How to Choose a Developer in Turkey (and Well-Known Developers)

November 18, 2016Updated September 30, 20267 min read

The safest way to choose a developer in Turkey is to judge the company by what it has already delivered and by the documents behind the project you want: a valid building permit, clean land title, an occupancy permit (İskan) for finished buildings, and, for off-plan homes, the guarantees Turkish consumer law requires. A famous brand name helps, but it does not replace these checks. This guide explains how to run them, then gives short, factual notes on some well-known Turkish developers.

Why the Developer Matters More Than the Brochure

Most foreign buyers in Istanbul buy new-build homes, often before the building is finished. When you buy off-plan, you are lending the developer your money until handover. If the developer runs into financial trouble, the project can stop for years.

This has happened even with large, well-publicised projects. The Eston Deniz project in Beylikdüzü–Yakuplu, for example, passed to the Savings Deposit Insurance Fund (TMSF) after its developer's financial problems. Keleşoğlu Holding bought it from the TMSF for USD 75 million and continued it under the name Deniz İstanbul. Work continued under the new owner, but buyers who had paid early went through a long period of uncertainty. Checking the developer first is how you reduce that risk.

Seven Checks Before You Pay a Deposit

1. Track record of delivered projects

Ask for a list of the developer's completed projects, not only the ones being sold now. Visit at least one finished project if you can: look at the quality of common areas, how the site is managed, and whether residents are satisfied. A developer that has delivered several projects on time is a lower risk than one selling its first.

2. Occupancy permit (İskan) for finished buildings

A completed building should have a yapı kullanma izin belgesi, known as İskan. It is issued by the municipality once the building matches its approved plans. Without it, the title deed usually stays as kat irtifakı (construction servitude) instead of full kat mülkiyeti (condominium ownership), and utility connections can be harder. See our guide to the link between İskan and Kat Mülkiyeti Tapu.

3. Building permit and land title for off-plan projects

Under Turkey's Regulation on Pre-Paid Housing Sales, a developer cannot sign an off-plan sales contract with a consumer before obtaining a building permit (yapı ruhsatı). Ask to see it. Also ask who owns the land: the developer itself, a landowner under a revenue-sharing or flat-for-land deal, or a public body such as Emlak Konut. The land title should be free of mortgages or seizures that could affect your unit, or the contract should explain how they will be lifted.

4. Guarantees for off-plan sales

For projects with 30 or more homes, the same regulation requires the seller to provide a guarantee before starting sales, such as building completion insurance, a bank letter of guarantee, a progress-payment (hakediş) system or a linked mortgage structure. Ask which one applies to your project and get it in writing.

The regulation also gives consumer buyers:

a 14-day right of withdrawal after signing, without giving a reason;
a maximum delivery period of 48 months from the contract date;
a right to cancel within the first 24 months, with the compensation owed to the seller capped at a small percentage of the price (the cap rises with time).

5. Financial standing

Private developers rarely publish accounts, so look for signs of strength: how many projects they are building at once, whether earlier phases were delivered, whether banks offer mortgages on the project, and whether the company has been in the news for debt restructuring. Developers listed on Borsa Istanbul, usually as real estate investment trusts (GYOs), must publish financial statements and material events on the Public Disclosure Platform (KAP), which makes them more transparent.

6. The contract

Read the full sales contract before paying anything beyond a small reservation fee. It should state:

the exact unit (block, floor, door number) and its net and gross area in square metres (see gross vs net square metres);
the total price, the currency and the payment schedule;
the delivery date and the penalty if it is missed;
what is included (kitchen, appliances, parking, storage);
who pays the title deed fee, VAT and the monthly maintenance fee.

A sworn translation or a lawyer's review is money well spent. See do you need a lawyer to buy a house in Turkey?

7. Price and valuation

When a foreigner buys, a valuation report by a licensed appraiser is required before the title deed transfer. It is a useful check that the price you agreed is in line with the market. More on this in our valuation report guide.

Well-Known Developers in Turkey

The list below is not a ranking. It describes what each organisation is, using public information. A well-known name is a good starting point, but every project still needs the checks above.

Public bodies

Organisation	What it is
TOKİ (Toplu Konut İdaresi)	The state Housing Development Administration, set up under the Mass Housing Law of 1984 and attached to the Ministry of Environment, Urbanisation and Climate Change. Its main role is social and mass housing, under its own eligibility rules.
Emlak Konut GYO (EKGYO)	A real estate investment trust listed on Borsa Istanbul. TOKİ holds about 49.4% of its shares, according to the company's published ownership structure. It develops mixed-use and residential projects, often with private contractors on its land. Read our Emlak Konut guide.

Developers listed on Borsa Istanbul

These companies are real estate investment trusts included in the BIST Real Estate Investment Trusts index (XGMYO). How much of their portfolio is residential varies from company to company; check each one's projects and KAP disclosures.

Company	Ticker	Note
Sinpaş GYO	SNGYO	Sinpaş was founded in Ankara in 1974; its GYO has been listed since 2007.
Nurol GYO	NUGYO	Real estate investment trust.
Torunlar GYO	TRGYO	Real estate investment trust.
Kiler GYO	KLGYO	Real estate investment trust.
İş GYO	ISGYO	Real estate investment trust.
Özak GYO	OZKGY	Real estate investment trust.

Being listed does not guarantee that a project will be delivered on time, but it does mean the company's finances and major events are public.

Private developers

Many of the homes sold to foreigners in Istanbul are built by private family companies that are not listed. Names that have been active for many years include Keleşoğlu, Ağaoğlu, Özyurtlar, Eroğlu, Bakırcı and many others, each with a different profile and record. For these companies, the track record, the permits and the contract are what matter; ask for them in the same way.

What This Means for Buyers

Judge the developer and the project together: a strong company can still have a weak project, and the reverse.
For a finished home, ask for the İskan and a kat mülkiyeti title deed.
For an off-plan home, ask for the building permit, the guarantee type and a contract with a clear delivery date and penalty.
Prefer developers with delivered projects you can visit.
If you plan to apply for Turkish citizenship, check before you sign that the property and its title deed can meet the USD 400,000 requirement and carry the three-year no-sale annotation.

CCT Investments works with developers across Istanbul and can collect these documents for you before you commit. New-build buyers pay no commission to us, because the developer pays our fee, and project visits and title deed follow-up are free. Start with our buyer guide or contact us.