REIT Sector Outlook
Tacirler Investment
Since the beginning of 2025, the Turkish housing market has experienced a strong recovery.
In the January–May period, home sales reached a record high with a 25.4% increase compared to the same period last year. On the other hand, the House Price Index (HPI) recorded a 2.3% decline in real terms, while foreign investor interest declined significantly due to regulatory changes and the reduced appeal of citizenship incentives—possibly also influenced by the end of the Syrian civil war. Rather than launching new projects, the focus has shifted to ongoing construction sites, and an acceleration in urban transformation is anticipated. In commercial real estate, regional divergence has become more prominent. Looking ahead, expectations of interest rate cuts and expanded credit availability are likely to shape market dynamics. Within this context, we expect Emlak Konut REIT, Rönesans REIT, and Akiş REIT to stand out positively due to their low leverage and rent-focused business models.