Türk Hukukunda gayrimenkul yatırım ortaklıkları
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Date
2001
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Sosyal Bilimler Enstitüsü
Abstract
SUMMARY Real estate investments, with their features of being traditional and safe, have always maintained their popularity for years among investment instruments in Turkey, as they have in the rest of the world. But as an expensive invesment, real estate ownership is almost impossible for individual investors. Real estate investment trusts (REITs), as capital market institutions and publicly held joint stock companies investing in real estates, capital market instruments or rights based on real estate and real estate projects, make it possible for investors, who cannot buy real estate with their small savings to benefit from the rent income and value appreciation gains of real estate, without condition of ownership. Their advantages such as professional management, liquidation and high returns place REITs in the ranks of the most attractive investment instruments. REITs have special importance in both real estate sector and capital market. In Turkey, REITs gained their place in the legal system in 1992 following amendments in the Capital Markets Law and tax laws. Capital Markets Board has regulated the principles regarding REITs with the Communique Serial VI, No 11, published in the Official Gazette dated 8.1 1.1998 numbered 23517. These regulations include some special provisions for REITs because of their functions as mentioned above. The major characteristics of the REITs that make them different from the other joint stock companies and capital market institutions, such as the regulations about conflict of interests by management, valuation (appraisal) of real estate, supervision, establishment procedures, portfolio limitations and etc. constitute the essence of this study. XXIV
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Özel Hukuk