Gayrimenkul Yatırım Ortaklıklarının Piyasa Yapısı ve Yoğunlaşma Düzeylerinin Analizi: Borsa İstanbul’dan Kanıtlar
Analysis of Market Structure and Concentration Levels of Real Estate Investment Trusts: Evidence From Borsa İstanbul

Summary/Abstract: 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.

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