Wealthy Turks invest in Turkish real estate
Forbes released its list of the 100 richest Turks last week, a day after the annual list of the world’s billionaires list was published.
Forbes found that 85 of the top 100 richest Turks hold investments in the property sector, a contrast to other countries where the rich tend to make their money by investing in the tech sector. Just 15 of Turkey’s top 100 invest in technology-related fields. Of the top 100, 83 individuals have investments in the energy sector, 54 in tourism and 46 in finance.
Of those who have made their wealth from construction projects include CEO of Torunlar GYO, Aziz Torun; the founder of Enka Holding, Sarik Tara; and the chairman of Agaoglu, Ali Agaoglu.
Turkey’s wealthiest families each have at least one hotel in Turkey and are included in the real estate tally of investors on Forbes’ list. The Forbes list detailed Turkey’s 33 billionaires, with the wealthiest being Murat Ulker, the chairman of Turkey’s largest food company Yildiz Holding.
Top spots for property investment
Turkey’s largest city has a population of 14 million and a firm reputation as an economic powerhouse. The transcontinental city has been one of the fastest-growing in the OECD, home to 20 percent of the country’s labour force responsible for 27 percent of the country’s GDP and 40 percent of the country’s revenue.
Thirty-seven billionaires live in Istanbul - the fifth highest number among the world’s cities.
Inner-city Istanbul property is divided into luxurious high-rise developments, and sumptuous old-world apartments. Real estate commands a high price - but offers untold returns. On the outskirts of the city, a number of new developments aimed at commuters is experiencing a high demand.
Dynamic Antalya is a seaside city on the Mediterranean south coast. It’s a hub for business, headquartering a number of large companies, and the gateway to the best of Turkey’s coastal resorts. An expanding population seeking to buy and rent property in Antalya in the city, coupled with the fact that space is at a premium due to the city’s geography, sandwiched as it is between coast and mountains, mean property prices are rising and will do so for years to come.
The best investment spot is Konyaalti Beach, a residential area right on the long sandy shore.
Turkey’s original tourist resort has reinvented itself as the playground for the world’s rich and famous. Some of the most moneyed people in the world choose to holiday in Bodrum, making it ripe for investment or purchasing a Bodrum home. A number of global chains have established luxury hotels on the peninsula, and a new marina development in Yalikavak has had a knock-on effect on property prices. Tourist numbers continue to rise in Bodrum, making this beautiful peninsula an attractive prospect for investors seeking to capitalise on the area’s popularity.