London, Thanasis Gavos

In the luxury market London real estate where more and more members of the Turkish elite have been putting their money over the last two to three years, seeking a safe haven from the economic turmoil of governance Erdogan.

“We usually see investors from the Middle East, Asia and the US in London, however, this year one nationality stands out as unusually active and that is buyers from Turkey,” the managing director of a brokerage in central Belgravia told The Times.

The founder of another brokerage in the British capital tells the newspaper that “many Turks fear that the longer Erdogan stays in power the worse things will get for the Turkish economy – they have given up all hope that he can turn things around.”

It is noted that according to the Knight Frank Wealth Report, the population of wealthy individuals in Turkey is expected to increase by 156.5% by 2027. This is the highest growth rate of the population of wealthy residents of any other country in the world. .

Some of them, with special reference to Istanbul as their headquarters, have chosen to buy a residence in London, specifically in the expensive districts of Knightsbridge, Mayfair, South Kensington and Belgravia.

Hansade Dogan Boehner, founder of the ‘Amazon of the East’, the Hepsiburada shopping platform, bought a six-bedroom Victorian mansion in Belgravia for £27m last summer.

The same amount was spent last winter by another Turkish buyer on a mansion in Cadogan Square, Knightsbridge. The initial sale price was set at £35m.

The Times report also mentions the Turks’ recent purchase of a house in Mayfair for £31m, a flat in Knightsbridge for £7.5m and another flat in Paddington, west London, for £4.5m.

The head of another London estate agency links the recent increased interest from Turkish buyers to the elections in their country. He even mentions that they want the market to move quickly and thus offer cash, e.g. for newly built flats next to the Thames.

There is also increased interest from Turkish investors who are looking for family homes in London for their clients, with a profit perspective.

Another factor that has increased Turkish purchases in London is that property ownership in the British capital is considered in Turkish elite circles as a confirmation of high prestige, the publication adds.

At the same time, business investments from Turks in the United Kingdom are also attracting interest. In September 2021 a Turkish stationery company bought premises in Flintshire, Wales for £600m, in one of the largest investments by a Turkish company in the country.

The director of another office for buying and selling luxury homes in London and other cities around the world comments that already after Erdogan’s new election victory, rich Turkish families have expressed interest in buying in the British capital. Their main concern, in fact, is that the residences are located near good private schools.

According to her, however, in addition to London, the rich Turks are also looking “extensively” at the real estate market of Greece, Portugal and Italy.