INVESTING IN HOUSING VS REI FS: TÜRKIYE REAL ESTATE INVESTMENT FUND INDEX

Sumer H. N., YAŞAR AKÇALI B., SÜMER L., HEPŞEN A.

INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT, cilt.30, sa.2, ss.95-107, 2026 (SSCI, Scopus)

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 30 Sayı: 2
  • Basım Tarihi: 2026
  • Doi Numarası: 10.3846/ijspm.2026.26796
  • Dergi Adı: INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, Central & Eastern European Academic Source (CEEAS), ICONDA Bibliographic, Directory of Open Access Journals, The International Construction Database (ICONDA), Business Source Ultimate (EBSCO)
  • Sayfa Sayıları: ss.95-107
  • İstanbul Üniversitesi Adresli: Evet

Özet

The aim of this study is to compare the risk-return performances of real estate investment funds, a rising real estate capital market instrument in T & uuml;rkiye, and housing prices, which skyrocketed in recent years in T & uuml;rkiye under high inflationary periods. The research was conducted for the data obtained between March 2020 and May 2024 in 4 different periods (2020-2024), (2021-2024), (2022-2024) and (2023-2024). The risk-return performance analysis used monthly and quarterly returns of the housing prices and real estate investment funds. Sharpe ratio was calculated for each investment tool. Due to the negative Sharpe ratios obtained for some real estate investment funds, the performances were retested by the Modified Sharpe ratio. The research also used the consumer price index (CPI) as the primary benchmark tool. The research results revealed that except for the last period analyzed, where the increase in housing prices slowed, housing prices overperformed the real estate investment funds. The quarterly data analysis gave better performance results for the REIFs compared to the monthly data. This study is the most comprehensive research regarding the number of real estate investment funds and the period it covered. Establishing T & uuml;rkiye Real Estate Investment Fund Index was also suggested for the first time.