Pursuits
Turkey’s $580,000 Taxi Plates Drive Free-Wheeling Market
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Beyond the polished Fiats and Fords parked at the Oto Center in a remote working class district of Istanbul, traders tout an investment vehicle that has tripled in value over the last nine years: license plates for taxis that fetch about 1.05 million liras ($580,000).
Prices quoted inside stores that act as a private bourse have risen about 10 percent from 885,000 liras a year ago, with the number of permits issued by Istanbul’s government unchanged for two decades even as the population in Turkey’s commercial capital grew, according to the taksiplakasi.com website. The 4,600 liras a month paid by drivers to rent plates add another 5 percentage points of investment income, the website shows.