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Since Tevfik Arif was a child, his interests lay in business and innovation. He would watch kids play football or play with dolls while he “enjoyed reading about business strategy and economic theory,” according to The Boca Raton Tribune. Little did the child know, later, he would find success with Trump in busting the real estate market.
Arif started his formal education studying International Relations at the Moscow Trade and Economics Institute. With limited private sector work options at that time in Soviet Kazakhstan, government jobs were admired among citizens. Due to his high level of education, Arif worked in many astute government offices following his studies, including fulfilling the role of deputy head of the Hotel Management Department under the Soviet Ministry of Commerce and Trade.
As the Soviet Union disintegrated in the early 1990s, Arif took to different business ventures in relation to his interests in luxury hotels, real estate development, imports and exports of natural resources, and hospitality.
In fact, in 1993, Arif moved to Turkey and opened the Labada Hotel in Antalya, one of the first ideations of an all-inclusive hotel. Moreover, his large network of business and real estate individuals allowed Arif to extend his establishment of resources back into his home country.
Finding great success in Turkey, Arif moved to New York City in 2001, where he founded the luxury real estate development firm Bayrock Group.
The Bayrock Group started developing projects in New York City in the early 2000s, one of them being the renovation of the famous hotel Loehmann’s Seaport Plaza in Sheepshead, Brooklyn.
After Arif found incredible success with Bayrock’s initial real estate developments in the United States, it was time for the group’s next steps. Arif confidently moved Bayrock’s headquarters to the Trump Tower in New York City on Fifth Avenue. This was a strategic step in his business and networking to unlock future opportunities.
Later, in 2006, the Bayrock Group and The Trump Organization started the construction of the world-renowned Trump SoHo, an ingenious collaboration in the luxury hotel industry.
Bayrock partnered with The Sapir Organization for a project on Spring Street in SoHo previously. Arif wanted to offer an added value of luxury through Trump’s brand and expertise to develop the new NYC real estate venture.
The three partner organizations collaborated to create the Trump SoHo, officially built in 2008. The Rockwell Group oversaw interior design. Handel Architects took charge of the exterior, including the floor-to-ceiling window configuration of every room, making the hotel unmatched in the area with its unobstructed city views.
Arif is no longer affiliated with his business aside from advisory and officially retired from Bayrock Group. The Trump SoHo was the first and only collaboration between Bayrock and the Trump Organization.
Tevfik Arif was one of the pioneers of hotel real estate in Turkey, as well as Donald Trump. In 2010, Trump established the Trump Towers in Istanbul. They were the first of his towers in Europe and still feature outstanding facilities such as an indoor pool, gym, beauty center, and multiplex cinema.
Geographically, Turkey is nestled between two promising continents – Europe and Asia. This enables smoother communication and networking opportunities for high-achieving businesspeople. Travel, infrastructure, and diversified economic growth all become possible in this well-placed international hub of innovation, construction, and investments.
Turkey attracts popular and successful celebrities worldwide, including American actress, singer, and dancer Jennifer Lopez, actors Brad Pitt and Angelina Jolie, and football star Cristiano Ronaldo, who joined the trend in 2015 by buying a villa in Izmir. Turkey has a magnetic effect on celebrities with its scalability, especially considering the generally low price of housing.
In addition to the potential of buying real estate in the country, the Turkish government grants incredible tax benefits to property owners. According to Homes Go Fast, “there is no value-added tax charged on the purchase of property in Turkey for foreigners or Turkish citizens who have lived abroad for at least six months.”
Property owners of over five years in Turkey benefit from an absent capital gains tax. This rids hardworking buyers of the worry of paying extra taxes if they choose to sell. The benefits of dealing with real estate in Turkey allow owners to boost their returns, providing a wider path for financial expansion at a lower cost.
With local and international interest, Turkey is an attractive area to invest in real estate, with its tax benefits stretching far. High-profile businesspeople like Tevfik Arif and Donald Trump believe the lucrative Turkish real estate industry is a promising venture.
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