Turkey to restructure French suburbs

MIPIM, one of the world's biggest real estate fairs was officially opened yesterday in Cannes, France. Turkey has become the guest of honor at this year's MIPIM fair and represented by Deputy Prime Minister Ali Babacan. Environment and Urban Planning Minister Erdogan Bayraktar who couldn't attend to the MIPIM due to his illness said that France appealed for Turkey's help in regards to urban transformation in suburban areas. "France is eager to benefit from Turkey's experiences," said Bayraktar. He also noted that the rise in foreigners' attention in the wake of the Reciprocity Law demonstrates that Turkey has become a center of attraction. Stating that 11,000 real estates, including 8,000 houses, have been sold since the enactment of the Reciprocity Law, Bayraktar said, "We want to double these figures in 2013. In line with the Law, there have been substantial purchases both from the European and Middle Eastern countries. This situation shows that Turkey has become a center of attraction. Our work on the duration of residence permits is underway. We are trying to expand such durations to six months or one year, because those who come to our country want to stay for a longer period of time."