June 2026
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Largest Real Estate Development Public Companies in Turkey
Benchmark revenue and EBITDA valuation multiples for public comps like
Kiler Holding, Torunlar GYO, Rönesans GYO, DAP GYO and Avrupakent GYO.
 | 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. | $2 | +28% | $3B | $3B | 14.6x | 25.0x | ||
| 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 | +47% | $2B | $2B | 6.0x | 5.8x | ||
| 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 | +44% | $1B | $2B | 6.3x | 3.8x | ||
| 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 | +15% | $611M | $638M | 3.7x | 11.2x | ||
| 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 | -14% | $496M | $416M | 2.7x | 6.9x | ||
| Median | $2 | +28% | $1B | $2B | 6.0x | 6.9x |
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