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.

The New Jersey mansion that was the setting for Whitney Houston's well publicized drug problems and her tumultuous marriage to Bobby Brown is being sold with an asking price of US$ 1.75 million, reported The International Business Times. The property at 22 North Gate Road in Mendham Township, N.J., was first listed for US$ 2.5 million in 2009, but lingered in the post-recession market. The 1170 square meters mansion has five bedrooms, five bathrooms and a rounded facade, on five acres of land. It appeared in 2005 in the short-lived Bravo reality series "Being Bobby Brown" featuring the then-married couple. According to another publication Dailymail, the home itself is designed with an open plan layout in mind, with the dining room providing space for 12 people. The kitchen features white units and red tiling with a breakfast bar in the middle of the room, while the sumptuous bathroom boasts glass brick walls and a round bathtub. The living room features a skylight and floor to ceiling windows with an exposed brick wall, while the bedroom features an open plan layout with a bed on a raised platform in the centre. Outstanding features include curved window-walls, domed skylights, a gracefully flowing floor plan, and walk-out lower entertainment level allowing for contiguous enjoyment of superb tiered terraces and lawn.

Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, will be available as backdrops for filming and photographic shoots for as little as US 2.1 thousand (1.6 thousand euro) a day, reported The Guardian. Crisis-hit Athens has turned to the glory that was Greece to help its ruined economy. The debt-choked nation has taken the dramatic step of deciding to rent out the Acropolis and other antiquities, cultural gems until now considered too sacred to besmirch with commerce. Under a scheme revealed this week, foreign film crews, advertising agencies and other commercial enterprises will be allowed to photograph 5th century BC Periclean masterpieces, such as the Parthenon, in the hope that it will help boost the country's coffers and image abroad. Previously the country's Central Council of Archaeology, one of the nation's most powerful bodies, had steadfastly refused to grant access to the treasures for anything other than scientific research. Filming requests were either rebuffed or granted only in return for an astronomical fee. With professional photographers unable to access sites, international book publishers had stopped printing contemporary pictures. In its 2,500-year history the Acropolis has only ever been rented out for filming to Francis Ford Coppola and to Nia Vardalos, the Greek-American star of "My Big Fat Greek Wedding", for her sequel "My Life in Ruins". At the time Vardalos complained that she had spent "an awful lot of energy and time" trying to convince Greece that the move would be to its benefit. Forced to survive on a mere 0.7 percent of the national budget, the culture ministry hopes the fees will help boost its ability to look after monuments that have been badly hit by Greece's economic crisis. Lack of maintenance funds have meant that workers could only start building a new staircase in Delphi this week. But the culture ministry cautioned that the opening of sites would still be strictly controlled. All the revenues will be used by the ministry, whose funds have been cut by more than 30 percent since 2010.

Russian businessman Dmitry Rybolovlev bought the most expensive apartment in central New York for US$ 88 million, reported the New York Observer. It turns out, the most expensive home in the history of Manhattan real estate. Rybolovlev owned 10-room penthouse at 15 Central Park West in New York. The total area of apartment exceeding 626 square meters, besides this it's surrounding by terrace area over 190 square meters. According to New York Observer, former principal owner of the "Uralkali" was the 93rd richest person in the world with a net worth around US$ 9.5 billion. Were he to move in full-time, that would make him the fifth richest New Yorker, behind David Koch, Mayor Bloomberg, John Paulson and Ronald Perelman. This is not the first time a rich Russian has set real estate records this year. The current belt is held by Igor Krutoy, a Russian composer who paid US$ 48 million for a massive spread just across the park at the Plaza. The fertilizer kingpin is no stranger to staggering real estate. In 2008, he purchased Donald Trump's 3 thousand square meters Florida estate, Maison L'Amitie, for US$ 95 million. Photo gallery here.

According to news.am, in Armenia in the third quarter of this year were registered 3427 real estate transactions, 2.9 percent lower compared to the same period of last year. It should be noted, that 2403 or 68 percent of transactions were registered in the capital. In September the average price for 1 square meter in Yerevan was 256.5 thousand AMD or US$ 670 - 5.1 percent lower compared to the same period of last year. In Center district an average price for 1 square meter is 1.7 times higher than the average urban rate. The price for 1 square meter in down town is 436.2 thousand AMD or US$ 1172. The second "high price" district is Arabkir, where average price for 1 square meter is 337.9 thousand AMD or US$ 908. More affordable housing is available in such districts, as Avan, where the average apartment prices are 2 percent lower compared to the average urban rate. In Nor Nork and Ajapnyak districts average apartment prices are 13 percent lower than average capital rate. The lowest apartment prices are registered in Nubarashen district.