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Real Estate Investment Funds, Investment Options, and the Requirements of Islamic Funds in Türkiye

In: Understanding Türkiye’s Real Estate Markets

Author

Listed:
  • Gülnaz Şengül Güneş

    (Ankara University, Department of Real Estate Development and Management, Faculty of Applied Sciences)

  • Monsurat Ayojimi Salami

    (Ankara University, Department of Real Estate Development and Management, Faculty of Applied Sciences)

  • Erol Demir

    (Ankara University, Department of Real Estate Development and Management, Faculty of Applied Sciences)

Abstract

This chapter examines real estate investment funds (REIFs) as the investment options available for Islamic funds in Türkiye. Quarterly and long-term net asset value (NAV) data were obtained to analyse the correlation and long-term relationships between several variables. A generalised method of moments (GMM) model is employed to estimate a dynamic panel regression. Furthermore, the information gathered on Türkiye REIFs (T-REIFs) has enabled the categorisation of T-REIF companies into three broad investment options: conventional REIFs, full-fledged Islamic REIFs, and hybrid T-REIF windows, in which investors in T-REIFs can invest. The findings indicate that not all T-REIFs have made substantial investments in the real estate sectors. Additionally, the portfolio diversification of these T-REIFs is markedly different from that of other T-REIFs. Some T-REIFs have experienced a sudden price increase, while others have appreciated only gradually. The findings also show that lagged T-REIF prices, time deposits, public debt instruments, and investments in various sectors have a significant impact on current price movements in T-REIFs (Islamic T-REIFs). However, real estate investment (REI) did not significantly predict price movements in T-IREIFs. In contrast, REI and time deposits exert a significant impact on price movements in conventional T-REIFs (T-CREIFs). Future event studies, along with improved data, are recommended.

Suggested Citation

  • Gülnaz Şengül Güneş & Monsurat Ayojimi Salami & Erol Demir, 2026. "Real Estate Investment Funds, Investment Options, and the Requirements of Islamic Funds in Türkiye," Management for Professionals, in: Tobias Just & Harun Tanrıvermiş & Yeşim Tanrıvermiş (ed.), Understanding Türkiye’s Real Estate Markets, pages 313-332, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-032-13297-0_16
    DOI: 10.1007/978-3-032-13297-0_16
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