Özet:

The growth of the construction and real estate sector in Türkiye, especially since the 2000s, is interesting. This growth has been accompanied by a deepening of the relationship between the financial sector and the construction sector, driven by short-term foreign capital flows. On the institutional side of this deepening, there are Real Estate Investment Trusts (REITs), whose number grew rapidly in Turkey after the 2000s, and Turkish Housing Development Administration (HDA), which plays a role in the privatization of public land. Another aspect of the process is the participation of non-financial companies (NFCs) in the real estate and construction industry in the form of REITs. The main objective of this study is to show how and why various capital groups and NFCs have turned to the real estate and construction sector in the form of Real Estate Investment Trusts (REITs) and to uncover the role of HDA that has enabled this process. The basic assumption of the study is that behind this orientation is the effort to cope with the exchange rate risk and rising financing costs due to the dependence of the increasing integration of the Turkish economy with the world market.

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