Turkish real estate developer Tevfik Arif and US property mogul Donald Trump need no introduction. They are two of the world’s most successful businessmen who have made a fortune from real estate opportunities.
Arif’s Bayrock Group and Donald Trump have teamed up for several high-profile projects across America and Europe. They didn’t build something together on Turkish soil but have cashed lucrative real estate opportunities in the country.
What attracted these two real estate tycoons and several others to Turkey? And why should you consider investing in Turkish real estate? Let’s find out.
Bayrock Group’s Tevfik Arif Was A Pioneer In Turkish Real Estate Investment
The world knows Tevfik Arif as the founder of a luxury real estate development firm: the Bayrock Group. However, the story of his success and real estate journey started way before he founded Bayrock.
Arif started his career in the USSR’s Ministry of Commerce and Trade after completing his degree in International Relations from Moscow University. He served there for 17 long years and retired as the Deputy Director of the ministry’s hotel management department when the Soviet Union collapsed.
In 1991, Arif got briefly involved in the metal and mineral trading business and registered it as Specialty Chemicals Trading Company. Given his expertise, Trans World Group hired him for ground handling tasks of their natural resources business in Kazakhstan.
However, that stint was short-lived as Arif’s entrepreneurial spirit took over. He soon started looking for new business opportunities, eventually leading him to the Turkish real estate industry in 1993.
But he didn’t just stop at real estate. Arif got into energy trading, car dealerships, and the hotel industry. Basically, he recognized the importance and value of Turkish real estate and wisely put his money into profitable businesses.
One of his most notable assets in Turkish real estate is the Labada Hotel in Antalya. It’s a 5-star beach resort with amenities including bars, a sauna, a spa, a private beach, royal suites, and breathtaking views of the Mediterranean Sea.
After conquering Turkish real estate, it was time to go big, and that’s when he moved to the US and founded the Bayrock Group. Starting from small to medium-scale projects, Arif soon found himself rubbing shoulders with big guns when he moved Bayrock’s office to Trump Towers.
There, he met Donald Trump, who generously offered Trump SoHo’s development to Arif’s Bayrock Group. And the rest, as they say, is history!
Donald Trump Followed The Trend Of Investing In Real Estate In Turkey
Donald and Arif formed a long-standing professional relationship from there on.
The Bayrock Group completed its first mega project (Trump SoHo), and Arif announced himself in style to the US real estate market. The duo completed another remarkable project: the Trump International Hotel and Tower in Fort Lauderdale – a luxury condominium-hotel resort.
Additionally, Trump and Arif developed several other notable projects in Europe and America. But, the 2008 housing market crash and global financial crisis saw Donald and Arif’s professional relationship come to an abrupt end.
However, Donald had already seen Arif’s meteoric rise after the latter’s real estate endeavors in Turkey. So, it was only a matter of time before he followed suit and cashed in on the real estate opportunities in Turkey.
And that’s how Trump Towers Istanbul came into being. These constitute two luxurious conjoined towers. One is an office tower, and the other is a residential building with over 200 residences, a multiplex cinema, and a complete shopping mall featuring 80 shops.
Wealthy and influential business persons from the Middle East and Europe own several properties in these towers, which clearly indicates the high-end quality they offer.
And as expected, Trump made huge profits from these towers. In fact, he was so confident about the future of these towers that he decided to put his name on them.
Overall, Trump knew about the potential of the Turkish real estate market from Arif’s experience, and he cashed in on it handsomely!
But what attracts international investors to the Turkish real estate market?
What Attracts Donald Trump, Bayrock Group’s Tevfik Arif, and Other VIPs To Invest In Turkey?
Below are some of the reasons why property magnates and high-profile investors invest in Turkey:
1. Housing Is Cheap Compared To Other Countries:
Turkey’s cost of living is relatively low compared to other Western countries. For instance, a 3-bedroom apartment in Istanbul costs an average of $150,000. This is quite affordable when compared to prices in London and New York.
2. Lucrative ROI:
The return on investment in Turkey is quite high.
Since Turkish real estate isn’t yet fully developed, there’s a lot of potential for growth. This means investors can get both short and long-term gains.
One can’t say the same for other European regions.
3. A Simplified Buying Process:
The process of buying property in Turkey is quite simple and straightforward. The Turkish government has made serious efforts to ease the buying process and attract foreign investments.
4. Getting Turkish Nationality:
Foreign investors who buy a property worth $400,000 or more are eligible for Turkish citizenship. This is a major incentive for many investors from the Middle East and Europe.
Investors and wealthy individuals from these and other regions are always looking for citizenship and a second home in developed countries.
5. Turkey Is A Stable Country With A Strong Economy:
The Turkish economy is also quite strong. Turkey is among the top 20 largest economies (GDP rank) in the world and is projected to be one of the fastest-growing economies in the coming years.
All these factors make Turkey an attractive destination for foreign investors. And it’s no surprise that Donald Trump, Tevfik Arif, and other VIPs have invested in the Turkish real estate market.
