completed in 8-10 years, reported the Hurrietdaily. After construction it will generate nearly US$ 10 billion for Turkey's economy annually. Teknopark Istanbul will operate a 750 thousand square meter indoor space at Sabiha Gokcen Airport, east of Istanbul, accommodating more than 30 thousand people and targeting US$ 10 billion in defense and nondefense business annually, to become one of Europe's largest technology parks. The site will bring together companies and many universities in Istanbul, targeting strategic fields like aviation, maritime, electronics, information technology, nanotechnology, energy and automotive, biotechnologies, automation systems and robot technologies. Its major shareholders are the Under secretariat for Defense Industries (SSM), with a 45 percent stake, and the Istanbul Chamber of Commerce (?TO), with a 40 percent stake. Construction work began late last year, when Science, Industry and Technology Minister Nihat Ergun and SSM chief Murad Bayar laid its foundation. Currently there are 37 teknoparks in Turkey, which include 1200 companies.

Azerbaijan and Turkey yesterday signed an inter-governmental agreement in Istanbul on construction of Trans Anatolian Pipeline (TANAP). Turkey's Prime Minister Recep Tayyip Erdogan and the President of Azerbaijan Ilham Aliyev participated in the signing ceremony. The new pipeline will carry up to 16 billion cubic meters gas a year from Azerbaijan's Shah Deniz gas field through Turkey as far as its European borders. The project is in direct competition with the multinational Nabucco pipeline project sponsored by a consortium that includes OMV and RWE and is baked by the European Commission, Russian Nezavisimaya Gazeta writes. The founders of the new consortium are Azerbaijani State Oil Company with 80 percent shares, Turkish Botas oil state gas company and Turkiye Petrolleri Oil Company with 20 percent shares. In future other international oil-gas companies also may join the consortium. "We are going to solve all the issues connected with the project and without losing time pass to the construction works so that the new pipeline be ready by 2017," Rovnag Abdulayev, chairman of the Azerbaijani state oil company said. 2000 kilometers long new pipeline starts from Azerbaijan and stretches to either Greece or Bulgarian border through Turkey's territory. The first phase of the gas pipeline construction is said to cost US$ 7-8 billion.

According to Turkishnews, a new eco-friendly region plans to be built in Istanbul. A new project was named "The Yenisehir", which in Turkish means "The new city". The eco-region design was made by reputed American architect Sidney Rasekh, a founder of Urban Green Global architectural company.40 thousand hectares of land near the northern coast of Black Sea has been allocated under the construction. The new region basic concept is ecology. "The Yenisehir" should be an eco-friendly: here will be taken into account and minimized the adverse effects of such environmental factors as an unwise energy, water and food expenditure, air pollution by carbon dioxide and methane and water pollution. According to preliminary information, "The Yenisehir" will include 10 villages with population about 1 million. The eco-city will house an Olympic Village with 700 hectares total area, 2 universities and a medical center, a new airport, with 3.5 thousand hectares total area, which will reduce the workload of the Ataturk Airport.

As reported hurriyetdailynews, Turkey's Parliament has approved a law that eases restrictions on the sale of land and real estate to foreign citizens and firms despite harsh objections from opposition parties. The bill, approved late May 3, most notably removes the condition of reciprocity and increases the total amount of real property that a foreigner can own from 25,000 square meters to 300,000 square meters in all of Turkey. "Countries that allow foreign [real estate] purchases without requiring reciprocity are the world's strongest countries in terms of economy and democracy," Environment and Urban Affairs Minister Erdo?an Bayraktar said during the debate in Parliament. The reciprocity principle means a foreign citizen or firm is allowed to obtain property only if a Turkish citizen or firm can do the same in that person's country of origin. Foreign nationals, legal entities, and local firms that are at least 50 percent owned by international enterprises will have the right to own real estate and limited real property rights in Turkey, according to the approved law. Under the new law, which needs presidential approval to take effect, the amount of property owned by foreigners in a given district cannot exceed 10 percent of the privcately owned real estate there. The total area of the property that a foreigner can own in the country is limited to 300,000 square meters, but the Cabinet is authorized to double that amount. Citizens of countries the Cabinet determines to be eligible will be able to acquire property in Turkey. The new law abolishes the requirement of approval from the Foreign Ministry for property sales to foreigners. The Cabinet is authorized to limit, prohibit or determine the places in which foreign individuals or companies from certain countries may acquire land and real rights in terms of amount, area, type, quality, ratio, period, or geographical region. Under the current law, foreigners can only possess residence and business sites. Commercial companies established in foreign countries will only be able to obtain real estate and limited rights under the scope of a special code, the law says. The purchase of property by foreign firms in military zones or special security areas would be subject to the permission of the General Staff and provincial governors, respectively. Foreign buyers of land would be required to present within two years the project for which the plot would be used. Once the relevant ministry approves the project, the local authorities would monitor whether it is completed in time. The main opposition Republican People's Party (CHP) has argued that some provisions in the bill are unconstitutional and signaled it may ask the Constitutional Court to scrap the legislation.