A permanent resident of the Principality of Monaco, Halit Cıngıllıoglu, together with his wife, Zekiye, established the company “Meganisi Hidden Resort,” which acquired 33 acres in the area of Makria Pounta in Meganisi.
One of Turkey’s big business names, with investments in energy, finance, and real estate, has now set his eyes on the Ionian Sea, specifically in Meganisi.
A permanent resident of the Principality of Monaco, Halit Cıngıllıoglu and his wife, Zekiye, set up the company “Meganisi Hidden Resort.” Under the company’s umbrella, five adjacent properties with a total surface area of more than 30 acres in Makria Pounta of Meganisi, one of the most up-and-coming destinations of the Ionian Sea, came under its control.
The new company’s main focus will be real estate and short-term accommodation rental services. It plans to expand into the hospitality sector and reach more popular destinations throughout Greece.
The five plots of land purchased by Zekiye Cıngıllıoglu are valued at 1.5 million euros.
The Cıngıllıoglu family is one of the most well-known business families in Turkey. They have been active since the beginning of the last century, having even created the first private electricity distribution network in Turkey. The group has companies in various industries, including power generation, the financial sector, insurance, real estate, and more.
In addition to family activities, Cıngıllıoglu was the founder and main shareholder of C Group, a group with a strong presence in the financial services and financial sector in Turkey, the Netherlands, Germany, Belgium, and Romania.
At the same time, Halit Cıngıllıoglu is considered one of the best-known international art collectors and is even a member of Sotheby’s Advisory Committee.
The new company “Meganisi Hidden Resort” starts with a share capital of 3 million euros (of which 1.5 million corresponds to the value of the five properties) with activity in one of Greece’s most growing touristic geographical areas.
According to the relevant assessment report accompanying the new venture (dated February 2024) and regarding the Ionian islands as a destination, “there is a strong investment interest from foreign buyers looking for both holiday homes for themselves and business use.”
“There is strong interest from American investors, mainly expatriates, as in other regions of the country. 80% of the buyers were foreigners, such as British, Germans, and several Russians, before the outbreak of the war. Prices have been increasing for the last 3-4 years, and in many cases, they are reaching pre-crisis levels, while the highest percentages of preferences for country houses by investors are recorded in Corfu, Kefalonia, Zakynthos and Lefkada,” the report added.
Higher demand is observed mainly in seaside homes or homes with a sea theme and increasingly in homes of modern specifications that preserve the area’s traditional architectural elements.
Meganisi, in particular, has been a growing destination in recent years. It is accessible via Lefkada and has regular routes from Nydri to the island’s two ports, Spilia and Vathy. Vathy is also the closest settlement in the area, “with a picturesque port, a tourist resort, and a yacht marina.”
In Makria Pounta, where Meganisi Hidden Resort AE properties are located, and in the wider area, “there are many undeveloped lands and holiday homes which in several cases are used for tourism.”
“In undeveloped areas, the asking prices vary greatly depending on the location and the distance from the sea, and they almost double with the existence of a private beach,” the report emphasised.
The report concluded that prices based on the real estate appraisal can even reach 100 euros per sq.m.
By Stefania Souki, a columnist for New Money. Translated by Paul Antonopoulos.
READ MORE: A small Ellinikon is being built in the port of Rhodes.
