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ÖgeIstoken : The digital revolution of fractional Ownership & Real estate tokenization model in Türkiye(Graduate School, 2024-07-12)Real estate access has become increasingly challenging due to high property costs and financial difficulties in Türkiye , especially in major cities like Istanbul.These limits have hindered the ability of individual and small-scale investors to engage in significant real estate developments. Nevertheless, innovative solutions like fractional ownership ideas and real estate investment funds have arisen to address these difficulties and make real estate investments accessible to a wider range of individuals. Fractional ownership is the division of big assets into smaller shares, allowing investors to get these properties at a reduced price. This strategy allows individuals and small-scale investors to acquire real estate assets with less cash. Real estate tokenization has emerged as another viable strategy that has gained significance in addition to these alternatives. This thesis analyzes the current fractional ownership practices in Türkiye and proposes methods for regulating tokenization by referring to several real estate investment fund applications. An innovative real estate tokenization concept, called "ISToken" (Istanbul Token), has been created. It provides technological, legal, and financial solutions to enhance accessibility and liquidity in the real estate industry. The selection of a blockchain platform is pivotal for the triumph of the ISToken real estate tokenization methodology. The selection of Ethereum as the platform is based on its well-established community, successful advertising strategies, and seamless integration with the wider blockchain ecosystem. In order to assess the viability of ISToken real estate tokenization in Türkiye , we examined real estate investment funds backed by regulatory-supported instruments as a point of comparison. This concept emphasizes the transformation of current regulatory issues to support tokenization. Smart contracts are being recommended as an alternative to Takasbank, which currently handles the secure trading of financial products. Additionally, Distributed Ledger Technology (DLT) is being considered as a replacement for the Central Securities Depository (CSD), which has a multi-central structure that aims to enhance security. The CMB (Capital Markets Board) is the primary regulatory authority overseeing the supervision and regulation of these institutions. It exclusively interacts with portfolio management firms (PMC) under the ISToken model. Regulated PMCs are the only direct counterparts in dialogue with SPK in the ISToken model. However, the only entity that can be considered as a counterpart to the investor is the Special Purpose Vehicle (SPV), which has been specifically created for the purpose of real estate tokenization using ISToken. The rationale behind establishing a Special Purpose Vehicle (SPV) for the ISToken model is that SPVs are already in place for particular financial transactions or projects, namely specialized initiatives, and all aspects of SPVs are governed by the Capital Markets Board (CMB). The ISToken tokenization approach entails the transformation of properties into digital assets, enabling investors to acquire ownership of properties through smaller, fragmented shares. This enables anyone to participate in real estate projectswith modest financial investments, and investors may maintain ownership of properties through digital tokens. Tokenization efficiently and dependably handles these transactions, ensuring a quicker and more economical investing procedure. In Türkiye , the democratization of real estate access is facilitated by a combination of financial instruments and digital innovations, which provide investors with a wider and more efficient selection of investment options. Consequently, the real estate business becomes more easily reachable and varied, resulting in more robust growth for individual investors and the overall sector.
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ÖgeA model proposal on smart contracts for commercial property leases(Graduate School, 2024-07-12)Technological developments change sectors in every field, the commercial real estate sector has also been affected by these developments. PropTech, which can be explained as the integration of technology in real estate, is also transforming the commercial real estate market. In order to survive and increase their investment volume, companies are also looking for new technological alternatives. Blockchain also offers significant opportunities to companies at this point. To adapt to current developments, commercial real estate investors are trying to benefit from the liquidity and transparency opportunities provided by blockchain and its potential to solve issues considered complex in the current market. The main problem examined in the thesis is that commercial real estate leasing processes are currently complex and are handled by different actors, making the leasing and operational process prone to errors. Today's technology, blockchain-based smart contracts, promises to solve the complexity and error-prone nature of the contract process by integrating it into leasing processes. It is also claimed that smart contracts create a structure where reliability and transparency are guaranteed. The purpose of smart contracts is to ensure that the lease contract is signed, the rent is paid on time, and the contract termination is implemented in accordance with the terms. This thesis explores the application areas of smart contracts based on Blockchain technology and potential application innovations in the commercial real estate market. It identifies important criteria in commercial real estate rental contracts and analyzes which of these criteria are prioritized in smart contract integration. Smart contracts are a key example of the use of Blockchain technology in commercial property leasing. Therefore, it is essential to find criteria that will allow smart contracts to be used in commercial property leases. The criteria that smart contracts must meet in order to be preferred to the existing contract type have been questioned through methods such as literature review, surveys applied to market professionals, and AHP analysis, and if these criteria are met, it has been investigated whether smart contracts can be used in the shopping center leasing process. The criteria considered in the current lease agreement process and the use of smart contracts, which are a part of Blockchain technology, in the commercial real estate sector are examined in detail. By investigating the application areas of smart contracts in commercial real estate leasing contracts, the importance of the criteria in contract selection is determined by a survey conducted with employees in different positions in commercial real estate companies. The survey, which investigated the criteria for smart contracts to be used instead of traditional paper-based lease contracts, was conducted on the target people. The survey results were analyzed with priority tables and matrices according to the AHP method. The AHP method shows which criteria are effective in the decision to select the leasing contract process by integrating the criteria into the hierarchical structure. The scoring system determines which criteria are more important than others by having participants compare the criteria in pairs. Participants were asked which criterion they preferred over others. The criteria obtained from these surveys were scored using scoring matrices. The analysis using the Analytic Hierarchy Process method revealed the criteria and features that the leasing process should promise for the use of smart contracts. As a result, the opportunity to integrate smart contracts into the commercial property leasing process is being explored.
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ÖgeStructural review and performance evaluation of real estate tokens(Graduate School, 2024-07-11)Today, while the digital world is developing rapidly, it is also transforming. Revolutionary technologies are at the center of this transformation. One of these is blockchain technology, which forms the main theme of this thesis. Blockchain technology, which we were introduced to in 2008 with the Bitcoin whitepaper published by a person or group who still maintains their anonymity, has given rise to a new monetary system debate. Monetary systems have been intertwined with social events throughout history. Developing social needs have changed monetary systems and enabled them to adapt and respond to needs. A person or group behind Bitcoin named Satoshi Nakamoto also described the global economic crisis of the period when they published this study as a global disaster and proposed Bitcoin as a new monetary system. Blockchain technology, which came to the fore with Bitcoin, introduced us to the concept of decentralization and the new internet while creating a new monetary system. The concept of decentralization is considered to have ushered in a new era of the internet. In the first period of the Internet, which we call WEB1, it was possible just to access data digitally. In this period, called the primitive period of the Internet, users only had the ability to view, it was not possible to create content by users. This period, which contained only fixed content, was defined as the read-only web and the internet was used only as a library. The WEB2 era started in the early 2000s, offered a user-centered, collaborative and participatory environment. In this period, users have become stakeholders who shape the internet environment with all the data, text or images they add to the internet environment. Therefore, a two-way interaction came to light. In this period when all popular social media platforms such as Facebook and YouTube were created, data shared on the internet began to be kept in the database of these private organizations. In this period, when all digital investment platforms, digital wallets and digital payment solutions started to be used in addition to social media, the ability to store data was available only in the relevant centers. Blockchain technology formed the basis of the WEB3 era, which is called the new era of the internet, where the storage, verification and control of all these data are managed without being tied to a single center. With the transition to the new age of the Internet, the concept of digital ownership has become a subject of debate again. Thanks to blockchain technology, users have gained the ability to control the data on the assets they own, by providing ownership without the need for any central institution. This situation has laid the groundwork for tokenization technology, which can be defined as the creation of digital representations of assets. There is an opportunity for users to store and exchange a digital representation of their deposits, real estate or works of art in their decentralized wallets. These digital representations are developed by various companies as investment products as well as a storage tool. Real estate assets are also one of the financial assets evaluated in terms of creating a digital representation. Projects are currently being developed in this direction and offered to both corporate and individual investors. Within the scope of this thesis study, both the process development phase and financial performance of the tokenization of real estate assets are examined. Reasons such as the fact that real estate assets have been considered a non-liquid asset class throughout history, lack of transparency in the market, high investment costs, high-cost brokers, investment being tied to real estate for a long time, high market entry costs and existing bureaucracy obstacles in international investments have made it necessary for the tokenization of real estate assets. creates motivation. The tokens to be created can provide partial ownership of real estate and enable direct transfers without brokers. At the same time, all these transactions made on open blockchains can be viewed transparently by everyone. In this way, real estate investments can be made with small budgets, buyers and sellers can come together without the need for brokers, and international direct investments are possible. This thesis study includes quantitative and qualitative research on real estate tokens, one of the leading security tokens. While security tokens based on blockchain technology are rapidly becoming widespread as new-age investment products, real estate tokens have long stood out as one of the most popular of these tokens. The underlying reason for this is that the real estate sector is associated with low liquidity and long and expensive transaction processes. Studies in the literature have analyzed the structural structure of real estate tokens and concluded that they will lead to a significant increase in liquidity for the real estate market. Tokenization platforms and real estate market experts believe that tokenization will solve many problems in the traditional market, as the products that will emerge with the tokenization of real estate assets will increase liquidity by removing high entry barriers to the market and create a secondary market where intermediaries are minimized. This technology, which can provide safe access to a wide market in a short time, theoretically means a new platform for both debt and capital increase. The aim of this study is to analyze the performance of these tokens as investment instruments by examining the financial data of real estate assets tokenized by RealT, one of the leading asset tokenization platforms. In addition, within the scope of the study, the structure of real estate tokens as financial products was examined and their similarities and differences with traditional products were discussed. In this thesis study, a historical data set covering a 1-year period of 151 real estate tokens tokenized by RealT and traded in the secondary market was used. 139 of these tokenized properties are in Detroit and 12 in Chicago. Four different indices were created based on the data set of tokenized real estate. The first of these indexes is the equal-weighted price index, the second is the market value-weighted price index, the third is the equal-weighted return index, and the fourth is the market value-weighted return index. For performance measurement of the created tokenized real estate indices; A financial asset pricing model was used together with Sharpe and Sortino ratios, which provide the opportunity to perform risk-based return analysis. The created indices were compared with reference indices and the results were shared. For comparison, house price indices for Chicago and Detroit, where tokenized real estate is located (Chicago HI, Detroit HI), indices of real estate investment trusts in the USA (S&P 500 REIT), which is a similar investment product, and non-asset-based real estate traded in the decentralized finance market. DeFi Pulse Index (DPI), which is about tokens, was used. According to preliminary analysis, the index with the highest return relative to risk was the equal weight total return index (EWTTR) for tokenized real estate. The index with the lowest return according to risk was the DeFi Pulse Index (DPI), which focuses on decentralized finance products that are not asset-based. According to the result analysis, all reference indices had negative beta values against the created tokenized real estate indices. In summary, within the scope of this study, an empirical analysis was made by comparing the financial performance of real estate tokens actively traded in the market with certain reference indices. The empirical result finds that token indices perform positively relative to the crypto market and traditional market indices in the context of risk-adjusted returns. This positive performance can be explained by investors' interest in real estate tokens, a new investment product, and a success of the RealT company, which selected the real estate to be tokenized. However, in order to make a more accurate comparison, it should be underlined that the increase in the number of real estate tokens and the liquidity in the secondary market is important.
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ÖgeFutbol ve sermaye: Stadyum yatırımlarının gayrimenkul piyasasına etkileri(Lisansüstü Eğitim Enstitüsü, 2022-06-16)Kentler, tüm sosyal ve ekonomik yapısının yanında, fiziki olarak altyapı ve üstyapı projelerinden oluşmaktadır. Kentsel mekanda yer alan altyapı projelerinden biri olarak değerlendirilen stadyumlar, spor amaçlı kullanımlarının yanında, aynı zamanda bulundukları kentler için birer nirengi noktası niteliği taşımaktadır. Gerek yer seçimleri ve kent mekanı üzerindeki ardıl etkileri dolayısıyla bir alt merkez haline dönüşmeleri, gerekse kent imgesi bağlamında yarattıkları güçlü etki futbol stadyumlarını kentlerde bulunan diğer yapılara göre öne çıkarmaktadır. Kentlerin tarihsel bir sürece, özel karakteristik niteliklere, içerisindeki toplumun yapısıyla entegre sosyal değerlere ve yapıya sahip bir fiziksel sistem olarak nitelenmesi mümkündür. Kentlerin içerisinde yaşayan, çalışan ya da kullanıcı olarak kentsel mekanı deneyimleyen bireylerin kültürleri, kentlerin yaşam kültürlerini ve normlarını oluşturmaktadır. Buradan hareketle, kentlerin esasen içerisinde yaşayan bireylere bağlı gelişen canlı bir organizma olduğu çıkarımı yapılabilir. Bununla birlikte kentlerin canlılığı, büyük ölçüde kent içerisindeki içsel ve dışsal etkilerle gelişen ekonomik faaliyetlere bağlıdır. Stadyumlar, geçmiş yıllardan bu yana çoğunlukla kamu yatırımları kanalıyla olmak üzere çeşitli usullerle geliştirilen gayrimenkul yatırım projeleri arasında sayılmaktadır. Birer gayrimenkul yatırım projesi olarak değerlendirilen stadyumların, kent ekonomisinden ve dolaylı olarak bulundukları bölgenin gayrimenkul piyasasından bağımsız düşünülmesi gerçekçi olmayacaktır. Stadyumlar inşa edildikleri bölgelerde birer cazibe merkezi yaratarak tüketici talebinde olumlu etkiler yarattığı gibi, başta ulaşım olmak üzere pek çok altyapı projesini de tetiklemektedir. Stadyumlar, bulundukları kentlerin ekonomisi üzerinde belirleyici etkiler oluşturmaktadır. Bir kentsel altyapı elemanı olduğu kadar gayrimenkul yatırım projesi olarak da değerlendirilen stadyumların, bulundukları kentlerin ekonomisi üzerindeki etkileri, bölgenin gayrimenkul piyasası üzerindeki belirleyici etkisini de kapsamaktadır. Futbol turnuvaları Yaz Olimpiyat Oyunları ve özellikle FİFA ve UEFA tarafından organize edilen turnuvalar aracılığıyla kentler ve kent ekonomisi üzerinde önemli etkiler yaratmaktadır. Günümüzde en çok takipçisi bulunan başlıca turnuvaların FİFA ve UEFA gibi uluslararası federasyonlar tarafından gerçekleştirildiği göz önüne alındığında, bu federasyonlar tarafından gerçekeştirilen çeşitli turnuvalara ev sahipliği yapacak ülke ve kentlerin belirlenmesi söz konusu kentlerin ekonomik geleceği açısından önemli birer karar niteliğindedir. Söz konusu futbol organizasyonlarının mekan üzerindeki etkileri makroekonomik etkiler, ülke altyapısı ve ülkenin tanıtım faaliyetlerine olan etkileri olarak sıralanmaktadır. Türkiye'de özellikle 2000 yılından sonra faaliyete geçen futbol stadyumu sayılarında geçmiş yıllara göre önemli bir artış gözlenmektedir. Artışın temel sebebi olarak, uluslararası spor organizasyonlarına ev sahipliği yapmak üzere adaylık sürecine girilmesi gösterilmektedir. Türkiye'deki stadyumların bulundukları bölgenin gayrimenkul piyasasına etkileri araştırılmıştır. 2000 yılı ve sonrasında geliştirilen stadyumlar arasından, FİFA ve UEFA tarafından belirlenen minimum standartlara sahip (30.000 koltuk kapasitesi) stadyumlar seçilerek örneklem oluşturulmuştur. TFF tarafından temin edilen güncel verilere göre, mevcut durumda Türkiye'de 30.000 ve üzeri koltuk kapasitesine sahip 16 adet futbol stadyumu bulunmakta olup bunların 14'ünün 2000 yılı ve sonrasında inşa edildiği dikkati çekmektedir. Tez çalışması kapsamındaki analizler, söz konusu 14 stadyumluk örneklem dikkate alınarak gerçekleştirilmiştir. Çalışma kapsamında, stadyumlar konumsal niteliklerine göre merkez ya da çeper olarak kategorize edilmiştir. Her stadyum için stadyumun konumlu olduğu lokasyon ile birlikte toplam 4 adet lokasyon kademesi bulunmaktadır. Bu lokasyon kademelerinin gayrimenkul piyasası verileri, stadyum projesinin inşaat ve faaliyete geçme sürecine göre 4 farklı zaman diliminde incelenmiştir. Yapılan çalışma kapsamında, lokasyon kademelerinin arsa rayiç değerleri döviz bazında incelenmiş olup yıllık ortalama değişimleri hesaplanmıştır. T0, T1, T2 ve T3 olarak zaman periyotlarında 1, 2, 3 ve 4 no'lu lokasyon kademeleri için arsa rayiç değerleri tespit edilmiş olup, T0-T1, T1-T2 ve T2-T3 zaman aralıkları için her bir lokasyon kademesinin döviz cinsinden yıllık ortalama arsa rayiç değeri değişimleri hesaplanmıştır. T0 yılı inşaat ruhsatından önceki yılı, T1 yılı inşaat başlangıcını, T2 yılı stadyumun faaliyete geçiş yılını, T3 yılı ise analiz yılı olan 2022'yi ifade etmektedir. 1 no'lu lokasyon kademesi stadyumun bulunduğu sokak rayiç değerini, 2 no'lu lokasyon kademesi stadyuma 3 kilometre mesafede bulunan aynı nitelikte bir ulaşım aksını, 3 no'lu lokasyon kademesi stadyuma 5 kilometre mesafede bulunan aynı nitelikte bir ulaşım aksını ve 4 no'lu lokasyon kademesi stadyuma 10 kilometre mesafede bulunan aynı nitelikte bir ulaşım aksını ifade etmektedir. Ulaşım akslarının niteliği, lokasyon kademeleri kıyaslanarak belirlenmiştir. Analiz kapsamına dahil edilen stadyumların bulundukları kentlerin merkez veya çeper özelliği gösteren bölgelerinde konumlu olmalarına göre 3 farklı hipotez belirlenmiştir. Çalışma kapsamında yapılan analizlerin sonuçları ile aşağıda açıklanan hipotezlerin doğruluğu test edilmektedir. İlk hipotez: Kent çeperinde bulunan stadyum projelerinin gayrimenkul piyasasına güçlü etkisi bulunmaktadır. İkinci hipotez: Kent merkezinde bulunan stadyum projelerinin gayrimenkul piyasasına sınırlı etkisi bulunmaktadır. Üçüncü hipotez: İstanbul kent merkezinde bulunan stadyum projelerinin gayrimenkul piyasasına zayıf etkisi bulunmaktadır. Aynı zaman periyodunda farklı lokasyon kademeleri arasında benzer yönde ve benzer oranda değişim bulunuyor ise etki "Güçlü", benzer yönlerde (pozitif veya negatif) değişimler gözleniyor; fakat değişim oranları arasında fark bulunuyor ise etki "Sınırlı" ve farklı yönlerde (pozitif veya negatif) değişimler gözleniyor ise etki "Zayıf" olarak nitelendirilmiştir. Sonuç olarak, stadyumların gayrimenkul piyasası üzerinde 3 kilometrelik bir zon içerisinde sınırlı olmak üzere bir etkiyarattığı görülmektedir. Kent konumlu stadyumların ise, merkezde bulunan stadyumlara göre daha güçlü etkiler oluşturduğu tespit edilmiştir.
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ÖgeHouse price modelling under covid-19 analysis of parameters on online listing platforms(Graduate School, 2023-01-05)This study examined how Covid-19 affected house prices in online listing platforms for the Istanbul Metropolitan area. In all online listing platforms in Turkey, net living area, building age, being in a gated community, the number of floors and floor level of the apartment is the primary filtering and evaluation criteria. We analyzed how and in what direction these parameters affect house prices, depending on people's preferences, from the beginning of 2020, which is considered the beginning of Covid-19, to June of 2021, the period when the life began to continue relatively independent from covid-19. While doing this, we had 635,234 observations of house sales from online listings. We divided the data into three groups for houses with lower, middle and upper-income level prices, running them in a split model would be a better option when considering Istanbul's metropolitan structure. For each dataset, we have created regression models on a monthly basis and tracked the change of parameter coefficients. While all parameters in the model gave meaningful results for the lowest price segment, the significance level decreased as the prices increased. During the pandemic, the low-income group's tendency has evolved towards a modern form of housing in gated communities. As a result, the tendency to live in old buildings has decreased and the "large space requirement" related to size has left its place for "more room" houses in these preferences. When we run two co-models constructed at the beginning and end of the period (June of 2020 and 2021), the coefficients for living in the gated communities increased by 14%, the coefficients for the number of rooms increased by 7% and the coefficients for the net living area decreased by 26%. The building age coefficient changed its sign to negative as expected. Furthermore, none of the parameters except the net living area in the highest price group yielded to a significant result.