If direct property purchase feels too complex or illiquid, Turkish REITs (GYO — Gayrimenkul Yatırım Ortaklıkları) offer an accessible alternative listed on Borsa Istanbul.
The Main Turkish REITs
İş GYO: Backed by İş Bank, focused on commercial and mixed-use properties. One of the largest and most liquid.
Torunlar GYO: Specialises in shopping centres and retail-anchored mixed-use developments. Strong tenant roster.
Emlak Konut GYO: State-owned, focused on residential development in partnership with private contractors. Enormous scale.
Performance
In dollar terms, Turkish REITs underperformed direct property over 2019–2024 due to currency depreciation. In lira terms, returns have been strong. For investors already holding lira or with lira income streams, GYO exposure makes sense.
How to Invest
Foreign investors can open a Borsa Istanbul brokerage account via international brokers (Interactive Brokers supports Turkish equities). Some Turkish banks also offer brokerage accounts to non-residents.
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