In a worrying trend for Turkey, one of its largest corporations, Dogus Holding, has sold its 33.75% stake in Athens’ prestigious Astir Palace Hotel to Greek shipowner George Procopiou for £118 million.
This follows the December transfer of a 49% stake in Galataport Istanbul, a premium cruise port, to five Turkish banks as part of an £870 million debt restructuring plan.
This shift is part of a broader trend, with Turkish companies increasingly investing in Greece. According to the Turkish central bank, Turkey’s direct investments in Greece reached £433 million by 2024, marking a significant rise in recent years, as reported by Turkiye Today.
With growing investments and the strategic shift towards Greece, concerns over the future of Turkey’s tourism industry continue to mount.
This marks a substantial rise compared to previous years, Turkiye Today reports.