![Zeray GYO logo](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
October 2026
Largest Real Estate Development Public Companies in Turkey
Benchmark revenue and EBITDA valuation multiples for public comps like
Reysas GYO, Torunlar GYO, Ziraat GYO, Emlak Konut and Rönesans GYO.
 | Reysas Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust founded for investing and developing real estates in Turkey. It invests in real estates, capital market instruments based on real estates, real estate projects and rights based on real estates. The main focus of the company is the warehousing market. The company rents its warehouses for long terms in order to create continuous and stabile income from its portfolio. | $1 | +133% | $2B | $2B | 27.4x | 29.2x | ||
| Torunlar Gayrimenkul Yatirim Ortakligi AS is engaged in developing living centers, including shopping malls, residences, offices, and hotels, with a focus on people and their lives. Its objective is to invest in retail, residential, entertainment, and office real estate development projects. The group operates in all phases of project development and management, including fundraising, land acquisition, project financing, permitting, design, construction supervision, sales, and marketing. It also undertakes post-project activities such as tenant mix and rent management, rent restructuring, renovation and expansion work, and other activities aimed at maximizing visitor traffic, occupancy rates, and rental income in shopping malls. | $2 | +3% | $1.9B | $1.8B | 6.0x | 9.9x | ||
| ZIRAAT GAYRIMENKUL YATIRIM ORTAKLIGI AS is a real estate investment company. Its portfolio consists of under construction Istanbul International Finance Center Ziraat Towers project and office buildings. It diversifies its investment portfolio with hotel and housing investments. | $0 | -19% | $1.8B | $2B | 28.7x | - | ||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment trust. The company is engaged in the development and leasing of housing units in urban areas throughout Turkey. It focuses on executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. The vast majority of the company's total revenue is derived from revenue-sharing projects in which property income is shared between multiple contractors. | $0 | -4% | $1.5B | $2.5B | 1.2x | 4.3x | ||
| Ronesans Gayrimenkul Yatirim AS is a commercial real estate developer in Turkey. It develops and invests in shopping centers, offices, and mixed projects in different cities in Turkey. The company is also involved in the leasing and management of the real estate developed, through its subsidiaries. | $4 | +6% | $1.3B | $1.8B | 7.1x | 9.0x | ||
| Yeni Gimat Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust company based in Turkey. The assets of the company include Ankamall and CP Ankara. | $4 | +52% | $1B | $944M | 14.9x | - | ||
| Kiler Holding operates as an investment holding company. The firm, through its subsidiaries, focuses on investments in real estate, sugar production, energy resources, retail, healthcare, tourism, sugar production, and transportation industries. The company's segment includes Construction, Textile, Energy, and Insurance. | $0 | -92% | $760M | $962M | 4.8x | 9.9x | ||
| Adra Gayrimenkul Yatirim Ortakligi AS is a Turkey company based providing real estate services. The company has undertaken projects which are Adra Yali, Adra Yasam, Adra Edremit.. | $1 | -17% | $472M | $465M | 28.4x | 985.1x | ||
| Is Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust. The company is engaged in property investment, property-oriented capital market instruments and real estate projects. It develops office spaces and shopping center. | $0 | +12% | $432M | $445M | 7.0x | 17.1x | ||
| Avrupakent Gayrimenkul Yatirim Ortakligi is a company that has business activities in the fields of real estate development, rental and management. It contains valuable portfolios of the country with its shopping malls, residences and other real estate. It also develops projects and rents or sells operating real estate. | $1 | -27% | $408M | $398M | 2.9x | 15.3x | ||
| Ozak Gayrimenkul Yatirim Ortakligi is a Turkey-based Real Estate Investment Trust. It maintains its land and project development studies in Housing, Commercial, Tourism, and Merchandise areas. Some of the projects of the company include Hayat Tepe Suites, Ozak Hayat Tepe, Bulvar216 and 34 Portall. | $0 | -15% | $352M | $237M | 1.8x | 70.3x | ||
| Halk Gayrimenkul Yatirim Ortakligi AS is a Turkey-based Real Estate Investment Trust. It was established with the aim of investing in real estate and real estate projects and accelerating the change and improvement in the real estate market. The projects of the company include Halk Towers, Evora Izmir Project, Bizimtepe Aydos Project, and Park Dedeman Levent Hotel among others. | $0 | -7% | $316M | $653M | 1.6x | 10.4x | ||
| Pasifik Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. The company offers investment opportunities by expanding its real estate portfolio. Its projects include Center Ankara Project and Next Level Istanbul. | $0 | -43% | $244M | $583M | 93.4x | - | ||
| Sinpas Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust company. It is engaged in the development of various real estate projects to builds houses and commercial building under themed projects. The company invests in Istanbul, Ankara, Bursa, and Marmaris. Its projects portfolio includes GOKORMAN, QUEEN BOMONTI, MEYROLIFE, BURSA MODERN, ANKARA POLATI and ISTANBUL-BEYKOZ. | $0 | -53% | $220M | $583M | 5.4x | - | ||
| Akfen Gayrimenkul Yatirim Ortakligi is a real estate investment trust. The group's main operations and activities are investing in real estates, real estate projects, and real estate-based capital markets instruments and to create and develop a real estate portfolio. The group is mainly developing hotels with Ibis Hotel and Novotel trademarks and leasing the hotels to Tamaris Turizm A.S. It is organized geographically across three principal operating segments: Turkey, Northern Cyprus, and Russia. Geographically the company receives maximum revenue from Turkey. | $0 | -23% | $194M | $299M | 9.0x | - | ||
| Koray Gayrimenkul Yatirim Ortakligi AS is a real estate investment company. It is engaged in owning, managing, and developing commercial and residential projects such as office buildings, shopping malls, and residential communities. | $0 | +37% | $173M | $203M | ||||
| Dap Gayrimenkul Gelistirme Anonim Sirketi is engaged in the business of real estate sector. Its projects comprise residences, offices, trade and business centers, holiday resorts, hotels, schools, and private hospitals. | $0 | -81% | $173M | $199M | ||||
| Peker Gayrimenkul Yatirim Ortakligi AS operates as a real estate development company. In addition, the company invests in real estate and aviation sectors. | $0 | -87% | $164M | $243M | ||||
| Vakif GayriMenkul Yatirim Ortakligi AS is a real estate investment trust. The company invests in real estate, capital market instruments based on real estate, buildings, land, projects based on real estates, usufruct rights established on real estate and rental income. It leases and rents commercial and office buildings in Ankara and Istanbul. Its projects include Istanbul international finance center project, Bizimtepe aydos project, and maltepe housing project. | $0 | -28% | $148M | $142M | ||||
| Fuzul Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust that designs and develops residential projects. It operates a portfolio consisting of real estate, real estate projects, real estate-based rights, capital market instruments, and other assets. | $0 | -69% | $134M | $158M | ||||
| Asce Gayrimenkul Yatirim Ortakligi AS is engaged in the business of Construction Sector. The Company's projects are Asce Boutique, Asce Luxury, Asce Fatih, Asce Lighter and Asce Marmara. | $0 | -31% | $127M | $108M | ||||
| Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi AS is a real estate investment and development company in Turkey. It involves the purchase and sale of real estate such as offices, residences, business centers, shopping malls, hospitals, hotels, commercial warehouses, commercial parks and similar properties for the purpose of generating trading profit or rental income. Its portfolio consists of residential and commercial assets located in high-potential and developing areas of Istanbul, such as Atasehir, Cekmekoy, Sariyer, Umraniye, Bahcelievler, Basaksehir, and Uskudar. | $0 | -- | $123M | $79M | ||||
| Kiler Gayrimenkul Yatirim Ortakligi AS is a Turkey-based company which operates as a real estate investment trust. It is involved in Land Development, Project Development, Design, Planning, and Authorization Process and After Sales Services among others. | $0 | -45% | $117M | $132M | ||||
| Kizilbuk Gayrimenkul Yatrim Ortakligi AS is a real estate investment trust in Turkey. Its portfolio consist of Sinpas Kizilbuk Thermal Wellness Resort. | $0 | -76% | $110M | $206M | ||||
| Zeray Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. | $0 | -- | $96M | $112M | ||||
| AHES Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. It is operating in the real estate, construction, contracting and engineering sectors. The company offers an opportunity that opens the door to profitable investments in the future. | $0 | -59% | $91M | $70M | ||||
| Korfez Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. The company is engaged in residential and commercial properties. | $0 | -4% | $75M | $51M | ||||
| Marti Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. The company invests in real estates, capital market instruments based on real estates, real estate projects and property rights. | $0 | -44% | $69M | $90M | ||||
| Egeyapi Avrupa Gayrimenkul Yatirim Ortakligi AS is engaged in constructing and selling residences, workplaces and commercial establishments. The company also purchases lands and plots of land to construct buildings in return for flats on these or on plots and plots belonging to others, to invest in real estate and to develop various projects in real estate. | $0 | -49% | $68M | $77M | ||||
| Turker Proje Gayrimenkul ve Yatirim Gelistirme AS is a construction and real estate development company. It develops land and existing projects. Its portfolio consists of real estate, housing, business, office, shopping and entertainment centers, training centers, health complexes and hospitals, hotels, motels, holiday villages, marinas, restaurants. In addition, the firm rents properties. | $1 | -29% | $65M | $65M | ||||
| Sur Tatil Evleri Gayrimenkul Yatirim Ortakligi is a company that carries out all kinds of construction contracting works which is to construct and sell residences, workplaces and commercial buildings, also to purchase land and plots for one's own account, and to build buildings in return for flats on these or on lands belonging to others. | $0 | -66% | $64M | $64M | ||||
| Savur Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment company. It focuses on real estate investments, construction projects, and tourism operations, particularly owning and managing hotels in Istanbul's Historic Peninsula. Key projects include IV Kandilli residential project, located on the Kandilli hills, Ramada Istanbul Grand Bazaar, Hotel St. Sophia, Orientbank Hotel (Autograph Collection), and Orient Occident Hotel (Autograph Collection). | $0 | -- | $64M | $52M | ||||
| Bakirci Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. It offers a more corporate structure in the field of real estate development. | $0 | -- | $64M | $65M | ||||
| Adese Gayrimenkul Yatirim AS provides qualified lands and carries out the development, sale, rental and facility management of real estate projects such as housing, residences, offices, business centers, industrial centers and shopping centers. | $0 | -86% | $59M | $186M | ||||
| Nurol Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. Its main activities include creating the partnership portfolio, and changing it when necessary; distributing the risks involved; observing the stock exchange market. | $0 | -40% | $48M | $36M | ||||
| Bati Ege Gayrimenkul Yatirim Ortakligi AS is an investment company established to develop new investments in the real estate sector in Denizli and the entire Aegean Region. It has portfolio of projects which are Aquacity Denizli & Aquamall AVM. | $0 | -59% | $47M | $47M | ||||
| Luxera Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment trust engaged in the development of residential and commercial real estate projects. Its portfolio includes developments such as Luxera Residence, Luxera Meydan, Luxera Güneşli, Luxera Bahçelievler, Luxera Towers, Luxera Nevbahar, and Luxera Bahçe Port. | $0 | -- | $45M | $49M | ||||
| Mistral Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust. The company invests in real estate properties, real estate based capital market instruments, real estate projects and real estate based rights. | $0 | -33% | $39M | $34M | ||||
| Edip Gayrimenkul Yatirim Sanayi ve Ticaret AS is engaged in real estate investment, construction & development activities in Istanbul. The company's investment comprises 212 Instanbul Outlet, My Office 212, Otel 212 and Luleburgaz Tesisleri. | $1 | -32% | $36M | $57M | ||||
| Ozderici Gayrimenkul Yatirim Ortakligi AS is a Turkey-based real estate investment trust involved in the real estate development projects. The projects of the company include Nuvo Dragos, Zeytinburnu Akevler Siteleri, Akatlar Ozderici Bloklari, Yapi Kredi Plaza'da Ofis and Bayrampasa 5 Adet Is Merkezi. | $0 | -25% | $36M | $35M | ||||
| Ihlas Gayrimenkul Proje Gelistirme ve Ticaret AS is engaged in the real estate sector. Its project includes OurHouses 8; Marmara Houses 4 and OurHouses Guzelce. | $0 | -66% | $24M | $26M | ||||
| Yesil Yapi Endustrisi AS is involved in building housing and commercial developments in Turkey. Its project portfolio includes educational buildings, commercial centers, hotels, industrial plants, villas, hospitals and shopping malls and among others. | $0 | -77% | $22M | $22M | ||||
| Vera Konsept Gayrimenkul Yatirim Ortakligi AS is a real estate investment trust whose main field of activity is to carry out all kinds of architectural plans and project drawings and construction, contracting works. | $0 | -69% | $21M | $45M | ||||
| Osim Endustriyel Yatirimlar ve Isletme AS is an investment company. It provides investing for industrial construction projects in Turkey. | $0 | -59% | $20M | $28M | ||||
| Trend Gayrimenkul Yatirim Ortakligi AS is a real estate diversified company. The company's projects include real estate development or construction in various areas such as housing, residences and university buildings. | $0 | -72% | $12M | - | ||||
| Idealist Gayrimenkul Yatirim Ortakligi AS is engaged in the business of real estate investments and portfolio management. It is also involved in the sale, rental and leasing of residential buildings. | $0 | -47% | $7M | $16M | ||||
| Median | $0 | -40% | $114M | $132M | 7.0x | 8.0x |
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