Huge Istanbul property sale worth $65 million
57 acres of seaview land in Uskumrukoy owned by the Saudis and sold to stockbroker Ozcelik. (IHA Photo)
According to Turkish media, Turkish businessman Nihat Ozcelik purchased a 57-acre land in Istanbul’s Uskumrukoy district, considered one of the new prime locations in Istanbul. The land was previously owned by Ayed Al Qahtani, owner of Saudi Arabia’s Sumou Holding.
Turkish businessman Ozcelik, the new owner of the land, was arrested last year. According to Turkish media, Ozcelik had been charged with ‘bribery,’ ‘influencing a judicial officer,’ ‘illegally obtaining personal data,’ and ‘depriving a person of their liberty,’ with a requested prison sentence ranging from 13 to 36 years.
The sale of the land registered under Saudi businessman Qahtani’s company Kilyos Investment was published and registered in Türkiye’s trade registry gazette. According to Turkish media, the sale is estimated to be between 50 and 65 million dollars.
While the sale price is not mentioned in the trade registry gazette, real estate experts stated that prices in the area range between 1 and 1.2 million dollars per acre. Based on this, the sale of the 57-acre land is estimated to be between 50 and 65 million dollars.
