One of Europe’s most extraordinary historic buildings is finally set to reclaim its place among the continent’s architectural treasures.

Overlooking the tranquil shores of Büyükada, the largest of Istanbul’s enchanting Princes’ Islands, the iconic Prinkipo Palace better known today as the Büyükada Greek Orphanage is embarking on an ambitious restoration that will preserve one of the world’s most remarkable wooden structures for generations to come.

Recognised as the largest wooden building in Europe and the second largest in the world, this magnificent landmark has stood as a silent witness to more than a century of history. Now, through an international partnership between the Istanbul Greek Orthodox Patriarchate, Bilgili Holding and Greece’s ĒNSOFI Holding, the building will be carefully restored while honouring its remarkable architectural and cultural legacy.

A Palace with an Extraordinary Story

Designed by celebrated French-Ottoman architect Alexandre Vallaury, Prinkipo Palace was originally completed in 1898 as an elegant luxury hotel intended to welcome affluent travellers arriving in Constantinople during the golden age of European tourism.

Although conceived as a grand hotel and casino, the property’s destiny soon changed. In 1903, it was acquired by philanthropist Eleni Zarifi, who donated the building to the Istanbul Greek Orthodox Patriarchate. It was subsequently transformed into the Prinkipo Greek Orthodox Orphanage, providing a home and education for thousands of children until its closure in 1964.

Since then, the vast timber structure has gradually succumbed to the effects of time and exposure. Yet despite decades of deterioration, it has remained one of Istanbul’s most recognisable and evocative landmarks, admired for both its extraordinary craftsmanship and its commanding position overlooking the Sea of Marmara.

Safeguarding a European Heritage Treasure

The significance of Prinkipo Palace extends far beyond Turkey.

Its impressive five-storey structure, comprising 206 rooms, earned international recognition when it was included on Europa Nostra’s prestigious list of Europe’s Seven Most Endangered Heritage Sites in 2018.

The forthcoming restoration represents far more than the conservation of a historic building. It is an investment in Europe’s shared cultural heritage, ensuring that one of the continent’s most important examples of late nineteenth-century wooden architecture can once again inspire future generations.

A Partnership Built on Shared Values

The restoration agreement was formally signed on 15 June 2026 during a ceremony at the Istanbul Greek Orthodox Patriarchate, attended by His All Holiness Ecumenical Patriarch Bartholomew, Archbishop Makarios Griniezakis of Australia, Serdar Bilgili, Chairman of Bilgili Holding, Costantza Sbokou-Constantakopoulou, Executive Architect representing ĒNSOFI S.A. and UNESCO Goodwill Ambassador, together with Laki Vingas, Coordinator of the Büyükada Orphanage Restoration Committee.

The collaboration brings together three organisations united by a common vision: preserving an architectural masterpiece while demonstrating how cultural heritage can foster dialogue, cooperation and mutual understanding across borders.

Restoring History with Contemporary Vision

As custodian of the property since 1903, the Istanbul Greek Orthodox Patriarchate has long championed the protection of historical and cultural heritage under the leadership of Patriarch Bartholomew. Internationally recognised for promoting environmental stewardship and interfaith dialogue, the Patriarchate views the restoration of Prinkipo Palace as an important step in preserving humanity’s shared history.

Delivering the restoration is Bilgili Holding, one of Turkey’s leading real estate investment groups. Together with its private equity arm, BLG Capital, the company manages assets exceeding US$8 billion and has earned an international reputation for transforming historic buildings into world-class destinations.

Its distinguished portfolio includes some of Turkey’s most celebrated restoration projects, including Akaretler Row Houses, Soho House Istanbul, A’jia Hotel, The Peninsula Istanbul, the Atatürk House in Thessaloniki and the Alay Pavilion at Topkapı Palace. Internationally, Bilgili Holding has also developed landmark projects such as The Greenwich by Rafael Viñoly in New York and The Fifth in Miami Beach, reflecting its expertise in combining heritage, luxury and innovative urban design.

Joining the partnership is Greece-based ĒNSOFI Holding, a leading investor and developer specialising in sustainable hospitality and residential destinations. The group is responsible for several landmark developments, including Costa Navarino, The Ilisian and projects along the Athens Riviera at The Ellinikon. With a philosophy centred on long-term stewardship, quality and respect for local communities, ĒNSOFI brings considerable expertise in creating places that endure.

Looking to the Future

Few buildings capture the imagination quite like Prinkipo Palace.

Its remarkable history reflects the changing fortunes of Istanbul itself from the elegance of the Belle Époque to its decades as a place of education and care, and now to a carefully planned renaissance.

As restoration work begins, this extraordinary landmark stands poised to become not only a symbol of architectural preservation but also a testament to what can be achieved when international collaboration is guided by a shared commitment to protecting Europe’s cultural heritage.

For visitors arriving by ferry to Büyükada in years to come, the restored Prinkipo Palace promises once again to be one of the most breath-taking sights on the shores of the Sea of Marmara a magnificent reminder that history, when thoughtfully preserved, continues to enrich the future.

SOURCE: Story provided to Europe Properties by Relevance International, NY https://relevanceinternational.com/