Özet:

In this study, the market structure and concentration levels of the Real Estate Investment Partnerships (GYO) in Turkey were analyzed with the N-Partition Rate (CR4 and CR8) and Herfindahl-Hirschman Index (HHI). The data set of the study covers the period 2007-2018. According to the CR4 concentration rate, GYOs received 81.29% in 2007 and 57.62% in 2018. On the other hand, according to the CR8 concentration rate of GYOs, it was found that in 2007 96.00 per cent was high and in 2016 73.11 per cent was low. Furthermore, the concentration level of GYOs was found to have a high value of 2297 in 2010 and a low value of 1272 in 2018 according to the HHI analysis. Since 2012, there has been a negative relationship between concentration rates (CR4, CR8) and HHI index values and GYO numbers. In the GYO sector, the monopoly market was found in the period 2007-2011 and the oligopoly market structure in the period 2012-2018.

Anahtar Kelimeler:

Özet:

In this study, Real Estate Investment Trusts (REITs) in Turkey market structure and concentration levels, it was analyzed by N-Concentration Ratio (CR4 and CR8) and Herfindahl-Hirschman (HHI) Index. The data set of the study covers the 2007-2018 period. According to CR4 concentration ratio, REITs had the highest value with 81.29% in 2007 and lowest value with 57.62% in 2018. On the other hand, according to CR8 concentration ratio, REITs had the highest value with 96.00% in 2007 and lowest value with 73.11% in 2016. In addition, according to the HHI analysis, the concentration level of REITs was found to be 2297 in 2010 and 1272 in 2018. After 2012, there was a negative relationship between concentration ratios (CR4, CR8) and HHI index values and REIT numbers. In the REIT sector, it was found that there was a monopoly market in 2007-2011 period and an oligopoly market structure in 2012-2018 period.