{"id":908,"date":"2026-01-31T00:58:48","date_gmt":"2026-01-30T21:58:48","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=908"},"modified":"2026-02-07T14:19:25","modified_gmt":"2026-02-07T11:19:25","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-mrgyo-marti-gayrimenkul-yatirim-ortakligi-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/908","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 MRGYO | Mart\u0131 Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MRGYO | Mart\u0131 Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/-udc4sAHkVU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Mart\u0131 GYO Dosyas\u0131: 15 Milyar TL\u2019lik Portf\u00f6y\u00fcn Arkas\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>1. Gayrimenkul Yat\u0131r\u0131m\u0131nda G\u00f6r\u00fcnmeyeni G\u00f6rmek: Bir Vizyon Analizi<\/h2>\n<p>Finansal tablolar, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in sadece so\u011fuk rakamlardan ibarettir; ancak usta bir analist i\u00e7in bu tablolar, stratejik bir satran\u00e7 tahtas\u0131n\u0131n izd\u00fc\u015f\u00fcm\u00fcd\u00fcr. 1987\u2019den bu yana turizm ve konutu hibrit bir modelde birle\u015ftiren Mart\u0131 GYO, bug\u00fcn 15 milyar TL\u2019lik bir ekosistemi y\u00f6netiyor. Bu rakamlar sadece binalar\u0131 de\u011fil, 1967\u2019den s\u00fcregelen 55 y\u0131ll\u0131k bir deneyimin ve &#8220;gayrimenkulde turizm \u00e7arpan\u0131n\u0131&#8221; kullanma vizyonunun somut bir sonucudur. Bu analizde, Mart\u0131 GYO\u2019nun bilan\u00e7osundaki devasa rakamlar\u0131n \u00f6tesine ge\u00e7erek, \u015firketin gelecek elli y\u0131l\u0131n\u0131 garanti alt\u0131na alan hamlelerini mercek alt\u0131na al\u0131yoruz.<\/p>\n<h2>2. 15,7 Milyar TL\u2019lik Odaklanm\u0131\u015f G\u00fc\u00e7: Rakamlar\u0131n Stratejik Yorumu<\/h2>\n<p>Mart\u0131 GYO, 01.04.2025 tarihinde ba\u015flayan 9 ayl\u0131k \u00f6zel hesap d\u00f6neminde agresif bir geni\u015fleme stratejisinin meyvelerini topluyor. \u015eirketin toplam varl\u0131klar\u0131, 31.03.2025\u2019teki <b>12,48 milyar TL<\/b> seviyesinden, 31.12.2025 itibar\u0131yla <b>15,72 milyar TL<\/b> seviyesine t\u0131rmanm\u0131\u015ft\u0131r.<\/p>\n<p>Buradaki kritik analist i\u00e7g\u00f6r\u00fcs\u00fc, b\u00fcy\u00fcmenin kompozisyonunda sakl\u0131d\u0131r: Portf\u00f6y s\u0131n\u0131rlamalar\u0131 tablosuna g\u00f6re, toplam varl\u0131klar\u0131n <b>%97,83\u2019\u00fc<\/b> do\u011frudan &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221;de toplanm\u0131\u015ft\u0131r. Bu, \u015firketin at\u0131l nakit tutmak yerine t\u00fcm g\u00fcc\u00fcn\u00fc de\u011fer \u00fcreten varl\u0131klara odaklad\u0131\u011f\u0131n\u0131 ve son derece d\u00fc\u015f\u00fck operasyonel genel giderlerle (lean operation) \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r. \u015eirketin temel felsefesi, b\u00fcy\u00fcmesini \u015fu vizyon \u00fczerine in\u015fa etmektedir:<\/p>\n<p>&#8220;Tarih, do\u011fa ve \u015firket k\u00fclt\u00fcr\u00fcne sayg\u0131 temeliyle geli\u015ftirilmi\u015f kaliteli in\u015faat esas\u0131na dayal\u0131 projeler y\u00fcr\u00fctmek.&#8221;<\/p>\n<h2>3. Varl\u0131k \u00d6mr\u00fc ve Nakit Ak\u0131\u015f\u0131 G\u00fcvencesi: Bir ROI Ba\u015fyap\u0131t\u0131 Olarak Mart\u0131 Myra<\/h2>\n<p>Portf\u00f6y\u00fcn amiral gemisi olan <b>Mart\u0131 Myra<\/b> (9,022 milyar TL) ve <b>Mart\u0131 Marina &amp; Yacht Club<\/b> (3,69 milyar TL), sadece mevcut de\u011ferleriyle de\u011fil, &#8220;\u00f6m\u00fcr uzatma&#8221; stratejisiyle dikkat \u00e7ekiyor.<\/p>\n<ul>\n<li><b>37 Milyon TL ile 9 Milyar TL\u2019yi Korumak:<\/b> Mart\u0131 GYO y\u00f6netimi, bir finansal masterstroke (ustal\u0131k eseri) ger\u00e7ekle\u015ftirerek, Mart\u0131 Myra\u2019n\u0131n tahsis s\u00fcresini <b>2069 y\u0131l\u0131na<\/b> uzatm\u0131\u015ft\u0131r. Bu uzatman\u0131n maliyeti sadece <b>37,58 milyon TL<\/b> iken, kar\u015f\u0131l\u0131\u011f\u0131nda <b>9 milyar TL\u2019lik<\/b> bir varl\u0131\u011f\u0131n nakit ak\u0131\u015f\u0131 yar\u0131m as\u0131r boyunca garanti alt\u0131na al\u0131nm\u0131\u015ft\u0131r. Bu, gayrimenkul sekt\u00f6r\u00fcnde nadir g\u00f6r\u00fclen bir yat\u0131r\u0131m geri d\u00f6n\u00fc\u015f (ROI) ba\u015far\u0131s\u0131d\u0131r.<\/li>\n<li><b>Mart\u0131 Giova ve Marina Sinerjisi:<\/b> 480 tekne kapasiteli, &#8220;5 Alt\u0131n \u00c7\u0131pa&#8221; ve &#8220;Mavi Bayrak&#8221; \u00f6d\u00fcll\u00fc marinan\u0131n g\u00fcc\u00fc, Mu\u011fla Ay\u0131n Koyu\u2019ndaki <b>Mart\u0131 Giova<\/b> projesiyle per\u00e7inleniyor. Cumhurba\u015fkanl\u0131\u011f\u0131 Okluk Koyu\u2019na kom\u015fu olan bu 89 bin metrekarelik prestijli varl\u0131k, portf\u00f6y\u00fcn &#8220;ni\u015f ve y\u00fcksek de\u011ferli&#8221; karakterini peki\u015ftiriyor.<\/li>\n<\/ul>\n<h2>4. Arkeolojik Turizmde \u0130lk Hamle Avantaj\u0131: 2,2 Y\u0131lda Geri D\u00f6n\u00fc\u015f<\/h2>\n<p>Ayd\u0131n Karacasu\u2019daki <b>Mart\u0131 Aphrodisias<\/b> projesi, kar\u015f\u0131-sezgisel bir yat\u0131r\u0131m ba\u015far\u0131s\u0131d\u0131r. Y\u0131lda <b>300.000 turist<\/b> a\u011f\u0131rlayan ancak konaklama altyap\u0131s\u0131 eksik olan bir b\u00f6lgede &#8220;ilk otel&#8221; olma avantaj\u0131n\u0131 kullanan \u015firket, burada bir ni\u015f pazar tekeli kuruyor.<\/p>\n<p>Finansal verimlilik projeksiyonu, bir analist i\u00e7in projenin ger\u00e7ek g\u00fcc\u00fcn\u00fc ortaya koyuyor:<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Maliyeti:<\/b> 5,5 milyon USD.<\/li>\n<li><b>Beklenen Y\u0131ll\u0131k Ciro:<\/b> 2,5 milyon USD.<\/li>\n<li><b>Analiz:<\/b> Projenin kendisini amorti etme s\u00fcresi (payback period) sadece <b>2,2 y\u0131ld\u0131r.<\/b> Turizm yat\u0131r\u0131mlar\u0131 i\u00e7in bu s\u00fcre, ola\u011fan\u00fcst\u00fc bir verimlilik g\u00f6stergesidir.<\/li>\n<\/ul>\n<h2>5. Finansal Tahkimat: \u0130\u015f Bankas\u0131 Borcunun Kapat\u0131lmas\u0131 ve Sermaye Sinerjisi<\/h2>\n<p>\u015eirket, finansal \u00e7evikli\u011fini bilan\u00e7osunu risklerden ar\u0131nd\u0131rarak kan\u0131tl\u0131yor. Bu noktada \u00fc\u00e7 kritik geli\u015fme \u00f6ne \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>Likidite G\u00f6stergesi:<\/b> 09.09.2025 tarihli \u00f6zel durum a\u00e7\u0131klamas\u0131yla, T\u00fcrkiye \u0130\u015f Bankas\u0131\u2019na olan vadesi ge\u00e7mi\u015f kredi borcunun <b>tamamen kapat\u0131ld\u0131\u011f\u0131<\/b> duyurulmu\u015ftur. Bu, \u015firketin y\u00fcksek likidite kabiliyetini ve bor\u00e7 \u00f6deme isteklili\u011fini simgelemektedir.<\/li>\n<li><b>Stratejik Bor\u00e7 Yap\u0131land\u0131rmas\u0131:<\/b> Denizbank ile imzalanan protokol kapsam\u0131nda, bor\u00e7lar 9 y\u0131ll\u0131k bir vadeye yay\u0131lm\u0131\u015f ve en \u00f6nemlisi <b>ilk 2 y\u0131l\u0131 \u00f6demesiz (grace period)<\/b> olarak kurgulanm\u0131\u015ft\u0131r. Bu yap\u0131, \u015firkete yeni projelerini finanse etmesi i\u00e7in kritik bir nefes alan\u0131 sa\u011flamaktad\u0131r.<\/li>\n<li><b>Narin Park ve Ayni Sermaye Hamlesi:<\/b> \u00c7\u0131kar\u0131lm\u0131\u015f sermayenin %120 art\u0131r\u0131lmas\u0131 s\u00fcrecinde, hakim ortak Mart\u0131 Otel \u0130\u015fletmeleri A.\u015e., r\u00fc\u00e7han haklar\u0131n\u0131 \u00c7erkezk\u00f6y\u2019deki <b>929 ada 3 parsel<\/b> numaral\u0131 ta\u015f\u0131nmaz\u0131 &#8220;ayni sermaye&#8221; olarak koyarak kullanmaktad\u0131r. Bu hamle, \u015firketin b\u00f6lgedeki dev konut projesi olan <b>Narin Park<\/b>\u2019\u0131n hinterland\u0131ndaki varl\u0131k sinerjisini, nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeden \u00f6zkaynaklara dahil etmesini sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. Sadece Beton De\u011fil, ESG Odakl\u0131 Risk Y\u00f6netimi<\/h2>\n<p>Modern finans d\u00fcnyas\u0131nda sosyal sorumluluk, bir &#8220;iyilik&#8221; projesinden ziyade bir <b>risk y\u00f6netimi (ESG)<\/b> stratejisidir. Mart\u0131 GYO\u2019nun 2012\u2019den bu yana <b>UN Global Compact<\/b> \u00fcyesi olmas\u0131, faaliyet raporunda vurgulanan 10 temel ilkeyi (insan haklar\u0131, yolsuzlukla m\u00fccadele, \u00e7evre vb.) kurumsal DNA&#8217;s\u0131na i\u015flemi\u015f olmas\u0131, uluslararas\u0131 fonlar ve kurumsal yat\u0131r\u0131mc\u0131lar i\u00e7in &#8220;g\u00fcvenli liman&#8221; tescilidir. \u00c7evresel s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 bu yakla\u015f\u0131m, \u00f6zellikle &#8220;Ye\u015fil Y\u0131ld\u0131z&#8221; ve &#8220;Mavi Bayrak&#8221; gibi sertifikalarla varl\u0131k de\u011ferlerini do\u011frudan yukar\u0131 \u00e7ekmektedir.<\/p>\n<h2>7. Sonu\u00e7: Yeni Bir D\u00f6nemin E\u015fi\u011finde<\/h2>\n<p>Mart\u0131 GYO\u2019nun 15,7 milyar TL\u2019lik portf\u00f6y\u00fc, bor\u00e7 yap\u0131land\u0131rmas\u0131ndan 2069\u2019a uzanan tahsis s\u00fcrelerine kadar \u00e7ok katmanl\u0131 bir b\u00fcy\u00fcme hikayesidir. Bu veriler \u0131\u015f\u0131\u011f\u0131nda, her yat\u0131r\u0131mc\u0131n\u0131n kendisine sormas\u0131 gereken soru \u015fudur:<\/p>\n<p><i>&#8220;Siz sadece beton binalara m\u0131 yat\u0131r\u0131m yap\u0131yorsunuz, yoksa 2069 y\u0131l\u0131na kadar nakit ak\u0131\u015f\u0131 m\u00fch\u00fcrlenmi\u015f, stratejik olarak tahkim edilmi\u015f bir de\u011fer motoruna m\u0131?&#8221;<\/i><\/p>\n<p>&nbsp;<\/p>\n<h1>Mart\u0131 Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. Bilgilendirme Belgesi (1 Nisan \u2013 31 Aral\u0131k 2025)<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Mart\u0131 Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Mart\u0131 GYO) 1 Nisan 2025 \u2013 31 Aral\u0131k 2025 ara hesap d\u00f6nemine ili\u015fkin finansal tablolar\u0131 ve y\u00f6netim kurulu faaliyet raporunun kapsaml\u0131 bir sentezidir.<\/p>\n<p>\u015eirket, raporlama d\u00f6nemini <b>27.878.113 TL<\/b> net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. \u015eirketin fonksiyonel para biriminin Euro (EUR) olmas\u0131 ve T\u00fcrk Liras\u0131 kar\u015f\u0131s\u0131ndaki de\u011fer de\u011fi\u015fimleri nedeniyle, toplam kapsaml\u0131 gelir <b>2.172.653.513 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Toplam varl\u0131klar <b>15,7 milyar TL<\/b> seviyesine ula\u015f\u0131rken, bu varl\u0131klar\u0131n %97,83&#8217;\u00fcn\u00fc gayrimenkul yat\u0131r\u0131mlar\u0131 olu\u015fturmaktad\u0131r. \u015eirket, stratejik olarak turizm odakl\u0131 kira gelirleri ve konut sat\u0131\u015f gelirlerine odaklanm\u0131\u015f bir portf\u00f6y yap\u0131s\u0131 y\u00f6netmektedir. D\u00f6nem i\u00e7indeki en kritik geli\u015fmeler aras\u0131nda bor\u00e7 yap\u0131land\u0131rma s\u00fcre\u00e7lerinin devam\u0131, sermaye art\u0131r\u0131m\u0131 revizyonlar\u0131 ve Mart\u0131 Myra tesisinin \u00fcst hakk\u0131 s\u00fcresinin 2069 y\u0131l\u0131na kadar uzat\u0131lmas\u0131 yer almaktad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Profil ve Organizasyon Yap\u0131s\u0131<\/h2>\n<h3>1.1. Tarih\u00e7e ve Faaliyet Konusu<\/h3>\n<p>1987 y\u0131l\u0131nda kurulan ve 2006 y\u0131l\u0131nda Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131\u2019na (GYO) d\u00f6n\u00fc\u015fen Mart\u0131 GYO, esas olarak gayrimenkullere, gayrimenkul projelerine ve gayrimenkule dayal\u0131 haklara yat\u0131r\u0131m yapmaktad\u0131r. \u015eirket, Mart\u0131 markas\u0131n\u0131n 55 y\u0131ll\u0131k turizm deneyimini konut ve turizm projelerine aktarmay\u0131 vizyon edinmi\u015ftir.<\/p>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 5.000.000.000 TL kay\u0131tl\u0131 sermaye tavan\u0131na sahiptir. 31 Aral\u0131k 2025 itibar\u0131yla ortakl\u0131k yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Mart\u0131 Otel \u0130\u015fletmeleri A.\u015e.<\/td>\n<td>27,48<\/td>\n<td>299.821.133<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>68,94<\/td>\n<td>752.121.612<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer<\/td>\n<td>3,58<\/td>\n<td>39.037.255<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>1.090.980.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>\u015eirket y\u00f6netimi, \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin %120 oran\u0131nda art\u0131r\u0131larak 2.400.156.000 TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in s\u00fcre\u00e7 ba\u015flatm\u0131\u015ft\u0131r.<\/i><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Durum Analizi<\/h2>\n<h3>2.1. Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin finansal pozisyonu, gayrimenkul de\u011ferlemeleri ve d\u00f6viz kuru etkileriyle \u00f6nemli bir b\u00fcy\u00fcme g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31.12.2025 (TL)<\/td>\n<td>31.03.2025 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>15.727.454.809<\/b><\/td>\n<td><b>12.486.044.284<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; D\u00f6nen Varl\u0131klar<\/td>\n<td>291.997.183<\/td>\n<td>169.655.934<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Duran Varl\u0131klar (Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller)<\/td>\n<td>15.386.296.005<\/td>\n<td>12.277.349.517<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>15.727.454.809<\/b><\/td>\n<td><b>12.486.044.284<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>180.144.347<\/td>\n<td>229.578.611<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>4.431.748.568<\/td>\n<td>3.313.557.292<\/td>\n<\/tr>\n<tr>\n<td>&#8211; \u00d6zkaynaklar<\/td>\n<td>11.115.561.894<\/td>\n<td>8.942.908.381<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. K\u00e2r veya Zarar Performans\u0131<\/h3>\n<p>Raporlama d\u00f6neminde (01.04.2025 &#8211; 31.12.2025) elde edilen gelirler temel olarak kira has\u0131lat\u0131ndan kaynaklanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 200.366.298 TL<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 178.690.223 TL<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 280.277.654 TL<\/li>\n<li><b>D\u00f6nem K\u00e2r\u0131:<\/b> 27.878.113 TL<\/li>\n<\/ul>\n<p><b>\u00d6nemli Not:<\/b> \u015eirketin ge\u00e7erli para birimi Euro oldu\u011fu i\u00e7in finansal tablolar TL&#8217;ye \u00e7evrilirken olu\u015fan <b>2.144.692.707 TL<\/b> tutar\u0131ndaki yabanc\u0131 para \u00e7evrim farklar\u0131, \u00f6zkaynaklar alt\u0131nda &#8220;Di\u011fer Kapsaml\u0131 Gelir&#8221; olarak muhasebele\u015ftirilmi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Gayrimenkul Portf\u00f6y\u00fc ve Projeler<\/h2>\n<p>\u015eirket portf\u00f6y\u00fc, i\u015fletmedeki turizm tesisleri, devam eden konut projeleri ve planlanan yat\u0131r\u0131mlardan olu\u015fmaktad\u0131r.<\/p>\n<h3>3.1. \u0130\u015fletmedeki Tesisler<\/h3>\n<ul>\n<li><b>Mart\u0131 Myra (Antalya, Tekirova):<\/b> 100 dekar arazi \u00fczerinde 551 oda ve 1209 yatak kapasitesiyle hizmet vermektedir. 30.09.2025 tarihli de\u011ferleme raporuna g\u00f6re de\u011feri <b>9.022.000.000 TL<\/b>&#8216;dir. Tesisin \u00fcst hakk\u0131 2069 y\u0131l\u0131na kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Mart\u0131 Marina &amp; Yacht Club (Mu\u011fla, Orhaniye):<\/b> T\u00fcrkiye&#8217;nin ilk denizde 380, karada 100 tekne kapasiteli marinalar\u0131ndan biridir. 5 Alt\u0131n \u00c7\u0131pa ve Mavi Bayrak sahibidir. De\u011ferleme tutar\u0131 <b>3.690.000.000 TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<h3>3.2. Devam Eden ve Planlanan Projeler<\/h3>\n<ul>\n<li><b>Narin Park (Tekirda\u011f, \u00c7erkezk\u00f6y):<\/b> Karma kullan\u0131m ama\u00e7l\u0131 konut projesidir. III. Faz in\u015faat\u0131 planlanan arsalar\u0131n toplam ekspertiz de\u011feri <b>1.107.000.000 TL<\/b>&#8216;dir.<\/li>\n<li><b>Mart\u0131 Aphrodisias (Ayd\u0131n, Karacasu):<\/b> 50 oda ve 100 yatakl\u0131 butik otel projesidir. \u0130n\u015faat ruhsat\u0131 a\u015famas\u0131na gelinmi\u015ftir. Beklenen y\u0131ll\u0131k ciro 2,5 milyon ABD Dolar\u0131d\u0131r.<\/li>\n<li><b>Mart\u0131 Giova (Mu\u011fla, Marmaris):<\/b> Okluk Koyu yak\u0131n\u0131nda bulunan, 70 yatak kapasiteli butik otel ve restoran projesidir. Mevcut binalar\u0131n renovasyonu planlanmaktad\u0131r. Ekspertiz de\u011feri <b>785.100.000 TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Bor\u00e7 Yap\u0131s\u0131 ve Finansal Risk Y\u00f6netimi<\/h2>\n<h3>4.1. Finansal Bor\u00e7lanmalar ve Yap\u0131land\u0131rma<\/h3>\n<p>\u015eirketin toplam banka kredileri <b>1.016.962.363 TL<\/b> seviyesindedir.<\/p>\n<ul>\n<li><b>Denizbank Yap\u0131land\u0131rmas\u0131:<\/b> 2021 y\u0131l\u0131nda imzalanan protokol kapsam\u0131nda toplam 46,7 milyon USD tutar\u0131ndaki kredi y\u00fck\u00fc 9 y\u0131ll\u0131k bir vade ile (ilk 2 y\u0131l \u00f6demesiz) yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015f Bankas\u0131 Borcu:<\/b> 9 Eyl\u00fcl 2025 tarihinde yap\u0131lan a\u00e7\u0131klama ile T\u00fcrkiye \u0130\u015f Bankas\u0131\u2019na olan vadesi ge\u00e7mi\u015f kredi borcunun tamamen kapat\u0131ld\u0131\u011f\u0131 duyurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>4.2. Geri \u00d6deme Plan\u0131 (Banka Kredileri)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u0131l<\/td>\n<td>Geri \u00d6deme Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>2026<\/td>\n<td>48.104.908<\/td>\n<\/tr>\n<tr>\n<td>2027<\/td>\n<td>30.052.052<\/td>\n<\/tr>\n<tr>\n<td>2028<\/td>\n<td>29.056.608<\/td>\n<\/tr>\n<tr>\n<td>2029<\/td>\n<td>28.371.261<\/td>\n<\/tr>\n<tr>\n<td>2030<\/td>\n<td>881.377.534<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Mevzuat Uyum ve Portf\u00f6y S\u0131n\u0131rlamalar\u0131<\/h2>\n<p>Mart\u0131 GYO, Sermaye Piyasas\u0131 Kurulu\u2019nun Seri: III-48.01 say\u0131l\u0131 Tebli\u011fi uyar\u0131nca portf\u00f6y s\u0131n\u0131rlamalar\u0131na tam uyum sa\u011flamaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Portf\u00f6y S\u0131n\u0131rlamas\u0131<\/td>\n<td>Cari D\u00f6nem (%)<\/td>\n<td>Yasal S\u0131n\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkuller ve Projeler \/ Toplam Varl\u0131klar<\/td>\n<td>97,83<\/td>\n<td>En az %51<\/td>\n<\/tr>\n<tr>\n<td>At\u0131l Tutulan Arsa ve Araziler<\/td>\n<td>7,30<\/td>\n<td>En fazla %20<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lanma S\u0131n\u0131r\u0131 (\u00d6zkaynaklara Oran)<\/td>\n<td>16,32<\/td>\n<td>En fazla %500<\/td>\n<\/tr>\n<tr>\n<td>Para ve Sermaye Piyasas\u0131 Ara\u00e7lar\u0131<\/td>\n<td>0,00<\/td>\n<td>En fazla %49<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Kritik Notlar ve \u00d6nemli Geli\u015fmeler<\/h2>\n<ul>\n<li><b>Kira Oranlar\u0131:<\/b> Mart\u0131 Otel \u0130\u015fletmeleri A.\u015e. taraf\u0131ndan i\u015fletilen Mart\u0131 Myra ve Mart\u0131 Marina tesisleri i\u00e7in uygulanan y\u0131ll\u0131k net has\u0131lat kira oran\u0131, 2023 ve sonras\u0131 i\u00e7in %20 + KDV olarak g\u00fcncellenmi\u015ftir.<\/li>\n<li><b>Vergi D\u00fczenlemesi:<\/b> 1 Ocak 2025&#8217;ten itibaren GYO&#8217;lar i\u00e7in kurumlar vergisi istisnas\u0131 k\u00e2r da\u011f\u0131t\u0131m \u015fart\u0131na ba\u011flanm\u0131\u015f ve ta\u015f\u0131nmaz kazan\u00e7lar\u0131 i\u00e7in %10 asgari kurumlar vergisi uygulamas\u0131 getirilmi\u015ftir.<\/li>\n<li><b>Bodrum \u0130\u00e7meler \u0130halesi:<\/b> 49 y\u0131l s\u00fcreli hak tesisi ihalesi ile ilgili hukuki s\u00fcre\u00e7 devam etmektedir. Dan\u0131\u015ftay karar\u0131 sonras\u0131nda i\u015flemler ge\u00e7ici olarak dondurulmu\u015f olup s\u00fcre\u00e7 Anayasa Mahkemesi&#8217;ndedir.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131 ve Ayni Sermaye:<\/b> \u015eirket orta\u011f\u0131 Mart\u0131 Otel \u0130\u015fletmeleri A.\u015e., sermaye art\u0131r\u0131m\u0131na kat\u0131l\u0131m borcunu Tekirda\u011f\/\u00c7erkezk\u00f6y&#8217;deki bir ta\u015f\u0131nmaz\u0131 &#8220;ayni sermaye&#8221; olarak koyarak \u00f6deme karar\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"908\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Mart\u0131 GYO Dosyas\u0131: 15 Milyar TL\u2019lik Portf\u00f6y\u00fcn Arkas\u0131ndaki 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek 1. Gayrimenkul Yat\u0131r\u0131m\u0131nda G\u00f6r\u00fcnmeyeni G\u00f6rmek: Bir Vizyon Analizi Finansal tablolar, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in sadece so\u011fuk rakamlardan ibarettir; ancak usta bir analist i\u00e7in bu tablolar, stratejik bir satran\u00e7 tahtas\u0131n\u0131n izd\u00fc\u015f\u00fcm\u00fcd\u00fcr&#8230;. <\/p>\n","protected":false},"author":1,"featured_media":909,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[202],"class_list":["post-908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-mrgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=908"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/908\/revisions"}],"predecessor-version":[{"id":910,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/908\/revisions\/910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/909"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}