Turkish Maldives: Aegean’s Garip Island set for $300M auction

Garip Island, located in the Dikili district of the Aegean’s Izmir province, has been put up for auction with a price tag of 1.07 billion Turkish Liras ($302.3 million).

The 357,000-square-meter island was previously earmarked for significant tourism development, including luxury hotels and villas. The project envisioned the buildings to resemble Türkiye’s national symbols, the crescent and star.

The island currently lacks any infrastructure except for three unregistered, empty buildings, yet it remains a popular leisure spot for yachts, especially during the summer months.

Why is the island known as Turkish Maldives being auctioned?

The ownership of the island shifted to the Savings Deposit Insurance Fund (TMSF) following a 2016 investigation into the construction company FI Yapi due to its connections with the Fetullah Terrorist Organization (FETO). TMSF took control of the island along with other assets of FI Yapi after a court ruling during the investigation.

The auction will take place on Wednesday, Jan. 22, 2025, and the island is described in the sales notice as a 357,731.84 square meter olive grove.

The land is situated within the Thermal Culture and Tourism Protection and Development Area, although it lacks an official urban development plan.

Three unregistered buildings are noted to be on the island, with vegetation including olive trees, pine, and scrubland.

This marks another step in the ongoing liquidation process of assets previously held by the FI Yapi construction company.