Dr. Kerem Yavuz ARSLANLI is currently employed at Istanbul Technical University Department of Urban and Regional Planning. He worked at ITU Urban and Environmental Planning and Research Center 2002-2012. His PhD titled “Spatially Autoregressive House Price Index Model for Istanbul Metropolitan Area” won AREUEA 2009 Doctoral Session Grant. He worked at University of Alicante Institute of International Economics in 2010 and Cass Business School Department of Finance in 2011. Address: ITU Faculty of Architecture Department of Urban and Regional Planning Taskisla Binasi 34437 Sisli Harbiye Istanbul TURKEY
Bu çalışmanın amacı gayrimenkul yatırım ortaklığı firmalarının aktif karlılığı ve piyasa değerine... more Bu çalışmanın amacı gayrimenkul yatırım ortaklığı firmalarının aktif karlılığı ve piyasa değerine etki eden finansal oranlarının tespit edilmesidir. Araştırmaya 2018 yıl sonu itibariyle Borsa İstanbul’da işlem gören firmalardan, 2009-2018 yılları arasındaki denetlenmiş yıl sonu bireysel mali verilerine kesintisiz olarak ulaşılabilen 17 firma dahil edilmiştir. Panel veri analizi yönteminin kullanıldığı araştırmada, bağımlı değişkenler firmaların aktif karlılığı ve piyasa değerleridir. Bağımsız değişkenler cari oran, likidite oranı, dönen varlıklar/aktif toplamı, kısa vadeli finansal borç/aktif toplamı, uzun vadeli finansal borç/aktif toplamı, öz kaynak/aktif toplamı, aktif toplamının logaritması, piyasa değeri / defter değeri, aktif karlılığı, öz kaynak karlılığı, pay senedi getirisi ve fiyat / kazanç oranları olarak seçilmiştir. Analizler sonucunda, uzun vadeli borçlar/aktif toplamı, öz kaynak karlılığı ve cari oran ile piyasa değeri arasında anlamlı negatif ilişki; aktif toplamı il...
This study aims to provide the users with formulas for petrol station value estimation activities... more This study aims to provide the users with formulas for petrol station value estimation activities in Turkey. Firstly, 432 advertisements were used to estimate the asking price of the real estate listings dataset. Secondly, data obtained from 239 valuation reports were used to estimate value. The data were analysed with regression analysis, the variables were found to explain 68.7% of the asking price in the advertisement data and 90.7% of the value in the valuation reports. The results indicated that users could estimate the value of a petrol station by using some of the advertisement data or valuation reports in the estimation. This study can help valuers, especially in cases where access to the actual sales data is required for the market approach, the data needed for the cost approach, and the time needed for value estimation are limited. Our findings indicate that the share of ancillary revenues in the total revenues of petrol stations increased. In Turkey, the revenues of petrol stations, and the revenues from sales of petroleum products increased by 189%, and ancillary revenues by 326% from 2016 to 2021. Moreover, the value of petrol stations belong to one of the five major dealers increase by 24.4%.
Since the beginning of first Real Estate Master’s Program in Turkey 2001, real estate finance as ... more Since the beginning of first Real Estate Master’s Program in Turkey 2001, real estate finance as a term has been changed and evolved by definition from space and asset market players. After 2007 mortgage system is introduced in the country and past 7 years market is demanding more knowledge and data in order to position itself to rapid changing of game rules from local and central governments. Among those changes the real estate finance course at Istanbul Technical University started a curriculum mostly from US perspective while strengthen the enrollment from Erasmus programs in EU. While most of the fundamentals of real estate finance stays the same, multidisciplinary backgrounds of the students provide different viewpoints and investment/ risk perception to be discussed throughout the year. In this paper, the survey data of Master’s Programme graduates and current students analyzed and discussed.
This paper is an attempt to explain Emerging market of Turkey REIT’s performance, concerning fina... more This paper is an attempt to explain Emerging market of Turkey REIT’s performance, concerning finance sector reforms and REIT’s with respect to Basel III requirements; as government interference in the sector. Findings presents performance comparison of Turkish direct real estate investments and real estate investment companies (REICs) by three property types (residential, retail and office) using risk-adjusted return. Extant literature on performance of direct and indirect real estate has been investigated by different property types and time periods using various methods. The common data used in the studies are appraisal-based (IPD) and transaction-based (NCREIF) indices for direct real estate, while EPRA and FTSE/NAREIT indices for REITs covering the major international markets. In this paper, first REICs are classified regarding their property portfolio by type (residential, retail and office) to compare benchmark direct real estate investment. Since no index (such as NCREIF, INREV) is available for direct real estate investments in Turkey, quarterly return is calculated for direct commercial investments based on transaction indices while for direct residential investments based on valuation indices. Finally, Sharpe Ratio is used to compare the performance of REIC versus direct real estate for each property types. Two different time period is used; first period covers 43 quarters from 2002Q1 to 2012Q3. Second period runs for 11 quarters from 2010Q1 to 2012Q3, which data for all three property types are available. The performance of direct real estate investments in all property types is quite well compared to REICs in Turkey. In other word, direct real estate provides great return for less risk, however REICs provided less return for the same risk. The weak performance of REICs can be attributed to their portfolio allocation. The current asset composition of REICs emphasizes development of their own assets, due to the lack of investment grade property portfolios in Turkey. REICs become a “developer’s vehicle” for construction companies and contractors. They act like “developer” instead of “investor” and also focus on “developer’s profit” instead of “rental income and “capital gains”. Their behaviours indicate unique characteristics of Turkish REICs, and therefore they may call as “Real Estate Development Companies—REDCs”. Among direct real estate investments, residential provide higher return. It can be attributed to the unique residential investment characteristics in Turkey. Residential are considered for sale instead of income producing asset, compared with mature markets. No large companies invest in residential portfolios for leasing purposes, because residential properties provide much more return from capital gains and less income yield. Also considering two different periods in the study the negative effect of the global credit crunch observed especially on commercial markets in Turkey. Both office and retail markets witnessed a slowdown in rentals and property values. Due to low housing loan ratio in Turkish market, the effect was quite limited on residential market and no sharp decline was observed in residential prices.
25th Annual European Real Estate Society Conference, 2016
Multi Center development of Istanbul shifted the CBD and new sub centers emerged along east and w... more Multi Center development of Istanbul shifted the CBD and new sub centers emerged along east and west coast of Marmara shoreline. The recent 3rd bridge construction and proposed 3rd international airport on the northern part of the city, commercial activities will shift according to this new higher level of planning agenda. This paper analysis the determinants of office rents with respect to district level of commercial activity, proximity to external amenities, accessibility to means of transportation, sub district level income, house prices and demographics.
Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common sto... more Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are concentrated in the mature REIT markets such as the US, UK and Australia. The present study examines the IPOs in a much smaller and immature REIT market; Turkey.
This paper analyses the high streets of Istanbul within the context of high street management thr... more This paper analyses the high streets of Istanbul within the context of high street management through four dimensions of location and movement, physical fabric, real estate & land use and exchange,...
Health is the basic condition of economic growth and the investment on health facilities should b... more Health is the basic condition of economic growth and the investment on health facilities should be parallel to other investments.. In general, the distribution of those facilities will encourage balanced economic prosperity. After 1990’s privatization of health facilities had started but very little research done about factors affecting the outcome. In this paper the distribution of public and private health facilities are investigated with respect to, socio-demographic, economic and education levels of provinces. Distribution of Public and Private Hospital beds with respect to province population throughout time is analyzed. Public hospitals are generally distributed with balanced population except some southeast and east Anatolian provinces. Private hospitals are five times less the volume of public hospitals and 15 provinces have no private hospitals. Most of the private hospitals are located in a few higher income provinces and rest is distributed by population. Regression model...
22nd Annual European Real Estate Society Conference, 2015
This project will build a theoretical model of real estate brokerage using assumptions based upon... more This project will build a theoretical model of real estate brokerage using assumptions based upon findings from the extensive brokerage literature. In this model differentiation in services and quality between brokerage firms combined with differentiation in preferences between sellers lead to measurable ranges of operation for brokerage firms. These ranges overlap, leading to the competitive nature of the industry. This theoretical model can be simulated in order to predict when ranges will grow or shrink and when competition within them will increase or decrease.Using MLS data for Northern Colorado we will measure the range of operation in ArcGIS for each brokerage firm and each agent in the sample by using actual geocoded data for listings and transactions. These ranges of operation will be used to calculate a market share of listings or transactions for the agent or brokerage firm within their own range of operation. For example, while a county might have 1200 listings a certain brokerage firm within that county may compete only within a smaller area of that county in which there are 120 listings. If the brokerage firm has 40 total listings our methodology would give them a market share of 33% within their operating range rather than 3% within the county.Market share measures for individual agents and brokerage firms will be combined to generate a market concentration measure for larger predefined areas such as cities or census blocks akin to the Herfindahl-Hirschman Index. This will be done using a weighted average, using conventional market share measures (the aforementioned 3%) for weights. Using panel data techniques we will test whether higher values for our market concentration measure are correlated with higher or lower sales prices. We will examine whether market shares and the size of operating ranges for individual agents and brokerage firms vary predictably with local market conditions. These tests will help to determine what value better measures of brokerage firm market share and market concentration will have to policy makers and real estate practitioners, potentially in identifying desirable locations for new entrants and in predicting future trends.
The aim of this paper is to investigate the regulations on the real estate education in Turkey. R... more The aim of this paper is to investigate the regulations on the real estate education in Turkey. Rapid urbanization and population growth rises demand on urban land. This leads rapid growth in public and private investments to real estate sectors Paper identifies challenges and experiences and challenges in the real estate market in Istanbul that has the largest population in Turkey and between 1950 and 2000, its population increased from 1,002,085 to 12.018.735, primarily due to rural migration. While Istanbul accounts for 15 percent of Turkeyis population, the share of its GNP is 22.1 percent of Turkeyis GNP. These characteristics together with being in an excellent location between Asia and Europe for the international firms, stimulates its real estate market. This paper addresses the inequalities in supply side of real estate education to overcome rapid growth in demand. As investments lead into real estate sector demand on professionals emerged on agenda. Real Estate Education s...
Bu çalışmanın amacı gayrimenkul yatırım ortaklığı firmalarının aktif karlılığı ve piyasa değerine... more Bu çalışmanın amacı gayrimenkul yatırım ortaklığı firmalarının aktif karlılığı ve piyasa değerine etki eden finansal oranlarının tespit edilmesidir. Araştırmaya 2018 yıl sonu itibariyle Borsa İstanbul’da işlem gören firmalardan, 2009-2018 yılları arasındaki denetlenmiş yıl sonu bireysel mali verilerine kesintisiz olarak ulaşılabilen 17 firma dahil edilmiştir. Panel veri analizi yönteminin kullanıldığı araştırmada, bağımlı değişkenler firmaların aktif karlılığı ve piyasa değerleridir. Bağımsız değişkenler cari oran, likidite oranı, dönen varlıklar/aktif toplamı, kısa vadeli finansal borç/aktif toplamı, uzun vadeli finansal borç/aktif toplamı, öz kaynak/aktif toplamı, aktif toplamının logaritması, piyasa değeri / defter değeri, aktif karlılığı, öz kaynak karlılığı, pay senedi getirisi ve fiyat / kazanç oranları olarak seçilmiştir. Analizler sonucunda, uzun vadeli borçlar/aktif toplamı, öz kaynak karlılığı ve cari oran ile piyasa değeri arasında anlamlı negatif ilişki; aktif toplamı il...
This study aims to provide the users with formulas for petrol station value estimation activities... more This study aims to provide the users with formulas for petrol station value estimation activities in Turkey. Firstly, 432 advertisements were used to estimate the asking price of the real estate listings dataset. Secondly, data obtained from 239 valuation reports were used to estimate value. The data were analysed with regression analysis, the variables were found to explain 68.7% of the asking price in the advertisement data and 90.7% of the value in the valuation reports. The results indicated that users could estimate the value of a petrol station by using some of the advertisement data or valuation reports in the estimation. This study can help valuers, especially in cases where access to the actual sales data is required for the market approach, the data needed for the cost approach, and the time needed for value estimation are limited. Our findings indicate that the share of ancillary revenues in the total revenues of petrol stations increased. In Turkey, the revenues of petrol stations, and the revenues from sales of petroleum products increased by 189%, and ancillary revenues by 326% from 2016 to 2021. Moreover, the value of petrol stations belong to one of the five major dealers increase by 24.4%.
Since the beginning of first Real Estate Master’s Program in Turkey 2001, real estate finance as ... more Since the beginning of first Real Estate Master’s Program in Turkey 2001, real estate finance as a term has been changed and evolved by definition from space and asset market players. After 2007 mortgage system is introduced in the country and past 7 years market is demanding more knowledge and data in order to position itself to rapid changing of game rules from local and central governments. Among those changes the real estate finance course at Istanbul Technical University started a curriculum mostly from US perspective while strengthen the enrollment from Erasmus programs in EU. While most of the fundamentals of real estate finance stays the same, multidisciplinary backgrounds of the students provide different viewpoints and investment/ risk perception to be discussed throughout the year. In this paper, the survey data of Master’s Programme graduates and current students analyzed and discussed.
This paper is an attempt to explain Emerging market of Turkey REIT’s performance, concerning fina... more This paper is an attempt to explain Emerging market of Turkey REIT’s performance, concerning finance sector reforms and REIT’s with respect to Basel III requirements; as government interference in the sector. Findings presents performance comparison of Turkish direct real estate investments and real estate investment companies (REICs) by three property types (residential, retail and office) using risk-adjusted return. Extant literature on performance of direct and indirect real estate has been investigated by different property types and time periods using various methods. The common data used in the studies are appraisal-based (IPD) and transaction-based (NCREIF) indices for direct real estate, while EPRA and FTSE/NAREIT indices for REITs covering the major international markets. In this paper, first REICs are classified regarding their property portfolio by type (residential, retail and office) to compare benchmark direct real estate investment. Since no index (such as NCREIF, INREV) is available for direct real estate investments in Turkey, quarterly return is calculated for direct commercial investments based on transaction indices while for direct residential investments based on valuation indices. Finally, Sharpe Ratio is used to compare the performance of REIC versus direct real estate for each property types. Two different time period is used; first period covers 43 quarters from 2002Q1 to 2012Q3. Second period runs for 11 quarters from 2010Q1 to 2012Q3, which data for all three property types are available. The performance of direct real estate investments in all property types is quite well compared to REICs in Turkey. In other word, direct real estate provides great return for less risk, however REICs provided less return for the same risk. The weak performance of REICs can be attributed to their portfolio allocation. The current asset composition of REICs emphasizes development of their own assets, due to the lack of investment grade property portfolios in Turkey. REICs become a “developer’s vehicle” for construction companies and contractors. They act like “developer” instead of “investor” and also focus on “developer’s profit” instead of “rental income and “capital gains”. Their behaviours indicate unique characteristics of Turkish REICs, and therefore they may call as “Real Estate Development Companies—REDCs”. Among direct real estate investments, residential provide higher return. It can be attributed to the unique residential investment characteristics in Turkey. Residential are considered for sale instead of income producing asset, compared with mature markets. No large companies invest in residential portfolios for leasing purposes, because residential properties provide much more return from capital gains and less income yield. Also considering two different periods in the study the negative effect of the global credit crunch observed especially on commercial markets in Turkey. Both office and retail markets witnessed a slowdown in rentals and property values. Due to low housing loan ratio in Turkish market, the effect was quite limited on residential market and no sharp decline was observed in residential prices.
25th Annual European Real Estate Society Conference, 2016
Multi Center development of Istanbul shifted the CBD and new sub centers emerged along east and w... more Multi Center development of Istanbul shifted the CBD and new sub centers emerged along east and west coast of Marmara shoreline. The recent 3rd bridge construction and proposed 3rd international airport on the northern part of the city, commercial activities will shift according to this new higher level of planning agenda. This paper analysis the determinants of office rents with respect to district level of commercial activity, proximity to external amenities, accessibility to means of transportation, sub district level income, house prices and demographics.
Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common sto... more Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are concentrated in the mature REIT markets such as the US, UK and Australia. The present study examines the IPOs in a much smaller and immature REIT market; Turkey.
This paper analyses the high streets of Istanbul within the context of high street management thr... more This paper analyses the high streets of Istanbul within the context of high street management through four dimensions of location and movement, physical fabric, real estate & land use and exchange,...
Health is the basic condition of economic growth and the investment on health facilities should b... more Health is the basic condition of economic growth and the investment on health facilities should be parallel to other investments.. In general, the distribution of those facilities will encourage balanced economic prosperity. After 1990’s privatization of health facilities had started but very little research done about factors affecting the outcome. In this paper the distribution of public and private health facilities are investigated with respect to, socio-demographic, economic and education levels of provinces. Distribution of Public and Private Hospital beds with respect to province population throughout time is analyzed. Public hospitals are generally distributed with balanced population except some southeast and east Anatolian provinces. Private hospitals are five times less the volume of public hospitals and 15 provinces have no private hospitals. Most of the private hospitals are located in a few higher income provinces and rest is distributed by population. Regression model...
22nd Annual European Real Estate Society Conference, 2015
This project will build a theoretical model of real estate brokerage using assumptions based upon... more This project will build a theoretical model of real estate brokerage using assumptions based upon findings from the extensive brokerage literature. In this model differentiation in services and quality between brokerage firms combined with differentiation in preferences between sellers lead to measurable ranges of operation for brokerage firms. These ranges overlap, leading to the competitive nature of the industry. This theoretical model can be simulated in order to predict when ranges will grow or shrink and when competition within them will increase or decrease.Using MLS data for Northern Colorado we will measure the range of operation in ArcGIS for each brokerage firm and each agent in the sample by using actual geocoded data for listings and transactions. These ranges of operation will be used to calculate a market share of listings or transactions for the agent or brokerage firm within their own range of operation. For example, while a county might have 1200 listings a certain brokerage firm within that county may compete only within a smaller area of that county in which there are 120 listings. If the brokerage firm has 40 total listings our methodology would give them a market share of 33% within their operating range rather than 3% within the county.Market share measures for individual agents and brokerage firms will be combined to generate a market concentration measure for larger predefined areas such as cities or census blocks akin to the Herfindahl-Hirschman Index. This will be done using a weighted average, using conventional market share measures (the aforementioned 3%) for weights. Using panel data techniques we will test whether higher values for our market concentration measure are correlated with higher or lower sales prices. We will examine whether market shares and the size of operating ranges for individual agents and brokerage firms vary predictably with local market conditions. These tests will help to determine what value better measures of brokerage firm market share and market concentration will have to policy makers and real estate practitioners, potentially in identifying desirable locations for new entrants and in predicting future trends.
The aim of this paper is to investigate the regulations on the real estate education in Turkey. R... more The aim of this paper is to investigate the regulations on the real estate education in Turkey. Rapid urbanization and population growth rises demand on urban land. This leads rapid growth in public and private investments to real estate sectors Paper identifies challenges and experiences and challenges in the real estate market in Istanbul that has the largest population in Turkey and between 1950 and 2000, its population increased from 1,002,085 to 12.018.735, primarily due to rural migration. While Istanbul accounts for 15 percent of Turkeyis population, the share of its GNP is 22.1 percent of Turkeyis GNP. These characteristics together with being in an excellent location between Asia and Europe for the international firms, stimulates its real estate market. This paper addresses the inequalities in supply side of real estate education to overcome rapid growth in demand. As investments lead into real estate sector demand on professionals emerged on agenda. Real Estate Education s...
This paper is an attempt to explain Emerging market of Turkey REIT's performance, concerning fina... more This paper is an attempt to explain Emerging market of Turkey REIT's performance, concerning finance sector reforms and REIT's with respect to Basel III requirements; as government interference in the sector. Findings presents performance comparison of Turkish direct real estate investments and real estate investment companies (REICs) by three property types (residential, retail and office) using risk-adjusted return. Extant literature on performance of direct and indirect real estate has been investigated by different property types and time periods using various methods. The common data used in the studies are appraisal-based (IPD) and transaction-based (NCREIF) indices for direct real estate, while EPRA and FTSE/NAREIT indices for REITs covering the major international markets. In this paper, first REICs are classified regarding their property portfolio by type (residential, retail and office) to compare benchmark direct real estate investment. Since no index (such as NCREIF, INREV) is available for direct real estate investments in Turkey, quarterly return is calculated for direct commercial investments based on transaction indices while for direct residential investments based on valuation indices. Finally, Sharpe Ratio is used to compare the performance of REIC versus direct real estate for each property types. Two different time period is used; first period covers 43 quarters from 2002Q1 to 2012Q3. Second period runs for 11 quarters from 2010Q1 to 2012Q3, which data for all three property types are available. The performance of direct real estate investments in all property types is quite well compared to REICs in Turkey. In other word, direct real estate provides great return for less risk, however REICs provided less return for the same risk. The weak performance of REICs can be attributed to their portfolio allocation. The current asset composition of REICs emphasizes development of
Analyzing the Influence of Star Classification and COVID-19 on Value Per Room in Turkish Hotels: A 2018-2023 Perspective, 2024
Valuing hotel properties requires a comprehensive understanding of dynamic pricing strategies, ma... more Valuing hotel properties requires a comprehensive understanding of dynamic pricing strategies, market dynamics, investment value drivers, and valuation methodologies. This process is critical for investors and hotel managers to make informed decisions on room pricing and overall hotel investment strategies. This study examines the changes in per-room rates of hotels in Turkey between 2018 and 2023, specifically assessing changes by star class and the impact of the COVID-19 pandemic on resort and city hotels. Our research analyzes in detail the impact of the pandemic on pricing strategies in the hotel industry and the price sensitivity of hotels by star class. Our findings provide valuable insights for hotel operators, investors, and tourism policymakers and provide recommendations for more effective pricing strategy planning in the industry.
Sanayileşme devrinde, banliyöleşme sonucu, orta ve zengin tabakanın şehir çevresine göç
etmesi ve... more Sanayileşme devrinde, banliyöleşme sonucu, orta ve zengin tabakanın şehir çevresine göç etmesi ve ticari tesislerin onları takip etmesi, şehir merkezlerinin gerilemesine sebep olmuştur. Şehir merkezindeki bazı ticari aksların yayalaştırılması, şehir merkezlerini ekonomik olarak canlandırmak için pek çok ülkede uygulanmıştır. Bunlardan bazıları, gelişmiş ülkelerde başarılı olmuş, bazıları ise olamamıştır (Rubenstein, 1992; Hass-Klau, 1993; Smith et al., 1996; Robertson, 2004). Bu çalışmada, Beyoğlu’nda, İstiklal Caddesinin yayalaştırılmasının ekonomik ve fiziksel etkisi gelişmekte olan ülkelerden bir örnek olarak incelenecektir. Bu konunun seçilmesinin nedeni, İstiklal Caddesinin yayalaştırılmasının sosyo-ekonomik etkisinin çok başarılı olması ve ortalama bir günde 1,5 milyon kişi tarafından ziyaret edilmesidir (Arslanlı et al., 2011). Son 30 yılda, İstanbul’un hızlı nüfus artışı, ulaşım alt yapısının gelişmesi ve ekonomik kalkınma, İstanbul’un ticari potansiyelini harekete geçirerek, şehrin yapısını geniş çapta dönüşüme uğratmıştır. Boğaziçi köprülerinin ve çevre yollarının inşaatı, banliyöleşme, yeni ofis inşaatının artması, yeni tüketim mekanlarının gelişimi ve bunlara bağlı olarak çok merkezli gelişme, tarihi merkezin sosyo-ekonomik olarak gerilemesine sebep olmuştur
European Real Estate Society INternational Conference , 2013
Initial Public Offerings (IPOs) of equity securities often exhibit underpricing; i.e. common stoc... more Initial Public Offerings (IPOs) of equity securities often exhibit underpricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. Early studies found evidence of overpricing; while later studies found evidence of underpricing. The present study examines the IPOs of the 17 Turkish REITs listed on the Istanbul Stock Exchange from 1997 to 2010 and shows evidence of significant under pricing on the first day of trading.
After 2002 economic crisis in Turkey real estate market is evolved with respect to international ... more After 2002 economic crisis in Turkey real estate market is evolved with respect to international globalization agenda. Between the years 2002 and 2006, Turkish economy has grown by 7.5%. Consequently, private consumption expenditure have increased by 8% annually, by 6% per capita and private sector investments in fixed assets have increased by 23%. In parallel, the housing and commercial real estate sectors have also demonstrated a considerable growth. Foreign capital investments and the shares of international investors in commercial real estate's have also increased (PwC, 2012). In this paper multi-centre development of Istanbul is investigated with respect to Office, Retail and Residential markets. The Central Business District of Istanbul begins with the Barbaros Boulevard, continues along the Büyükdere Avenue and reaches to Maslak. The high-rise plaza type offices on the Esentepe-Zincirlikuyu-Levent-Maslak direction have contributed to the development of this central business district. Istanbul as the biggest city of Turkey affected with much severe planning problems within last decade. This paper investigates the possible outcomes of changing skyline of Istanbul with respect to planning future of the city.
International Conference American Real Estate and Urban Economics Association, 2016
Anecdotal evidence suggests that firms and individuals participating in property-related markets,... more Anecdotal evidence suggests that firms and individuals participating in property-related markets, such as residential brokers, consider that competition among them intensifies during property market downturns. This is at odds with conventional microeconomic theory, which suggests that in a downturn competition will decrease as some firms faced with losses leave the market. We argue that this disconnect may be caused by an unnoticed spatial dimension to competition in these markets, where firms choose the area in which they will operate. We first demonstrate using a spatial agent-based model (ABM) that the desire by a broker to restrict market area to appeal to clients within that local area is consistent with expanded market areas by brokers and hence intensified competition during downturns. We then calculate market areas and shares within those market areas for individual brokers using MLS data and regress the size of market area and concentration within that market area on market condition variables. We find that during downturns, brokers' market areas expand and competition within their market areas increases.
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Papers by Kerem Yavuz ARSLANLI
etmesi ve ticari tesislerin onları takip etmesi, şehir merkezlerinin gerilemesine sebep
olmuştur. Şehir merkezindeki bazı ticari aksların yayalaştırılması, şehir merkezlerini ekonomik
olarak canlandırmak için pek çok ülkede uygulanmıştır. Bunlardan bazıları, gelişmiş ülkelerde
başarılı olmuş, bazıları ise olamamıştır (Rubenstein, 1992; Hass-Klau, 1993; Smith et al., 1996;
Robertson, 2004). Bu çalışmada, Beyoğlu’nda, İstiklal Caddesinin yayalaştırılmasının
ekonomik ve fiziksel etkisi gelişmekte olan ülkelerden bir örnek olarak incelenecektir. Bu
konunun seçilmesinin nedeni, İstiklal Caddesinin yayalaştırılmasının sosyo-ekonomik
etkisinin çok başarılı olması ve ortalama bir günde 1,5 milyon kişi tarafından ziyaret
edilmesidir (Arslanlı et al., 2011).
Son 30 yılda, İstanbul’un hızlı nüfus artışı, ulaşım alt yapısının gelişmesi ve ekonomik
kalkınma, İstanbul’un ticari potansiyelini harekete geçirerek, şehrin yapısını geniş çapta
dönüşüme uğratmıştır. Boğaziçi köprülerinin ve çevre yollarının inşaatı, banliyöleşme, yeni
ofis inşaatının artması, yeni tüketim mekanlarının gelişimi ve bunlara bağlı olarak çok
merkezli gelişme, tarihi merkezin sosyo-ekonomik olarak gerilemesine sebep olmuştur