Language(s): Turkmen, Russian
Total Area: 488,100 km²
GDP (in million USD): 27,960
Turkmenistan, formerly also known as Turkmenia, is one of the Turkic states in Central Asia.Turkmenistan possesses the world's fifth largest reserves of natural gas.
The Turkmenistan Mejlis (parliament), approved and unanimously adopted the draft on a new housing code, an official Turkmen source announced. Adoption of this new legislative act is intended to promote the formation and development of housing market as one of the components of the new economic relations, the announcement says. The new document is about realizing the guaranteed right of citizens to housing and new forms of purchasing housing accommodation into ownership. It establishes regulations on management and exploitation of residential houses and their neighborhoods.
Provision of appropriate conditions for the realization of citizens' constitutional right to state support in the acquisition of comfortable housing accommodation, free independent access to their housing rights and creation of competition of services in access to housing market accommodation, legal protection of rights and other housing related rights and interests in legal contracts are the main tasks of the Housing code.
Turkmenistan allows land leases to foreigners, for any period. But the risks are high. Not least is the foreign exchange risk presented by Turkmenistan's currency, the Manat.