Top 10 GYO Construction Companies in Turkey Ranked by Asset Growth (2020–2025)

Introduction

Turkey's construction sector is not just about cranes, concrete, and blueprints—it's a booming industry that fuels cities, economies, and long-term investments. Over the last decade, the country has witnessed a meteoric rise in real estate developments, from massive residential zones to high-tech business parks and sprawling mixed-use megaprojects. And leading the charge are Turkey's construction-focused GYO (Gayrimenkul Yatırım Ortaklığı) companies.

These are not your average builders. These GYOs are publicly traded real estate investment trusts that blend the strategy of development with the transparency of the stock market. What sets them apart is their ability to rapidly grow their asset base while delivering some of the most ambitious construction projects across Turkey.

In this deep-dive article, we rank the top 10 GYO construction companies in Turkey, based on their asset growth from 2020 to 2025. Whether you’re a curious investor, an industry analyst, or just someone interested in the future of urban Turkey, this list will give you the insight you need.

Understanding GYO in Construction

Not all GYOs are the same. Some focus purely on property management, while others take a more active role in the construction and development of real estate assets. The latter is our focus here—those GYOs that design, build, and own large-scale developments across residential, commercial, and infrastructure sectors.

So how does a construction GYO differ from a regular real estate developer?

GYO companies are publicly traded, meaning they are subject to high levels of financial transparency and governance.

They are regulated by the Capital Markets Board of Turkey (SPK), requiring at least 50% of their portfolio in real estate assets.

Unlike traditional developers, GYOs often retain ownership of built assets, generating ongoing rental or operational income rather than selling outright.

This structure creates a powerful model: build now, earn forever. Construction-based GYOs have become some of the most profitable and scalable real estate players in the Turkish market.

Why Asset Growth Is a Key Metric

Why do we rank these companies by asset growth instead of market cap or revenue?

Because asset growth tells the story of expansion, development capability, and long-term strength.

Here's why asset growth matters:

It reflects successful project delivery and completion.

Indicates a healthy balance between capital deployment and value creation.

Demonstrates the company’s ability to scale operations and secure high-value properties.

Signals investor trust, project pipeline strength, and market resilience.

In construction-based GYOs, asset growth often comes from:

Newly completed real estate entering the balance sheet

Strategic land banking and rezoning gains

Acquisition of existing income-generating properties

Value appreciation in developing districts

Think of asset growth as a health check for a construction GYO—it shows whether the company is building, scaling, and winning.

Overview of the Turkish Construction Market (2020–2025)

Turkey's construction industry between 2020 and 2025 has been nothing short of transformative. Despite macroeconomic hurdles such as high inflation, currency devaluation, and global disruptions like the COVID-19 pandemic, the construction sector has remained one of the engines of the Turkish economy.

From sprawling new urban centers to major infrastructure projects, real estate construction—especially by GYOs—has expanded in scale and sophistication. Let’s break down what fueled this momentum and how it shaped the asset portfolios of the top GYO construction companies.

Key Drivers of Growth

Urbanization: Over 75% of Turkey’s population now lives in urban areas, creating constant demand for housing, offices, and infrastructure. This demand has led to a construction boom, especially in cities like Istanbul, Ankara, Izmir, and Bursa.

Urban Transformation Projects: Driven by safety concerns about outdated buildings in earthquake-prone zones, Turkey initiated widespread “kentsel dönüşüm” (urban transformation). GYOs were central in redeveloping old districts into modern, high-rise communities.

Government Support: The government promoted construction through low-interest housing loans, public-private partnerships, and incentives for large-scale residential projects.

Foreign Investment: With the Turkish Lira depreciating, property in Turkey became more affordable for international buyers. Gulf investors and Europeans were especially active, fueling residential and commercial developments.

Megaprojects: Multi-billion-dollar ventures like the Istanbul Finance Center, Kanal Istanbul, and new airport-linked city zones offered massive opportunities for construction-focused GYOs to grow their asset base.

Challenges in the Sector

However, it wasn’t all smooth sailing:

Inflation & Currency Risk: Construction material costs surged, and imported goods became more expensive.

Labor Shortages: The pandemic and emigration led to shortages of skilled workers.

Permit & Regulatory Delays: Bureaucratic red tape slowed down approvals for zoning, land use, and construction.

Despite these hurdles, the GYOs with strong balance sheets, diversified projects, and public sector ties managed to grow significantly. These are the players we’ll rank in the next sections.

Methodology of Ranking

So, how did we select and rank the top 10 construction-focused GYO companies in Turkey by asset growth?

We used a combination of public financial data, official filings, and industry reports, ensuring that each company on this list meets high standards of transparency and performance.

Main Ranking Criteria:

Asset Growth (2020–2025)
Percentage increase in total assets (TRY) over the five-year period. This includes completed projects, new developments, and asset revaluations.

Total Asset Value (2025)
The size of the company's real estate portfolio in terms of total monetary value.

Construction Project Volume
Number and size of projects under development or completed during the review period.

Sector Diversification
Variety in project types (residential, commercial, logistics, hospitality, etc.)

Transparency and Financial Reporting
Availability of investor disclosures, annual reports, and KAP filings.

Sources of Information:

KAP (Public Disclosure Platform)

Borsa Istanbul (BIST) filings

Company annual and quarterly reports

SPK-approved investor presentations

Sector insights from Turkish Ministry of Environment, Urbanization and Climate Change

Now, let’s dive into the list—starting with the biggest name in the game.

1. Emlak Konut GYO

There’s no way to talk about construction and asset growth in Turkey without mentioning Emlak Konut GYO. This is the largest GYO in the country by far and acts almost like the national arm of urban development. It’s a powerhouse supported by TOKİ (Housing Development Administration of Turkey) and has developed everything from affordable housing complexes to landmark megaprojects.

Snapshot:

Founded: 2002 (roots go back to 1953)

Assets (2025): ₺240+ billion

Asset Growth (2020–2025): 87%

Major Projects Fueling Asset Growth:

Istanbul Finance Center Residences & Offices

Kayaşehir Residential Mega Complex

Maslak 1453 Urban Center

Gebze-Darıca Residential Transformation Zone

Emlak Konut’s asset base exploded over the past five years thanks to its deep involvement in urban transformation, backed by government-endorsed financing and zoning rights. Their focus on long-term retention of rental properties also means that every completed project directly adds to the company’s balance sheet.

They build at scale, using public-private partnerships to fast-track approvals and capitalize on high-demand regions. Plus, they’re leading in green building certification, ESG adoption, and digital transformation.

Why They Top the List:

Mega-scale developments across every major city

Strongest political and financial backing

Control over prime urban land

Long-term asset accumulation vs. sales-focused models

2. Torunlar GYO

Torunlar GYO stands as one of Turkey’s largest private-sector real estate developers, especially known for its construction of premium shopping malls, office towers, hotels, and mixed-use city projects. Unlike state-backed GYOs, Torunlar is a pure private construction and investment force that focuses heavily on commercial mega-projects.

Snapshot:

Founded: 1996

Assets (2025): ₺65+ billion

Asset Growth (2020–2025): 67%

Construction-Driven Expansion

Torunlar’s asset growth is fueled by massive mixed-use projects, many of which integrate retail, luxury housing, and office spaces into single mega complexes. Their developments often reshape entire districts and serve as new urban centers for business and lifestyle.

Flagship projects include:

Mall of Istanbul – Turkey’s most visited shopping and lifestyle complex

5th Levent Project – Massive urban housing and park project

TEMA Istanbul – Residential and lifestyle city within a city

Torun Center – High-rise mixed-use towers in Mecidiyeköy, Istanbul

Unique Construction Strategy

Torunlar builds for ownership, not just sale. Most of their commercial assets are retained and leased, contributing to stable long-term cash flows. In contrast to pure developers who sell off residential units, Torunlar's model allows them to grow their asset base while still profiting from recurring revenue.

Their approach also includes:

High-end construction standards

International architectural collaborations

Smart city integration in newer developments

Why They Rank So High

While Torunlar doesn’t benefit from government capital injections like Emlak Konut, their asset growth is purely organic, achieved through strategic land acquisitions and ultra-efficient construction pipelines. They’ve mastered the art of urban positioning—building where the future demand will be, not just where it already is.

For investors, they represent the pinnacle of private-sector construction REIT success in Turkey.

3. Halk GYO

Halk GYO is the real estate investment arm of Halkbank, one of Turkey’s largest public banks. With that comes access to funding, public sector tenders, and a portfolio geared toward residential, mixed-use, and urban renewal projects.

Snapshot:

Founded: 2010

Assets (2025): ₺35+ billion

Asset Growth (2020–2025): 90%

Construction Expansion Across Urban Hubs

Halk GYO has seen phenomenal asset growth in the last five years by participating in:

Government-sponsored residential projects

Public-private partnership (PPP) developments

Strategic land development initiatives across Ankara, Istanbul, and Izmir

Key developments include:

Halk Office Complex – Levent

Halk Residences – Bakırköy & Ataşehir

Halk GYO Erzurum Mixed-Use Development

The bank’s focus on national-level real estate demand and mid-income housing segments ensures that Halk GYO's construction projects always have a captive market. Their involvement in the Istanbul Financial Center is a strong signal of their future strategy: large-scale, state-aligned developments with recurring revenue potential.

Investor & Market Confidence

Because it’s backed by a top-tier bank, Halk GYO enjoys:

Lower financing costs

Priority in government-led housing schemes

Risk-sharing on larger, riskier construction projects

This combo of secure backing and strategic asset deployment puts them firmly in the top tier of GYO construction firms.

4. İş GYO

Backed by İşbank, Turkey’s oldest and most established private financial institution, İş GYO has positioned itself as a leader in premium office, retail, and residential developments. The company’s diversified real estate construction portfolio spans seven major Turkish cities and features iconic, high-traffic assets.

Snapshot:

Founded: 1999

Assets (2025): ₺40+ billion

Asset Growth (2020–2025): 60%

Construction-Led Asset Growth

İş GYO has a reputation for building high-quality, sustainable, and architecturally significant developments. Their growth model is built on:

Long-term land acquisitions in developing metro areas

Development of financial centers and tech hubs

A mix of residential and commercial builds designed for retention

Major projects include:

İş Towers (Levent) – A central business hub

Tuzla Technology Park – Industrial and office ecosystem

Manzara Adalar (Kartal) – Luxury waterfront housing

Ege Perla (Izmir) – Multi-tower coastal development

They have also embraced green construction standards, pursuing LEED certifications and sustainable construction practices that add to both value and desirability.

Diversified Asset Strength

Their portfolio includes:

Prime commercial office buildings

Retail and shopping centers

Residential housing units

Technology campuses and logistic zones

This balance helps İş GYO maintain steady cash flows while their construction efforts continue to expand their asset base.

5. Vakıf GYO

Vakıf GYO, aligned with VakıfBank, focuses on government-led urban development, social housing, and office space construction that supports Turkey’s public sector expansion efforts. Though not as flashy as some others, its slow and steady construction-led asset growth is worth paying attention to.

Snapshot:

Founded: 1996

Assets (2025): ₺30+ billion

Asset Growth (2020–2025): 70%

Urban Construction with Social Impact

Unlike many private GYOs, Vakıf GYO frequently works on projects with public benefits, including:

Affordable housing

Healthcare-linked residential zones

Projects in conjunction with urban renewal zones designated by the Ministry of Urbanization

Projects include:

Vakıf Pendik Residences

Basaksehir Medical City Residential Complex

Vakıf GYO Kartal Business Park

They also frequently partner on large-scale developments near public infrastructure (metro, hospitals, airports), increasing the long-term value of the assets they build and retain.

Sustainability & Smart Planning

Vakıf GYO places heavy emphasis on:

Energy-efficient construction

Building in line with Turkey’s 2030 Smart City agenda

Mixed-use developments in Tier-2 cities to boost asset appreciation

For investors, Vakıf GYO offers predictability, resilience, and strong government ties—ideal for those seeking exposure to long-term public sector infrastructure development.

6. Fuzul GYO

Fuzul GYO is a rising force in Turkey’s residential and commercial construction space. As part of the Fuzul Holding, which has deep roots in construction, automotive, and finance, Fuzul GYO is focused on developing high-density housing, modern business parks, and urban regeneration projects.

Snapshot:

Founded: 2019 (listed more recently)

Assets (2025): ₺8+ billion

Asset Growth (2020–2025): 120% – one of the highest on this list

Aggressive Construction Expansion

What makes Fuzul GYO stand out is its aggressive approach to urban transformation. The company is actively developing in high-growth regions like Başakşehir, Gaziosmanpaşa, and Kağıthane, where demand for modern housing is surging due to population growth and improved infrastructure.

Key projects driving asset growth:

Fuzul Başakşehir Residences

Fuzul TemPoint Project (mixed-use, commercial + residential)

Fuzul Haliç Business Hub

Fuzul GYO has become known for fast construction timelines, modern architecture, and competitive pricing—making their assets attractive for both homebuyers and investors.

Business Strategy

Unlike larger GYOs that focus heavily on rentals, Fuzul GYO balances build-and-hold with build-and-sell, allowing it to:

Fund new projects quickly

Increase asset value through pipeline visibility

Build brand loyalty in middle-income housing segments

Fuzul GYO also benefits from the holding group’s financial backing, giving it flexibility in financing and land acquisition. It’s quickly becoming one of Turkey’s fastest-scaling GYOs in terms of construction-led asset growth.

7. Luxera GYO

Luxera GYO might be newer on the scene, but it's already generating buzz in Istanbul’s luxury residential market. Known for its upscale, high-design apartment projects, Luxera targets premium buyers looking for smart, centrally located homes.

Snapshot:

Founded: 2015 (as a brand, GYO status more recent)

Assets (2025): ₺6+ billion

Asset Growth (2020–2025): 105%

Boutique Construction, Big Impact

Luxera's approach is boutique but high-margin. Instead of building mass housing projects, the company focuses on:

Premium high-rises in key urban corridors

Tech-integrated homes

Sustainable building methods

Key projects contributing to growth:

Luxera Bahçeşehir

Luxera Yenibosna

Luxera Güneşli Park Complex

These locations are strategically selected for proximity to:

Istanbul’s new airport

Main transport arteries (TEM & E-5)

Expanding metro lines

Unique Construction Strategy

Luxera GYO operates with a developer-retainer model, meaning they build and sell, but often keep strategic units or retail areas for long-term rental income—contributing to their growing asset book.

Their focus on smart-home integration, green certifications, and post-pandemic housing demands (e.g., home-office-friendly units) has made them highly relevant in today’s real estate market.

Expect Luxera GYO to become a market mover among smaller-cap GYOs as they continue to launch premium projects with high asset appreciation potential.

8. Özak GYO

Özak GYO is a standout when it comes to blending hospitality, tourism, and residential construction. With a diverse and upscale portfolio, Özak focuses on mixed-use developments, resorts, office complexes, and high-end residences—targeting affluent buyers and international investors.

Snapshot:

Founded: 2009

Assets (2025): ₺15+ billion

Asset Growth (2020–2025): 78%

Construction-Powered Asset Expansion

Özak GYO is known for ambitious resort-style developments and coastal investments, as well as city-center projects. They typically build themed and experience-oriented real estate, which means higher construction costs but greater asset appreciation and rent potential.

Projects include:

Büyükyalı Istanbul – A luxury coastal town in the city

Hayat City (Göktürk) – Modern residential community

Ela Quality Resort Belek – High-value tourism asset

Özak GYO Levent 199 Offices

The combination of tourism + residential + office space helps balance seasonal volatility and ensures asset base consistency.

Strategy & Market Positioning

Özak’s edge lies in:

Building lifestyle-oriented communities, not just housing blocks

Focusing on design excellence, open green areas, and on-site amenities

Maintaining strong brand perception that allows premium pricing

Their construction activity is centered around up-market clients and foreign real estate buyers, particularly in Belek, Bodrum, and coastal Istanbul. This positions them well for both domestic and international growth.

9. Kiler GYO

Kiler GYO is a uniquely structured GYO that evolved from the Kiler supermarket group, leveraging its retail roots to build mixed-use developments that combine shopping centers, residential towers, and commercial offices.

Snapshot:

Founded: 2008

Assets (2025): ₺14+ billion

Asset Growth (2020–2025): 58%

Smart Integration of Retail + Construction

Kiler’s real estate approach is centered around urban high-rises with integrated retail zones. This approach offers:

Steady rental income from retail tenants

High sales margins on residential units

Long-term growth potential through location appreciation

Flagship developments:

Referans Kartal Towers

Referans Beşiktaş Residences

Kiler City Mall Residences

These projects are all located in central or developing districts, benefiting from increasing property values and transit connectivity.

Construction Strategy

Kiler GYO builds in vertical formats—towers and complexes—on mid-sized urban plots, allowing for faster project execution and higher per-square-meter value. They are also deeply involved in urban transformation zones, which provide favorable terms and zoning rights.

For investors, Kiler offers steady growth, recurring rental income, and a strong understanding of what Turkish urban dwellers want: access, amenities, and convenience.

10. Reysaş GYO

Reysaş GYO stands out in this list not for luxury residences or gleaming malls, but for its dominance in logistics and industrial construction. In fact, Reysaş is Turkey’s largest logistics-focused GYO, and it has turned warehouses, depots, and industrial real estate into one of the fastest-growing asset classes in the country.

Snapshot:

Founded: 2008

Assets (2025): ₺12+ billion

Asset Growth (2020–2025): 64%

Logistics-Led Construction Boom

As e-commerce, retail distribution, and manufacturing needs exploded post-pandemic, Reysaş GYO doubled down on logistics parks, warehouses, and industrial campuses. Unlike residential-focused GYOs, Reysaş's construction projects are tailored for:

Cargo storage and handling

Distribution centers

Cold chain and food logistics

Fulfillment warehouses for major retailers

Major asset contributions:

Reysaş Ankara Logistics Hub

Reysaş İzmit Distribution Center

Reysaş Gebze Industrial Campus

Tenant-specific builds for global brands

They build these assets under long-term lease agreements with logistics giants, supermarkets, and e-commerce platforms, creating reliable rental income and high-capital asset growth.

Strategy and Construction Model

Reysaş GYO utilizes a build-to-rent model. They don’t sell their constructed facilities; instead, they keep and lease them under 5–10+ year agreements, which:

Adds consistent assets to the balance sheet

Generates recurring income

Minimizes vacancy and turnover risk

Their projects also tend to be modular and scalable, allowing quick expansion on existing land banks.

In short, Reysaş GYO proves that industrial construction is one of the most profitable niches in Turkish real estate, and they’ve built a model other GYOs are now trying to follow.

Comparative Table: Top 10 GYO Construction Companies in Turkey (2020–2025)

Key Trends Among Turkey’s Top GYO Builders

Several trends are shaping how these GYOs grow their assets:

1. Shift to Mixed-Use Projects

Most leading GYOs now design all-in-one developments—combining residential, office, and commercial into a single ecosystem. These yield higher asset values and diverse revenue streams.

2. Urban Transformation Driving Growth

With government zoning incentives and redevelopment plans, companies focusing on renewal zones (Kentsel Dönüşüm) have seen faster asset growth. These zones often come with reduced tax rates and fast-track approvals.

3. Logistics & Industrial Construction is Exploding

Reysaş and others are tapping into the industrial boom—one of the most underdeveloped yet high-potential asset classes in Turkey.

4. Luxury Real Estate is Gaining Investor Interest

Smaller but premium developers like Luxera and Özak are proving that quality can beat quantity, especially with rising demand from foreign buyers.

5. Government Ties Matter

Publicly backed GYOs (Emlak Konut, Halk, Vakıf, Ziraat) have better access to land, funding, and permissions—translating into smoother construction and asset expansion.

Risks and Challenges in the Sector

Despite the asset growth, the GYO construction sector isn’t immune to hurdles:

Cost Inflation: Steel, concrete, and imported materials have risen sharply due to inflation and currency issues.

Zoning Restrictions: Urban land is limited, and policy changes can stall entire developments.

Overbuilding Risk: In some areas, supply may eventually exceed demand—particularly in high-end residential segments.

Geopolitical Instability: Turkey’s location brings both opportunity and volatility due to regional tensions.

Financing Volatility: Interest rate shifts and FX risk can complicate funding and project delivery.

Investment Outlook for 2025–2030

Looking ahead, investors should:

Prioritize GYOs with diverse, income-producing portfolios

Track asset growth alongside dividend yield and debt levels

Focus on companies active in logistics, urban renewal, and public-sector-backed projects

Hot areas for future growth include:

Smart city zones (Istanbul New Airport corridor)

Transit-oriented developments (near metro and Marmaray stations)

Tourism-heavy areas (Antalya, Bodrum, Belek)

Construction GYOs that combine innovation, sustainability, and strategic land banking will outperform the rest.

Conclusion

Turkey’s top construction-focused GYO companies are not just building real estate—they're building the future of Turkish cities. From government-aligned giants like Emlak Konut and Halk GYO, to niche specialists like Luxera, Fuzul, and Reysaş, these firms are growing their asset base at an incredible pace.

Asset growth is more than just a number. It reflects vision, execution, demand, and resilience. As Turkey urbanizes, digitizes, and globalizes, GYOs that build smarter, faster, and with purpose will dominate the skyline—and the stock market.

FAQs

1. Can individual investors buy shares in GYO construction companies in Turkey?
Yes. Most of these GYOs are listed on Borsa Istanbul (BIST) and can be bought through any Turkish brokerage account.

2. Are these GYOs focused more on residential or commercial construction?
It varies. While companies like Emlak Konut and Fuzul focus on residential, others like Reysaş and Torunlar lean heavily into commercial and industrial.

3. Which GYOs are involved in smart city development?
Emlak Konut, İş GYO, and Luxera are actively involved in smart city and tech-enabled housing.

4. What risks do construction-focused GYOs face?
High material costs, zoning law changes, and economic instability are common risks. Oversupply in certain areas is also a concern.

5. How is asset growth measured in REITs/GYOs?
It’s typically measured as the percentage increase in total assets listed on their balance sheet, including new developments, revaluations, and acquisitions.