Emlak Konut

What Emlak Konut does

Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. is Turkey's largest state-affiliated real estate investment trust (GYO), founded in 1953 and listed on the Istanbul Stock Exchange under the ticker EKGYO. The company develops master-planned residential and mixed-use projects across 13+ Turkish cities — including Istanbul, Ankara, Izmir, Antalya, Denizli, Balıkesir, Konya, Muğla, and Kocaeli — and has begun international expansion with the Hayat Mekke project in Mecca, Saudi Arabia. Its portfolio spans mass-market neighborhoods (Bizim Mahalle series), mid-premium developments (Meydan Başakşehir, Avrasya Konutları), premium urban residences (Nidapark İstinye, Nişantaşı Koru, Barbaros 48), and ultra-luxury villa projects (Düşler Vadisi Riva, 293 villas on 1.1 million m² in Beykoz). Across its 73-year history Emlak Konut has developed 393 projects, delivered 218,425 housing units, 28,911 commercial units, 1,501 schools, 7 health facilities, and 34 mosques, with 161 projects currently active.

The business operates three revenue mechanics in parallel. First, direct property sales to end consumers via the satis.emlakkonut.com.tr sales portal, project microsites, a 444 36 55 call center, and regional sales offices, with payment options including upfront cash (Peşin Satış), fixed installments (Vadeli Satış), and TÜFE-indexed installments (Tüfeli Satış). Second, revenue-sharing protocols with governships and developer partners — for example, 20% of project revenue from Aydin Governorship and co-development agreements with Başyapi Grup for Istanbul projects, Izka İnşaat for Park Yaşam Antalya, and Yıldızlar İnşaat for Batıyakası. Third, tenders (e-İhale) for contractor and development-partner selection, such as the Umraniye Tepeustu tender with a 17.7 billion lira highest offer implying a 6 billion lira revenue share. Capital is raised via project IPOs (Damla Kent raised 21.41 billion lira, oversubscribed), banking collection partnerships with Vakıflar Bankası, Halk Bankası, and Ziraat Bankası, and a Fitch-rated BB-/RR4 sukuk.

The company is operationally complex, with 251–500 employees and access to centralized procurement, government land, and supervisory oversight from the Ministry of Environment, Urbanization and Climate Change (Çevre, Şehircilik ve İklim Değişikliği Bakanlığı). Despite the technology-driven digital sales infrastructure (e-İhale, online transactions portal, microsites per project), there is no evidence of proprietary AI/ML, patented technology, or differentiated software IP; competitive advantage rests on government affiliation, brand, and scale rather than technological differentiation.

Name

Emlak Konut

Legal name

Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş.

Website

https://emlakkonut.com.tr

Company type

Public

Founded year

1953

Operating status

Operating

Headcount range

101–250 employees

Short description

Emlak Konut is Turkey's largest state-affiliated real estate investment trust (GYO), founded in 1953 and listed on the Istanbul Stock Exchange (EKGYO). It develops large-scale residential, commercial, and mixed-use projects across 13+ Turkish cities and has begun international expansion into Saudi Arabia, serving individual home buyers and institutional co-development partners via direct sales, revenue-sharing protocols, and tender processes.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (531110), Lessors of Residential Buildings and Dwellings (53111), Rental and Leasing Services (532), Real Estate and Rental and Leasing (53)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate Investment Trusts (6798)

akta.pro industry

PRIMARYTHAMAAAC

Villas & Luxury Estates

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Whole-Home Vacation Rentals

SECONDARYTHAMAEAA

Ultra-Luxury Villas & Estates

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Luxury Villas & Premium Rentals

SECONDARYTHAMAEAC

Premium Condos, Penthouses & High-End Apartments

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Luxury Villas & Premium Rentals

SECONDARYTHAMAEAG

Luxury Farmhouses, Country Houses & Vineyard Estates

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Luxury Villas & Premium Rentals

Keywords

• Residential real estate development
• Real estate investment trust
• Urban transformation projects
• Mixed-use property development
• Housing construction services

Headquarters

HQ city

Istanbul

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Residential Property Sales: Emlak Konut develops and sells residential units (apartments and villas) across Turkey. Revenue is generated from the sale of housing units to end consumers, with payment plans including upfront cash sales, installment sales (Tüfeli), and fixed installment options.
2. Commercial Unit Sales: Sale of commercial units within residential complexes.
3. Revenue Sharing from Tenders: Emlak Konut conducts tenders for project development and receives a share of the revenue. For the Istanbul Umraniye Tepeustu project tender, the highest offer was set at 17.7 billion Turkish lira with the company's estimated share of revenue at 6 billion lira.
4. Revenue-Sharing Agreements with Governships: Emlak Konut signs revenue-sharing protocols with governships, receiving a percentage of project revenue (e.g., 20% from Aydin Governership).
5. Revenue-Sharing with Developer Partners: Emlak Konut signs revenue-sharing model agreements with developer groups such as Başyapi Grup for Istanbul projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Emlak Konut is a publicly listed Turkish REIT (GYO) that develops large-scale residential, commercial, and mixed-use real estate projects across Turkey and select international markets. Its core business is the planning, development, and sale of housing units (apartments and villas) and commercial spaces to individual buyers through direct sales channels, using both in-house projects and revenue-sharing partnerships with private developers and governships. The portfolio spans affordable neighborhood projects (e.g., Bizim Mahalle), premium urban residences (e.g., Senfoni Etiler, Nidapark İstinye), luxury villas (e.g., Düşler Vadisi Riva), and international developments (Hayat Mekke in Saudi Arabia).

Product overview

Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (Emlak Konut GYO) is Turkey's largest real estate investment trust (REIT), established in 1953. The company develops residential and mixed-use projects across Turkey, with a portfolio of 393 projects including 218,425 housing units, 28,911 commercial units, 1,501 schools, 7 health facilities, and 34 mosques. The product portfolio includes numerous named residential developments across Istanbul (European and Asian sides), Ankara, Izmir, Denizli, Antalya, Balıkesir, and international markets (Saudi Arabia). Major projects include Bizim Mahalle neighborhood developments, Damla Kent IPO project, Köyceğiz Göl Evleri lakeside living, Düşler Vadisi Riva luxury villas, and the international Hayat Mekke project in Mecca. The company operates digital platforms including the main corporate website, online sales portal (satis.emlakkonut.com.tr), online transactions portal, and e-auction system. With 73 years of experience and 161 ongoing projects, Emlak Konut operates under the Republic of Türkiye Ministry of Environment, Urbanization and Climate Change.

Differentiator

Problem solved

Functional benefit

Products and services

• Bizim Mahalle 5 A horizontal-architecture neighborhood living residential project featuring social and cultural facilities, children's play areas, health facilities, library, education facilities, and sports complexes in Istanbul. Targeted at families seeking integrated community living.
• Odak İstanbul Modern residential project in central Istanbul designed around contemporary urban living in a focal city location.
• Damla Kent A major new life center development on the new side of Istanbul, funded through a revenue-sharing IPO that raised 21.41 billion Turkish lira and was oversubscribed, offering residential units to individual buyers.
• Köyceğiz Göl Evleri Lake and nature-themed residential project in Köyceğiz, Muğla offering 2+1 and 3+1 apartment options with horizontal architecture, green areas, and proximity to Lake Köyceğiz. Includes a project showroom with direct line to Dalaman Airport (40 min) and Lake Köyceğiz (10 min).
• Düşler Vadisi Riva Luxury villa project in Riva, Beykoz, Istanbul featuring 1,400 independent sections including 1,332 villas with gardens, ecological farming areas, biological ponds, private beach, and comprehensive amenities on a 1.1 million m² site.
• Yeni Fikirtepe Urban transformation residential project in Kadıköy, Istanbul replacing older housing stock with new construction.
• FUA Deniz Park Coastal residential project in Tuzla near Viaport Marina offering nature-integrated seaside living in Istanbul.
• Göktürk Kemer Evleri Modern residential project in the Eyüpsultan district of Istanbul offering comfortable living spaces with contemporary design.
• Yenişehir Evleri Arnavutköy Large-scale residential project in Arnavutköy, located in Istanbul's new city development area, offering family housing.
• Hayat Flora New neighborhood-style residential project in Küçükçekmece, Istanbul with comprehensive community facilities.
• Avrasya Konutları Başakşehir Cadde Prestigious residential project in the rapidly developing Başakşehir district of Istanbul offering modern living privileges.
• Park Yaşam Çınarköy Residential project in Çekmeköy, Istanbul integrating life with nature inside the city.
• Senfoni Etiler Premium residential project in the Etiler district of Istanbul targeting high-end urban buyers.
• Gölyaka İstanbul New-city development project on Istanbul's new side in the Avcılar district spanning a 1.7 million m² land area with residential and mixed-use components.
• Next Level İstanbul Residential project in one of Istanbul's most central and accessible locations.
• Park Yaşam Antalya Residential project in Antalya Aksu designed around healthy living and green transformation norms, executed in partnership with İzka İnşaat.
• Majör Gölyaka Low-rise horizontal-architecture residential project with wide landscape areas and sports/social facilities within the Gölyaka district.
• Barbaros 48 Luxury residential project in the Barbaros area of Istanbul featuring Bosporus views for premium buyers.
• Batı Yakası New life-center residential development in Kartal on the Asian side of Istanbul, developed with Yıldızlar İnşaat as design and construction partner.
• Merkez Ankara Large-scale residential project in central Ankara, the Turkish capital.
• Meydan Başakşehir Mixed-use residential and commercial project in the Başakşehir district of Istanbul.
• Nidapark İstinye Premium residential project in İstinye, Istanbul targeting high-end urban buyers.
• Nidapark Küçükyalı Premium residential project in Küçükyalı, Istanbul targeting upscale urban buyers.
• Nişantaşı Koru Premium residential project in Nişantaşı, Istanbul targeting affluent urban buyers.
• Yeni Levent Urban transformation residential project in the New Levent area combining nature and city life.
• Hayat Mekke (Hayat Makkah) Luxury international residential development in Mecca, Saudi Arabia, comprising 1,014 villas together with commercial units, mosques, and schools. Developed under an approximately $400 million partnership with Saudi Arabia's National Housing Company (NHC).
• Online İşlemler Customer Portal Digital self-service portal for Emlak Konut buyers to manage installment payments, view debt status, and administer real estate contracts online.
• E-İhale Electronic Auction Platform Electronic auction platform used to run construction tenders and procurement processes for Emlak Konut project development. Revenue-sharing model tenders (e.g., the Umraniye Tepeüstü 17.7 billion lira tender) are conducted via this platform.

Quantifiable outcome

• 73 years of operation since 1953 with 393 projects developed
• +5 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered minor and core.

• Aydin GovernorshipminorStrategic or Co-development Partner · 10 March 2026Emlak Konut REIT signed a revenue-sharing protocol with Aydin Governorship. Under this agreement, Emlak Konut receives 20% of the revenue from the project.
• Başyapi GrupminorStrategic or Co-development Partner · 24 December 2025Emlak Konut signed an agreement with Başyapi Grup for a revenue-sharing model project in Istanbul.
• National Housing Company (NHC) - Saudi ArabiacoreStrategic or Co-development Partner · 18 November 2025Emlak Konut signed a preliminary agreement with Saudi Arabia's National Housing Company (NHC) for the 'Hayat Mekke' project in Mecca, valued at approximately $400 million. The project includes 1,014 villas, commercial units, mosques, and schools. This marks Emlak Konut's entry into the Saudi Arabian market as part of its international growth strategy. The agreement was made during the Cityscape Global Riyadh 2025 Exhibition. The project was also unveiled at the Umrah and Ziarah Forum with Chairman Ertan Keles presenting the luxury 'Hayat Makkah' project.
• Izka İnşaatminorImplementation/ SI/ Consulting Partner · 18 November 2025Izka İnşaat partnered with Emlak Konut for the Park Yaşam Antalya project. The project was designed according to healthy living and green transformation norms.
• Yıldızlar İnşaatminorImplementation/ SI/ Consulting Partner · 18 November 2025Yıldızlar İnşaat partnered with Emlak Konut for the Batıyakası project, bringing its construction expertise to the residential development.
• Çevre, Şehircilik ve İklim Değişikliği Bakanlığı (Ministry of Environment, Urbanization and Climate Change)coreOthersEmlak Konut operates under the oversight of Turkey's Ministry of Environment, Urbanization and Climate Change (Çevre, Şehircilik ve İklim Değişikliği Bakanlığı), which provides government backing and regulatory oversight for the company's real estate development activities. The Ministry logo appears on Emlak Konut's sales portal alongside TOKİ.
• Vakıflar BankasıminorOthersEmlak Konut partners with Vakıflar Bankası for online payment collection (online tahsilât system) for installment payments. Customers can make payments at any Vakıflar Bankası branch under the corporate collection menu.
• Halk BankasıminorOthersEmlak Konut partners with Halk Bankası for EFT (Electronic Fund Transfer) payments. Customers can make installment payments via Halk Bankası Caddebostan Branch.
• Ziraat BankasıminorOthersEmlak Konut partners with Ziraat Bankası for EFT payments. Customers can make installment payments via Ziraat Bankası Anadolu Kurumsal Şube.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aldar Properties: Aldar is one of the largest listed real estate developers in the UAE/MENA region covering residential, commercial, retail and mixed-use assets. Comparable as a broad incumbent in regional property development with similar REIT-adjacent structure.
• TOKİ (Toplu Konut İdaresi Başkanlığı): TOKİ is the Turkish state mass-housing authority that historically operates alongside Emlak Konut under the same Ministry. Operational and strategic overlap (urban transformation, mass housing) makes it the closest state-level domestic counterpart.

Regional players

• Dar Al Arkan Real Estate Development: Dar Al Arkan is a Saudi-listed real estate developer with broad residential, commercial, and mixed-use projects across Saudi Arabia. Comparable as a listed regional developer competing in the same Saudi premium/residential space Emlak Konut is entering.
• Jabal Omar Development: Jabal Omar is a Saudi-listed mega-project developer focused on Mecca and Jeddah. Highly relevant given Emlak Konut's Hayat Mekke project targeting the same pilgrimage-zone premium residential market.

Direct peers

• Mesa Mesken: Mesa is a long-established Turkish residential homebuilder with broad coverage of apartments and villas across major Turkish cities. Directly comparable in product portfolio (residential units, mixed-use communities) and target customer base.
• ROSHN: ROSHN is a Saudi state-backed residential developer (PIF-backed) delivering master-planned communities. Closest analogue to Emlak Konut's GYO-plus-Ministry model in the Saudi market and Emlak Konut's direct international peer.
• Vakıf GYO: Vakıf GYO is a Turkish REIT affiliated with Vakıfbank, developing residential and commercial real estate. Comparable as a publicly listed REIT using similar revenue-sharing and tender mechanics for project delivery.
• Torunlar GYO: Torunlar GYO (TRGYO) is a public Turkish REIT active in mixed-use, residential and commercial real estate development. Directly comparable on listing structure, project-based revenue model, and Istanbul-centric portfolio.
• Halk GYO: Halk GYO is a publicly listed Turkish REIT operating under Halkbank, focused on residential and commercial real estate development. Directly comparable to Emlak Konut as a Turkey-listed REIT developing housing and commercial units with state-affiliated backing.
• Akfen GYO: Akfen GYO is a Turkish REIT focused on mixed-use and hotel-adjacent development. Comparable as a publicly listed Turkish REIT using project-development and revenue-share structures similar to Emlak Konut's GYO model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/ekgyoas
• Xx.com/ekgyoas
• Facebookfacebook.com/EmlakKonut1953
• LinkedInlinkedin.com/company/ekgyoas

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Emlak Konut