GYODER GÖSTERGE

INDICATORTurkey Real Estate Sector 20212nd Quarter Report - Issue: 25

with contrubutions of

GYODER INDICATOR, TURKEY REAL ESTATE SECTOR 2021 Q2 REPORT Issue:25, 1 September 2021

EDITORIAL COORDINATIONNeşecan Çekici, Vice Chairman of GYODER

Prof. Ali Hepşen, Training, Publications, Information Production Committee Chairman Murat Berberoğlu, PhD, GYODER Secretary General

CONTENT PROVIDER INSTITUTIONS Council of Shopping Centers

Cushman & Wakefield Dalfin Financial and Governance Solutions

EndeksaEpos Property Consulting and Valuation Plc.

EVA Real Estate Appraisal ConsultancyGaranti BBVA Mortgage

İTÜ Urban and Environmental Planning and Research Center JLL Turkey

Public Disclosure PlatformCentral Securities Depository Institution

Özyeğin UniversityREIDIN

Servotel CorporationSMR STRATEGY Strategy, Management, Research

TSKB Real Estate Appraisal

EDITORIAL CONSULTANTProf. Ali Hepşen, Istanbul University, Faculty of Management, Department of Finance, Academic Member

EDITORServet Şahin

CORPORATE COMMUNICATION AND DATA COORDINATION Sinem Tekin, GYODER Corporate Communications Coordinator

GRAPHIC DESIGNMint Creative House

This publication belongs to

PUBLISHING SPONSOR

Please do not cite without making reference. All rights reserved. 2021

Disclaimer: The GYODER Indicator Report is prepared to inform all segments of the real estate sector. All data are taken from sources believed to be reliable by GYODER Real Estate Research and Report Generation Committee. The prices, data and information contained herein can not be guaranteed to be proper

and accurate. The report does not aim to create a basis for any investment decision. GYODER and the institutions contributing to the report are not responsible for any errors that may arise due to the use of this source. The contents of the report may be changed without prior notice.

INTRODUCTION AND EVALUATION

1https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Reel+Sektor+Istatistikleri/Konut+Fiyat+Endeksi/

The Covid-19 pandemic, increasingly spreading throughout the world as of 2020, has had an impact on almost every economic and social variable. As an unprecedented systemic risk, many administrative processes from global business manners to decision-making processes have had to be reshaped according to new circumstances. It is inevitable that such unprecedented and wide spread insistence of events, called “black swan”, have impacts on industries as well. As in other industries, the construction and real estate sectors have been affected by both business manners and demand-side processes.

The pandemic and the related vaccination process reveal a situation that should be monitored quite carefully by economy administrations and financial decision makers. The acceleration of the efforts for the development of Covid-19 vaccine by the end of 2020, followed by the initiation of vaccination practices in the world and in Turkey can be regarded as an extremely important development. The initiation of vaccination has raised the expectation that the normalization process in economic and social life will gain momentum. However, as of 2021 H1, the fast-spreading coronavirus variant has started to threaten the economies again by the lockdowns, especially in India, Brazil and several EU countries. On the other hand, the fact that the effect of the “delta” variant is increasing even in countries that have taken earlier action in vaccination is noteworthy.

As per the analyses and observations made, it is highly expected that there will be no lockdowns as in the past in many countries. Therefore, it can be considered that the increase in the number of cases may have less impact on the economy than in the past.

When we look at the growth projections, which are one of the critical indicators of the course of global economy, it is possible to have a general outlook. In the World Economic Outlook report for July, the International Monetary Fund (IMF) kept its forecast unchanged that the global economy will grow by 6% in 2021 and 4.9% in 2022. In the said report, while the economic growth expectation in developing economies, especially in Asia, was marked down, it was revised up for advanced economies. While the IMF’s April report projected that the Turkish economy would grow by 6% in 2021 and 3.5% in 2022, it revised the 2022 growth forecast to 3.3% in its latest report.

The most critical impact of both the pandemic and various country-specific problems has been on income distribution and earnings. Therefore, many sectors and consumers have had to shape their tendencies accordingly. The real estate and construction industry has also been affected by this process.When we look at the “home sales” figures, one of the most important indicators of the construction and real estate sector

Real Estate and Construction Sector Overview

Presentation And Evaluation 4

in our country, the situation is as follows. In 2021 H1, there was a slight slowdown in home sales. The total sales figure was 552 thousand whereas it was 624 thousand in the same period of the previous year. In fact the substantial decrease was recorded in mortgage sales in parallel with the increase in loan interest rates. The total mortgage sales that was 266 thousand in 2020 H1 decreased by 60.9% in the same period of 2021 to nearly 104 thousand.

The factors that triggered the decrease in sales can be summarized as the decline experienced in the winter months due to seasonal effects, the pandemic (lockdowns) and demand fluctuation, and the alternative costs and expectations caused by increasing interest rates. On the other hand, the slump experienced for a long while in commercial real estate seems to continue. During this process, there are also the effects of shift in trade understanding, impacts of pandemic and the relatively high supply.

On the other hand, since 2020, it is observed that the rising demand has increased the housing prices and inflationary expectations have also affected the process. In May 2021 data released by the CBRT, compared to the same month of the previous year, there has been an increase of 29.1% in nominal terms and 10.7% in real terms . Regarding the price dynamics, it can be said that the increase in prices is due

to the strong demand, as well as the stabilization of prices, which could not rise in real terms in previous years, and the increasing construction costs.

If we make a brief assessment in terms of the sector as of 2021 H1, the effects of the pandemic that has not been seen for the last 100 years on a global basis have radically changed many elements from sales to the construction system, from the structure of the spaces to the materials used, from consumer behaviors to general trends.

It is obvious that the components of the construction and real estate sector need a significant transformation, both with the changes that have occurred due to the pandemic and what needs to be done for a sustainable world. In this respect, it would be appropriate for the relevant institutions as well as the professional associations and academic circles to develop and implement joint solutions.

The sector is able to act in accordance with the conditions by achieving the necessary flexibility to a great extent with its experience and knowhow in our country. During this process, however, it has been understood that risk and fund management as well as socio-psychological factors are at least as important as macroeconomic variables, and the lack of structuring in such issues has stood out.

Presentation And Evaluation 5

17,53% 1,76% 26,2% 13,2%

27% 35%

$ €20%

15%

5%

10%

2016 2017 2018

22,5% 25$ / m2 / month

163 m2

30643

6,46 million m2

54,336 m2

2,1 billion $

Average SpendingPer Capita 694$

Istanbul35,1%

Turkey36,2%

Total Stock10.516.763 m2

Under Construction2.227.041 m2

Under Project558.231 m2

4,2%2,7%

4,1%

105,6% 4,76%81.900 qty 168.400 qty

Q1’20 End156.000 qty

Q1’21 End159.200 qty

Q1’21 EndQ1’20 End

Q2’21 End

289.760 qty

Q2’20 End

283.731 qty2,1% 2,12% 320%

10.601 qty

Q2’21 End

3.314 qty

Q2’20 End

1,39%

18,00%

Q4’20END

Q1’21END

Q1’21END

Q2’21END

Q2’21END

Q2’21

Q2’21Q2’21

Q2’21

Q1’21END Q4’20

ENDMAY’21

Q2’21

Q2’21

Q2’21

Q2’21

Q1’21Q2’21

180.219 m2

Q2’21END

JUN’21 JUN’21

MAY’21

JUN’21

JUN’21

Number of REITs Trading(Q2’21) 33 unit

REIT Market Value(Q2’21) 63.273,16 million TRY

Transaction Volume (Q2’21) 64.137,68 million TRY

Q2’206.816.191.628

Q2’219.814.438.173

MAIN ECONOMIC DATA

Annual Growth (TRY) Inflation Construction SectorGrowth Rate*

*As chain volume index (2009=100)

*As chain volume index (2009=100)

HOUSING

Construction Permits Occupancy Permits Housing Sales

SHOPPING MALLS

Total Stock Leasable Area Per 1.000 persons

Turnover Index Visitor Index

442 Shopping malls

Under Project 39 shopping malls13 million 605 thousand m2 GLA

TOURISM AND HOTEL

Number of Total Visitors Tourism Revenue Occupancy Rates

5,7 million toTurkey

2,72 thousand toIstanbul

Unemployment Rate GDP Exchange Rate Increase5 trillion 47 billion 909 million TRY

Housing Sales to Foreigners New HousingPrice Index

Housing LoanStock

Monthly Interest

Compound Interest

30,25% increase275 billion 164 million TRY

Vacancy Rates Leasing Transaction Volume

LOGISTICS

Koca

eli

Ista

nbul

(Eur

ope)

Ista

nbul

(A

sia)

REITs

OFFICE

Total Stock Vacancy Rates Primary Rent

Leasing TransactionVolume

REIFs

REIF Total Market Size

*Rates of change are given according to the same period of the previous year.

2nd Q

UART

ER A

T A

GLA

NCE

6 2nd Quarter at a Glance

17,53% 1,76% 26,2% 13,2%

27% 35%

$ €20%

15%

5%

10%

2016 2017 2018

22,5% 25$ / m2 / month

163 m2

30643

6,46 million m2

54,336 m2

2,1 billion $

Average SpendingPer Capita 694$

Istanbul35,1%

Turkey36,2%

Total Stock10.516.763 m2

Under Construction2.227.041 m2

Under Project558.231 m2

4,2%2,7%

4,1%

105,6% 4,76%81.900 qty 168.400 qty

Q1’20 End156.000 qty

Q1’21 End159.200 qty

Q1’21 EndQ1’20 End

Q2’21 End

289.760 qty

Q2’20 End

283.731 qty2,1% 2,12% 320%

10.601 qty

Q2’21 End

3.314 qty

Q2’20 End

1,39%

18,00%

Q4’20END

Q1’21END

Q1’21END

Q2’21END

Q2’21END

Q2’21

Q2’21Q2’21

Q2’21

Q1’21END Q4’20

ENDMAY’21

Q2’21

Q2’21

Q2’21

Q2’21

Q1’21Q2’21

180.219 m2

Q2’21END

JUN’21 JUN’21

MAY’21

JUN’21

JUN’21

Number of REITs Trading(Q2’21) 33 unit

REIT Market Value(Q2’21) 63.273,16 million TRY

Transaction Volume (Q2’21) 64.137,68 million TRY

Q2’206.816.191.628

Q2’219.814.438.173

MAIN ECONOMIC DATA

Annual Growth (TRY) Inflation Construction SectorGrowth Rate*

*As chain volume index (2009=100)

*As chain volume index (2009=100)

HOUSING

Construction Permits Occupancy Permits Housing Sales

SHOPPING MALLS

Total Stock Leasable Area Per 1.000 persons

Turnover Index Visitor Index

442 Shopping malls

Under Project 39 shopping malls13 million 605 thousand m2 GLA

TOURISM AND HOTEL

Number of Total Visitors Tourism Revenue Occupancy Rates

5,7 million toTurkey

2,72 thousand toIstanbul

Unemployment Rate GDP Exchange Rate Increase5 trillion 47 billion 909 million TRY

Housing Sales to Foreigners New HousingPrice Index

Housing LoanStock

Monthly Interest

Compound Interest

30,25% increase275 billion 164 million TRY

Vacancy Rates Leasing Transaction Volume

LOGISTICS

Koca

eli

Ista

nbul

(Eur

ope)

Ista

nbul

(A

sia)

REITs

OFFICE

Total Stock Vacancy Rates Primary Rent

Leasing TransactionVolume

REIFs

REIF Total Market Size

*Rates of change are given according to the same period of the previous year.

2nd Q

UART

ER A

T A

GLA

NCE

72nd Quarter at a Glance

MAIN ECONOMICDATA

In 2021 Q2, while the COVID-19 pandemic slowed down around the globe, it was observed that vaccination became widespread even though it varies from country to country. In addition, while the number of cases due to the delta variant increased in some countries, there were disruptions in the production of some products. On the other hand, the inflationary risks that increased on a global scale in Q2 led to normalization in the monetary policy interest rates of developing economies. While interest rates increased in some emerging economies, volatilities declined due to the decrease in uncertainties in the markets. However, towards the end of June, the number of new COVID-19 cases with the delta variant rose in some economies and a fragile outlook emerged in the risk appetite.

In parallel with the global trend, the vaccination process has speeded up in Turkey and the number of COVID-19 cases has slowed down. In July, there was a rapid rise in the number of delta variant COVID-19 cases, again in line with the global trend. Q1 growth data pointed to a strong performance, with the continued impact of monetary and financial aids offered during the pandemic and the continuation of strong foreign demand. In 2021 Q1, GDP achieved strong growth. According to the calendar and seasonally adjusted data, the gross domestic product (GDP) grew by 1.7% compared to the previous period, while the calendar adjusted annual growth rate was 7.3%. In unadjusted data, the growth realized as 7%. With these results, annualized growth performance increased from 1.8% to 2.4%. In dollar terms, GDP increased from US$ 717.4 billion at the end of 2020 to US$ 728.5 billion. On the expenditure side, while the highest contribution to growth acquired from private sector consumption, the annual growth was achieved in all business lines.

Forecasted data for 2021 Q2 indicated that the slowdown in the economy remained limited. After contracting by 0.8% in April, industrial production grew by 1.3% in May. There were 5.8% and 6.1% decreases, respectively, in retail sales during the same period. On the other hand, while turnover indices contracted by 1.3% in April, an increase of 3.3% was recorded in May. A complex outlook emerged in the labor market due to the pandemic and restriction measures. According to

seasonally adjusted data, the unemployment rate, which was 13.2% in March 2021, rose to 13.8% in April, and then fell to 13.2% in May. Even though the broadly defined unemployment indicators decreased marginally in May, they maintained their high level. Although the lockdown measures in April and the first half of May pointed to a slowdown in domestic demand, the normalization process in June supported domestic demand. With these results, the manufacturing industry Purchasing Managers’ Index (PMI), capacity utilization rate, confidence indices and banking sector loan volume first results for June and July confirmed that the weakening in domestic demand remained limited, and that external demand continued to support the economic activity.

In 2021 Q2, fluctuations were observed in inflation due to exchange rate volatility and cumulative costs triggered by global commodity prices. Annual inflation in the general consumer price index (CPI), which was 16.2% in March 2021, fell to 16.6% in May after rising to 17.1% in April. However, it increased again to 17.5% in June. During the same period, core inflation (C index) increased from 16.9% to 17.8% in April and decreased to 17.0% in May. In June, it was recorded as 17.5%. Annual inflation in the general domestic producer price index (D-PPI), which was 31.2% in March 2021, rose continually in Q2 and reached 42.9% as of June. In the upcoming period, in addition to cost factors, the public price adjustments, cumulative costs and high expectations preserve upward risks in inflation.

While the CBRT has kept the policy rate unchanged at 19.0% since March due to the upward risks in inflation, it has been restated that the current stance will be maintained decisively until a significant decrease in inflation is achieved. Additionally, the CBRT made significant changes in the FX reserve requirement ratios at the beginning of July in order to improve the effectiveness of monetary transmission mechanism. In the meanwhile, the Banking Regulation and Supervision Agency took a series of macro precautionary measures in coordination with the relevant institutions at the beginning of July.

Forecasted Data In 2021 Q2 Indicated That TheSlowdown In The Economy Remained Limited

Main Economic Data 9

Source: TurkStat*End of Q1**Chain Volume Index (2009=100)

Year GDP(million TRY)

Income perCapita (TRY)

GDP(million USD)

Income per Capita (TRY) Growth* (%)

Avarage rate during the

year2015 2.350.941 30.056 861.467 11.085 6,10 2,73

2016 2.626.560 33.131 862.744 10.964 3,30 3,04

2017 3.133.704 39.019 852.618 10.696 7,50 3,68

2018 3.758.316 46.167 797.124 9.792 3,00 4,71

2019 4.320.191 52.316 760.778 9.213 0,90 5,68

2020 5.047.909 60.537 717.049 8.599 1,80 7,04

2021* 1.386.347 - 188.065 - 7,00 7,37

Cumulatively, as of the end of Q4, Gross Domestic Product grew by 1.76% compared to the same period of the previous year as the chain volume index (2009=100)

Consumer Price Index (CPI) increased by 1.94% in June compared to the previous month, 8.5% compared to December of the previous year, 17.53% compared to the same month of the previous year and 14.55% on the twelve months moving average basis.

10,35 10,26 10,23 10,85

12,15 15,39 15,85

17,90

24,52 25,2421,62

20,3020,35 19,67 19,71 19,50 18,71

15,7216,65

15,01

9,26 8,5510,56

11,84

12,15 12,37 11,86 10,94

11,39 12,62 11,76 11,77

11,75 11,8914,03 14,6014,97 15,61 16,19

17,14 16,59

17,53

0

5

10

15

20

25

30

2018 2019 2020 2021

January February March April May June July August September October November December

Main Economic Data

Annual Inflation*

Gross Domestic Product by Expenditures at Current Prices

Q1 Q2 Q3 Q4

Source: TurkStat*Change according to the same month of the previous year

10

When the house price increase as well as the increase and return performance of financial investment instruments in 2021 Q2 are analyzed, 0.29% return was observed in Government Debt Securities and 19.67% in Bullion.

Period TR-81REIDIN*

REIDINGYODER

New HousePrice Index**

DepositRate

BIST 100 Index USD Euro Gold

(Bullion)

Goverment Debt

Securities

Q2'17 3,08 0,86 2,62 10,27 -4,06 0,84 -1,44 4,46

Q3'17 2,33 1,03 3,03 7,16 -1,26 4,78 2,68 1,61

Q4'17 2,76 0,85 3,08 3,11 10,53 9,78 6,55 -1,84

Q1'18 2,55 0,90 3,18 6,58 1,25 5,51 5,93 2,08

Q2'18 1,73 0,78 3,27 -17,83 19,15 12,82 14,76 -6,29

Q3'18 0,82 0,50 3,79 -0,41 36,84 36,59 28,06 -8,12

Q4'18 0,58 0,77 5,26 -3,81 -16,2 -18,17 -12,18 15,40

Q1’19 0,97 0,27 5,53 9,89 2,72 2,04 7,03 5,81

Q2'19 1,97 0,92 4,79 -7,25 6,4 6,28 11,35 1,81

Q3'19 2,01 0,38 5,31 8,30 -1,74 -4,23 8,60 12,90

Q4'19 3,07 1,34 3,92 9,18 2,49 3,44 0,68 9,40

Q1'20 2,61 2,43 2,63 -13,9 8,27 7,82 16,1 2,61

Q2'20 5,52 2,06 2,36 17,11 7,58 9,45 17,49 5,89

Q3'20 8,92 2,12 1,93 -1,09 10,53 15,79 22,91 -2,2

Q4'20 8,23 0,89 2,74 25,85 2,36 5,61 -1,61 2,57

Q1'21 6,8 0,79 3,95 7,4 -0,46 -2,64 -7,7 -1,62

Q2'21 7,42 0,88 4,34 -4,86 12,19 13,61 19,67 0,29

Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

US Dollar, which closed 2021 Q1 at 8.34, rose to 8.69 in June 2021 and Euro rose to 10.34 in June 2021, which closed Q1 at 9.78.

6,45 6,18 6,38 6,33 6,67 6,60 6,87 7,22 7,59 7,59 7,68 8,16 8,74 9,09 9,71 9,34 9,13 8,88 8,959,78 9,97 10,38 10,34

5,82 5,65 5,72 5,75 5,95 5,98 6,24 6,58 6,98 6,82 6,85 6,94 7,33 7,76 8,32 7,80 7,43 7,33 7,388,34 8,24 8,51 8,69

1,11 1,09 1,12 1,10 1,12 1,10 1,10 1,10 1,09 1,11 1,12 1,18 1,19 1,17 1,17 1,20 1,23 1,21 1,21 1,17 1,21 1,22 1,19

0

2

4

6

8

10

12

Aug

’19

Sep

’19

Oct

’19

Nov

’19

Dec

’19

Jan’

20

Feb’

20

Mar

’20

Apr

’20

May

’20

Jun’

20

Jul’2

0

Aug

’20

Sep

’20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr

’21

May

’21

Jun’

21

EURO/TRY DOLLAR/TRY EURO/DOLLAR

Main Economic Data

Exchange Rate*

Comparison of Investment Instruments (%)

Source: CBRT*By the last day of each month

Source:REIDIN and TurkStat*REIDIN Turkey Residential Property Price Index (81 province average)**REIDIN-GYODER New Home Price Index is calculated on 70 projects and with a monthly average number of 22.500 properties presented by 34 developers.

11

At the end of May 2021, the net foreign direct investment inflow (actual/net inflow) was realized as US$ 1.224 million. Compared to the investment inflow of US$ 547 million in the same period of 2020, an increase of 224% was recorded in 2021.

Mar’20 Apr’20 May’20 Jun’20 Jul’20 Aug’20 Sep'20 Oct’20 Nov’20 Dec'20 Jan’21 Feb’21 Mar’21 Apr’21 May’21

13,00 13,50 13,50 13,30 14,40 13,00 12,60 12,90 13,00 12,70 12,70 13,30 13,20 13,80 13,20

The number of unemployed of aged 15 and above in overall Turkey in May 2021 decreased by 265 thousand compared to the previous month and was recorded as 4 million 237 thousand. The unemployment rate fell 0.6 percentage point to 13.2%.

2.955

2.0092.686

3.180

2.3622.941

3.420

4.440

2.640

2.141 1.8012.472 2.635

547

2.196 2.4462.135

1.2241.061 1.363961 1.087 1.177 1.423

2.228

1.328 895 9901.766

1.279

495

1.161 1.467 1.240

731

0

1.000

2.000

3.000

4.000

5.000

1.258

Q1'17 Q2'17 Q3’17 Q4’17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21*

FDI FDI in Real Estate

13.337

19.263

13.83511.042

12.8229.266

7.824

3.3594.321 4.156 4.6435.915 4.979 4.402

7310

5.000

10.000

15.000

20.000

25.000

2014 2015 2016 2017 2018 2019 2020 2021*

3.890

FDI FDI in Real Estate

Foreign Direct Investment Inflow

Foreign Direct Investment (million USD)

Foreign Direct Investment (million USD)

Age 15+ Unemployment*

Monthly Average (%)

Main Economic Data

Source: The Ministry of Treasury and Finance *Data of 2021 April - May

Source: The Ministry of Treasury and Finance *Data of 2021 April - May

Source: TurkStat*Labour Force Status (Seasonally-adjusted)

12

8,4010,30 10,50 10,80 10,60 10,20 10,30 11,00

14,0011,90

9,80 9,20 9,70 10,30 10,4012,10

9,90

12,80 13,30 12,70

468

10121416

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Annual Average

The population of Istanbul decreased by 56 thousand 815 compared to the previous year and was recorded as 15 million 462 thousand 452. Istanbul, constituting 18.49% of Turkey’s population, was followed by Ankara with 5 million 663 thousand 322, Izmir with 4 million 394 thousand 694, Bursa with 3 million 101 thousand 833 and Antalya with 2 million 548 thousand 308.

2016 2017 2018 2019 2020Istanbul 14.804 15.029 15.068 15.519 15.462

Ankara 5.347 5.445 5.504 5.639 5.663

Izmir 4.224 4.280 4.321 4.367 4.395

Bursa 2.901 2.937 2.995 3.056 3.102

Antalya 2.329 2.364 2.426 2.512 2.548

0 1.000.0001.000.000 2.000.0002.000.000 3.000.0003.000.000 4.000.0004.000.000 0-4 5-9

10-1415-1920-2425-2930-3435-3940-4445-4950-5455-5960-6465-6970-7475-7980-8485-89

90+

The population ratio of the 15-64 age group, defined as the working age population, was 66.5% in 2007 and 67.7% in 2020. On the other hand, the population ratio of the 0-14 age group, defined as the child age group, decreased from 26.4% to 22.8%, while the population ratio of aged 65 and over increased from 7.1% to 9.5%.

Annual Average (%)

Population Growth in Major Cities (thousand)

Population by Age Group and Gender, 2020

Main Economic Data

Source: TurkStat

FemaleMale

Source: TurkStat*Labour Force Status (Seasonally-adjusted)**Data has been revised by TurkStat.

41.915.985

41.698.377

83.614.362

MaleFemaleTotal

Source: TurkStat

13

2021

2018

2019

2020

71,90 73,10

59,30

50,20

59,50

57,7055,10

58,06

58,20

62,80

50

60

70

80

Q1 Q2 Q3 Q4

110,80

111,20113,00

102,70

90,40 91,50

99,30102,50

98,80 102,1098,60 92,60

105,30

110,40

90

100

110

120

88,05

79,8080,02 81,97

ConfidenceIndex

ExpectationIndex

4,5 4,6 5,3 5,5 6,3 6,7 6,8 5,6 6,1 7,1 7,4 8,0 8,1 8,1 8,5 8,5 7,1 5,4 5,4

43,0

33,242,6

21,3

32,5

20,113,7

-17,2

25,5

41,6

17,324,6

13,2 15,1 16,9 19,5

0,6

-12,8-20-10

01020304050

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

*

16,7

Sector Percentages (%) Growth Rate (%)

The construction sector’s share of GDP with production method at current prices on annual basis was 5.1% as of 2020 Q4. During the same period, while the construction sector contracted by 3.5%, the growth rate of real estate activities was 2.6%. GDP, on the other hand, increased by 26.2% and reached TRY 1 trillion 524 billion 788 million.

The Expectation Index increased by 22% to 113 points in 2021 Q2, compared to the same period of the previous year, and the Confidence Index increased by 30% to 81.97 points.

Share of Construction Received from the GDP by Production Approach at Current Prices

Share in GDP (%) – grow rate – ( on Annual Basis)

Expectation and Confidence Index

Main Economic Data

Source: CBRT

Source: TurkStat*End of 2020 Q4

14

7,7 7,86,2 5,5 5,4

9,18,4

5,56,6

8,7

6,34,7 4,8

8,3

6,35,4 5,1

02468

1012

2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

14,1

23,5

-8,4

3,0

26,2

14,2 11,8

-24,9

20,8

32,1

-10,5-16,4

23,417,0

-14,0

0,6

19,6

-40-30-20-10

010203040

2017 2018

2019

2020 2021

Q1 Q2 Q3 Q4

21,7 21,3 23,414,2 16,2 14,5 11,7

17,7 16,0

0,7

29,123,5

11,8

-10,5-14,0

-8,4

-24,9-16,4

0,6 3,3

20,8

-30-20-10

010203040

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

22,123,4 26,2

19,626,2

GDP Growth Rate (%) Construction Sector Growth Rate (%)

Main Economic Data

Share of Construction Received from the GDP by Production Approach at Current Prices

Share in GDP on Quarter Basis (%)

Growth on Quarter Basis (%)*

Construction Sector - National Income Growth Figures Comparison (%)*

Source: TurkStat*Comparison with the same period of the previous year.**Previous period figures have been updated.

Source: TurkStat

Source: TurkStat*Comparison with the same period of the previous year.

15

HOUSING

In 2021 Q2, housing sales increased by around 10.2% compared to the previous quarter and reached 289.760 units. 2.1% increase was recorded in housing sales compared to the same period of the previous year.

First-hand sales rose by 8.9% compared to the previous quarter and was recorded as 87.508 units. This figure was the second lowest quarterly figure of the first-hand sales. Second-hand sales increased by 10.7%, and 202.252 second-hand houses were exchanged in Q2. The ratio of first-hand sales to total sales dropped to 30.2%.

Despite a limited decline in housing loan interest rates, there was a 20.6% increase in mortgage sales in Q2 compared to the previous quarter. While 56.952 mortgage houses were sold, other sales were recorded as 232.808. Compared to the same period of the previous year, mortgage sales fell by

58.5%, while other sales rose by 58.7%, with the effect of mortgage sales in June, when the reduction in housing loan interest rates began.

Housing prices reached 32.39% in April, the all-time high in historical data, and dropped to 29.07% as of May due to the base effect. The new house price index was 32.27% in May. Yet, as of May, the real return on housing prices decreased to 10.7% and to 13.4% for new houses.

On the other hand, sales to foreigners increased by 7.2% compared to the previous quarter. In Q2, 10.601 houses were sold to foreigners and 20.488 in the first half. Both were the highest sales figures in the data set. In housing sales to foreigners in Q2, Istanbul ranked first with a 48% share, followed by Antalya with a 19.9% share.

Housing Unit Prices In Overall TurkeyReached 4.415 TRY/m²

Housing 17

In 2021 H1, the building permits granted by municipalities increased by 88.4% on the basis of number of buildings, 45.3% on the basis of area, 93.7% on the basis of value and 49.8% on the basis of number of apartments, compared to the same period of the previous year.

Year Housing Stock Rate of Change

2014 28.252.598 14%

2015 28.727.506 2%

2016 29.340.118 2%

2017 32.802.435 12%

2018 35.040.843 7%

2019 38.801.537 11%

2020 39.307.621 1%

32,2

45,5

31,440,3

19,811,5 14,5

28,8

17,7

27,6 27,9

39,233,2

40,9 39,3 39,9

54,5 52,6

29,0 30,038,8

31,8 31,0 33,2

0102030405060

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2'19 Q3'19 Q4'19 Q1’20 Q2’20 Q3'20 Q4’20 Q1’21

23,5

35,7

Construction permits Occupancy Permits

142,1

220,2

139,8167,0

77,445,6 58,0

143,9

81,9

138,7 141,9

192,9 168,4207,5 204,2

280,0250,5

146,0 148,4195,4

156,0 153,9 175,8 159,2

050

100150200250300

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2'19 Q3'19 Q4'19 Q1’20 Q2’20 Q3'20 Q4’20 Q1’21

202,4

114,6

Construction permits Occupancy Permits

Building Permits Statistics and Percantage Changes

Number of Flats (thousands)

Surface Area (million m2)

Building Inventory Data

Housing

Source: TurkStat

Source: TurkStat

Source: TurkStat

18

Housing sales increased by 2.12% in 2020 in 2021 Q2 compared to the same period of the previous year and was recorded as 289 thousand 760.

FirstSale

Second Hand Sale

TotalSales

MortgagedSales

Q1'17 145.826 179.954 325.780 125.093

Q2'17 150.397 178.186 328.583 120.282

Q3’17 180.466 195.899 376.365 117.852

Q4'17 183.009 195.577 378.586 109.872

2017 Total 659.698 749.616 1.409.314 473.099

Q1'18 138.777 165.100 303.877 89.380

Q2'18 160.100 182.055 342.155 112.425

Q3’18 167.198 189.161 356.359 54.478

Q4'18 185.497 187.510 373.007 20.537

2018 Total 651.572 723.826 1.375.398 276.820

Q1'19 107.859 148.574 256.433 38.189

Q2'19 98.295 151.068 249.363 44.696

Q3'19 130.958 228.719 359.677 105.023

Q4'19 174.570 308.686 483.256 144.600

2019 Total 511.682 837.047 1.348.729 332.508

Q1'20 107.432 233.606 341.038 129.299

Q2'20 90.340 193.391 283.731 137.075

Q3'20 161.436 375.073 536.509 242.316

Q4'20 110.532 227.506 338.038 64.647

2020 Total 469.740 1.029.576 1.499.316 573.337

Q1'21 80.370 182.680 263.050 47.216

Q2'21 87.508 202.252 289.760 56.952

Share of Mortgage Sales in Total Housing Sales

(%)

38,4

36,6

31,3

29,0

33,6

29,4

32,9

15,3

5,5

20,1

14,9

17,9

29,2

29,9

24,7

37,9

48,3

45,2

19,1

38,2

17,9

19,7

Housing

Housing Sales on Quarterly Basis (number)

Source: TurkStatFirst Sale: The first sale of a housing by producer or by people making an agreement with the producer in return for a flat.Second hand sale: Resale of the housing by the person obtaining the house from first sale.

19

17.0

88

18.4

83

101.

504

130.

721

76.0

19

35.5

76

25.5

66

24.4

50

14.6

31

10.7

32

14.6

69

21.8

15

17.5

14

10.5

60

28.8

78

42.7

83

50.9

36

190.

012

229.

357

170.

408

136.

744

119.

574

112.

483

105.

981

70.5

87

81.2

22

111.

241

95.8

63

59.1

66

134.

731

0

50.000

100.000

150.000

200.000

250.000

300.000

Nis’20 May’20 Haz’20 Tem’20 A u’20 Eyl’20 Eki’20 Kas’20 Ara’20 Oca’21 ub’21 Mar’21 Nis’21 May’21 Haz’21

Mortgage Housing Sales (qty) Total

Jul’20 Aug’20 Sep’20 Oct’20 Nov’20 Dec’20Jun’20Apr’20 Jan’21 Feb’21 Mar’21May’20 Jun’21Apr’21 May’21

40.6

34

51.3

93

50.1

81

48.9

09

75.4

80

36.0

40

37.3

03

34.0

89

14.8

48

16.8

60

58.6

32

67.9

37

52.1

23

41.3

76

36.9

76

36.6

58

36.8

98

22.2

68

24.7

37

33.3

65

29.2

12

18.2

04

40.0

92

69.9

04

95.5

10

92.6

29

89.4

63

126.

594

77.5

75

81.4

50

74.5

81

27.9

35

34.0

76

131.

380

161.

420

118.

285

95.3

68

82.5

98

75.8

25

69.0

83

48.3

19

56.4

85

77.8

76

66.6

51

40.9

62

94.6

39

0

50.000

100.000

150.000

200.000

250.00011

0.53

8

146.

903

142.

810

138.

372

202.

074

113.

615

118.

753

50.9

36

190.

012 22

9.35

7

170.

408

136.

744

119.

574

112.

483

105.

981

70.5

87

81.2

22 11

1.24

1

95.8

63

59.1

66

134.

731

42.7

83

108.

670

Aug

’19

Sep

’19

Oct

’19

Nov

’19

Dec

’19

Jan’

20

Feb’

20

Mar

’20

Apr

’20

May

’20

Jun’

20

Jul’2

0

Aug

’20

Sep

’20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr

’21

May

’21

Jun’

21

First Sale (number) Second Hand Sales (number)

Mortgage sales fell by 58.45% in 2021 Q2 compared to the same period of the previous year and was recorded as 56 thousand 952. The share of mortgage sales in total sales was recorded as 19.7%.

First-hand housing sales fell by 3.13% in 2021 Q2 compared to the same period of the previous year and was recorded as 87 thousand 508. Second-hand sales increased by 4.58% to 202 thousand 252.

Mortgage Housing Sales

Housing Sales on Annualy Basis (number)

Housing

Source: TurkStatFirst Sale: The first sale of a housing by producer or by people making an agreement with the producer in return for a flat.Second hand sale: Resale of the housing by the person obtaining the house from first sale.

Source: TurkStat

20

207,2

4,76%

0,44%

107,20%

359,2

35,24%

2,51%

259,20%

According to the REIDIN-GYODER New Housing Price Index, there was a price increase of 0.44% in June 2021 compared to the previous month and of 4.76% compared to the same period of the previous year.

283,3

22,11%

2,64%

183,30%

181,5 186 197,8 207,2

050

100150200250

Jun'18 Jun'19 Jun'20 Jun'21

223,5 233,3 265,6

359,2

0

100

200

300

400

Jun'18 Jun'19 Jun'20 Jun'21

193,5 204,1232,0

283,3

0

100

200

300

Jun'18 Jun'19 Jun'20 Jun'21

Housing

Housing Price Indexes (Country-wide)

REIDIN GYODER New Home Price Index (January 2010=100)*

REIDIN Turkey Residential Property Price Index (January 2012=100)**

REIDIN Residential Rent Value Index (Ocak 2012=100)**

Source: REIDIN*REIDIN-GYODER New Home Price Index is calculated on 50 projects and with a monthly average number of 16.000 properties presented by 26 developers.**REIDIN Turkey Residential Property Price Index (81 province average)

Index Value: June 2021

Annual Nominal Change (%)

Monthly Nominal Change (%)

Nominal Change According to Start Period

Index Value: June 2021

Annual Nominal Change (%)

Monthly Nominal Change (%)

Nominal Change According to Start Period

Index Value: June 2021

Annual Nominal Change (%)

Monthly Nominal Change (%)

Nominal Change According to Start Period

21

Housing Purchasing Power Index Turkey average increased by 7.42% compared to the previous quarter and by 35.24% compared to the same quarter of the previous year, and was announced as 359.2 in 2021 Q1.

Q1’20 Q1’21 Q2’21Q2’20 Q3’20 Q4’20Q3’19 Q4’19

84 85 90 95 102 114 111 112 108 112 9575

94 102120 133 136 140 129

102 92

0

50

100

150

200

Q1’

16

Q2’

16

Q3’

16

Q4’

16

Q1'

17

Q2'

17

Q3'

17

Q4’

17

Q1'

18

Q2'

18

Q3'

18

Q4'

18

Q1'

19

Q2'

19

Q3'

19

Q4'

19

Q1'

20

Q2'

20

Q3'

20

Q4'

20

Q1'

21

TR-81 Real Estate Purchasing Power Index (120-Month Term Loan)

19,7 19,5 19,5 21,6

0

10

20

30

Jun'18 Jun'19 Jun'20 Jun'21

19,3 19,2 19,1 19,2 19,3 19,4 19,4 19,5 19,4 19,5 19,5 19,5 19,6 19,7 19,9 20,3 20,5 20,8 21,1 21,3 21,4 21,5 21,6 21,6

16171819202122

REIDIN Housing Investment Return Duration (Year)

Jul’1

9

Aug

’19

Sep

’19

Oct

’18

Nov

’18

Dec

’18

Jan’

20

Feb’

20

Mar

’20

Apr

’20

May

’20

Jun’

20

Jul’2

0

Aug

’20

Sep

’20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr

’21

May

’21

Jun’

21

Real Estate Purchasing Power Index (120-Month Term Loan)

REIDIN Home Return on Investment Time (Year)

Housing

Source: REIDIN*REIDIN Turkey Residential Property Price Index (81 province average)

Source: REIDIN

*It is an important economic indicator that measures whether a family lives in any 81 cities of Turkey with an average income can own a house by using a 120-month term housing loan or not. The index values of 100 and above indicate that one can own a house by using a 120-month term loan with the existing interest rate; values below 100 indicate that a family cannot own a house by using a housing loan under current financial terms.

22

108,5114,4

129,3

92,868,7

106,3104,0

92,0 85,0 94,0

98,0

75,0 76,0 84,3

95,6110,6126,8

61,0

112,3 94,7 118,7120,4

123,8

0

50

100

150

Q3’

16

Q4’

16

Q1'

17

Q2'

17

Q3'

17

Q4'

17

Q1'

18

Q2'

18

Q3'

18

Q4'

18

Q1’

19

Q2’

19

Q3’

19

Q4’

19

Q1'

20

Q2'

20

Q3’

20

Q4'

20

Q1'

21

Q2'

21

Q3'

21Confidence Index

Last 2 years averageLast 1 years average

83,582,5

121,4

87,7

62,7

112,5 109,0

86,095,0 99,0

86,0

59,0 65,981,4 88,0

104,1 103,8

33,3

96,5

59,577,0

90,3103,4

0

50

100

150

Q3’

16

Q4’

16

Q1'

17

Q2'

17

Q3'

17

Q4'

17

Q1'

18

Q2'

18

Q3'

18

Q4'

18

Q1’

19

Q2’

19

Q3’

19

Q4’

19

Q1'

20

Q2'

20

Q3’

20

Q4'

20

Q1'

21

Q2'

21

Q3'

21

Confidence Index

Last 2 years averageLast 1 years average

2,82%

14,51%

Measured as 90.3 in 2021 Q2, the average of the recent one year of the Confidence Index was announced as 80.08. The Price Expectation Index was measured as 120.4 in the same period and the average of the recent one year was announced as 111.5.

Real Estate Confidence Index

Real Estate Price Expectation Index

Housing

Source: REIDIN*Rate of Increase given according to previous quarter

Source: REIDIN*Rate of Increase given according to previous quarter

23

29,1

423

,17

21,4

310

,90

5,64

5,61

4,45

3,70 6,

10 8,50 12

,80

15,0

05,

50 7,30

6,90

6,51 9,

835,

09 6,86 7,88

7,19

4,95

0

10

20

30

40

Housing Sales Rate to Foreigners (%)

Q1’

16Q

2’16

Q3’

16Q

4’16

Q1'

17Q

2'17

Q3'

17Q

4'17

Q1'

18

Q2'

18Q

3'18

Q4’

18Q

1'19

Q2'

19Q

3'19

Q4'

19Q

1'20

Q2'

20Q

3'20

Q4'

20

Q2'

21Q

1'21

In 2021 Q2, consumers purchased houses from branded housing projects mostly preferred to use down payment from the options of down payment, promissory note and bank loan. The rate of destocking in 2021 Q2 was 5.24%, and 4.95% of the branded housing sales were made to foreign investors.

37,0

0

36,3

3

31,6

0 41,8

0

47,8

2

46,2

0

47,0

0

52,9

4

45,2

6

35,2

2 43,1

1

46,5

1 56,7

6

27,6

0 37,2

3

14,8

0

10,0

0

13,0

2

16,4

0

15,8

0

17,6

0

22,6

6 30,4

2

35,5

8

22,7

0

17,8

7

12,1

0

35,5

0

26,4

4

51,5

0

48,2

0

39,1

6

37,4

0

37,2

0

29,4

6

32,0

8

34,3

7

21,3

1 30,7

8

25,3

7

26,7

0

010203040506070

Q1'18 Q2'18 Q3'18 Q4’18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

61,2

0

Down Payment Usage Rate (%) Bank Loan Usage Rate (%) Deed Usage Rate (%)

4,883,78 3,19 3,50 4,10

5,20 4,60 4,503,44

2,003,50

4,34 4,845,85

9,66

6,375,04 5,24

02468

10

Q1'

17

Q2'

17

Q3'

17

Q4'

17

Q1'

18

Q2'

18

Q3'

18

Q4’

18

Q1'

19

Q2'

19

Q3'

19

Q4'

19

Q1'

20

Q2'

20

Q3'

20

Q4'

20

Q1'

21

Q2'

21

Destocking Rate (%)

Housing

Destocking Rate (%)

Payment Methods

Housing Sales to Foreigners (%)

Source: REIDIN

Branded Housing Projects Indicators

Source: REIDIN

Source: REIDIN

24

The number of housing sales to foreigners was recorded as 10 thousand 601 as of the end of 2021 Q2, with an increase of 320% compared to the same period of the previous year.

2.675

2.964

4.2484.077

4.748

1.776

3.9074.005

3.036

790 860

1.664

2.741

3.893

5.269 5.258

4.962

4.427

3.1683.321

3.129

3.720

3.925

2.689

4.192

3.604

4.1774.272

3.988

5.298

1.742 1.729 1.8272.043

2.415

2.060

2.858

3.866

5.615

6.276

4.672 4.560

1.386 1.306

1.578 1.6241.775

1.926 1.726

1.684

2.236

2.677

2.152 2.164

0

1000

2000

3000

4000

5000

6000

7000

2021 2020 2019 2018 2017

Jan Mar Apr May Jun Jul Aug Sep Oct Nov DecFeb

Number of House Sales to Foreigners in Turkey

Q1 Q2 Q3 Q4

Housing

Source: TurkStat

25

In 2021 Q2, the most preferred province by foreigners in real estate investments was Istanbul. When we examine all kinds of real estate investments of foreigners made in Turkey in 2020 and 2021, 64.7% increase was recorded at the end of 2021 Q2 on the basis of number of real estates compared to the same period of 2020.

Q2’21 Q2’20

Q2’21 Ranking (Q2’20 Ranking)

First 10Cities

Total Number of Real Estates

Total Number of Real Estates

1(1) Istanbul 12.176 7.562

2(2) Antalya 4.388 2.517

3(3) Ankara 1.404 908

4(6) Mersin 1.029 357

5(5) Yalova 751 398

6(4) Bursa 690 492

7(9) Sakarya 492 260

8(8) Muğla 464 304

9(7) Izmir 431 355

10(10) Samsun 349 239

Other 2.600 1.653

Total 24.774 15.045

Total Citizenship Acquisition 2.963 3.374

Citizenship AcquisitionShare in Total (%) 24,0 30,0

Top 10 Cities Preferred by Foreigners for Housing Purchase

Housing

Source: General Directorate of Land Registers Department of Foreign Affairs*Figures include all real estate sales.*End of 2021 Q2

26

Q2’21 Q2’20

Q2’21 Ranking (Q2’20 Ranking)

First 10Cities

Total Number of Real Estates

Total Number of Real Estates

1 (2) Iranian 3.495 2.496

2 (1) Iraq 3.419 2.147

3 (4) Russian Federation 1.926 900

4 (3) Afghanistan 1.678 925

5 (7) Germany 974 501

6 (-) Kazakhistan 836 0

7 (6) Yemen 743 513

8 (-) United States of America 682 0

9 (9) Azerbaijan 675 454

10 (10) Palestine 658 430

- (5) Chinese 0 540

- (8) Jordan 0 456

Other 9.688 6.139

Total 24.774 15.045

Gulf Countries 6.914 4.643

Ratio of Gulf Countries in Total Investments 28,0 31,0

When we examine all kinds of real estate investments of foreigners made in Turkey, we observe that Kazakhstan and the U.S. took part in top 10 countries that preferred Turkey in 2021 Q2, different from the same period of 2020.

Top Ten Countries Preferring to Purchase Housing from Turkey*

Housing

Source: General Directorate of Land Registers Department of Foreign Affairs*Figures include all real estate sales.**End of 2021 Q2***Total number of real estate sales according to the nationalities can be higher than the total sales made to foreigners, as different nationals are able to buy different properties.

27

HOUSINGLOANS

The upward trend in housing loan interest rates that started in September 2020 continued until the end of June 2021. Having started to move upward in the beginning of September 2020 and realized as 1.08%, the housing loan interest rate increased to 1.39% in June 2021. Likewise, the annual interest rate, which started to move upward at the beginning of September 2020 and was realized as 13.80%, increased by 4.20 points to 18.00% at the end of June 2021.

At the end of May 2021, the volume of housing loans was recorded as TRY 275.1 billion. While the share of public deposit banks in the total housing loan volume was 57.3% in May 2020, it rose to 62.07% in May 2021. In May 2021, the share of domestic private banks decreased from 20.62% to 17.40%, and the share of foreign deposit banks from 14.38%

to 11.7%, compared to the same period of the previous year. While the ratio of non-performing housing loans to total housing loans showed an upward trend since the beginning of September 2018, the downward trend started as of October 2019 and was recorded as 0.30% as of May 2021.

The total volume of consumer loans, on the other hand, was TRY 695.7 billion in May. The share of housing loans in total consumer loans that was 39% in May 2020 was recorded as 39.5% with 0.5 points increase as of May 2021. While the total loan was around TRY 3.855 trillion, the share of personal loans in total loans was 22.1%. This rate was around 20.5% in May 2020.

At The End Of May 2021, The Volume OfHousing Loans Recorded As TRY 275.1 Billion

Housing Loans 29

Q1’21Q2’20 Q2’21Q3’20 Q4’20

The amount of housing loans used in the 2021 Q1 reached TRY 11.692 million. The average loan amount provided in 2021 Q1 was recorded as TRY 247.000.

The share of housing loans in personal loans was 32.3% in May 2021 with 30.23% decrease, compared to the same month of the previous year.

Period Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Total Credit Extension(million TRY)

12.713 17.303 7.368 1.837 5.920 6.790 18.216 25.075 24.089 33.230 55.001 13.975 11.692

Credit Extension Figure (number) 90.788 119.714 54.734 16.637 42.379 46.789 113.120 147.731 127.574 151.445 230.193 64.062 47.418

140 142 132 138 140 145 135110

140 145161 170

189219

239218

50

100

150

200

250

Ç1'17 Ç2'17 Ç3'17 Ç4'17 Ç1'18 Ç2'18 Ç3'18 Ç4'18 Ç1'19 Ç2'19 Ç3'19 Ç4'20 Ç1'20 Ç2'20 Ç3'20 Ç4'20

Konut ortalama kredi tutarı (bin TL/adet)

140 142 132 138 140 145 135110

140 145 161 170189

219239

218247

50

100

150

200

250

300

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Average Mortgage Loan Amount (thousand TRY/ number)

32,7% 32,5% 32,3%

33,3% 32,6%33,5%

34,6% 34,9% 34,7% 34,4% 34,1% 33,9% 33,6% 33,2%

211

211

234

262

274

277

278

280

278

277

276

277

276

275

633,

06

648,

17

698,

72

757,

03

786,

65

798,

46

808,

66

819,

31

820,

72

824,

39

832,

17

847,

19

849,

30

851,

90

0200400600800

10001200

Oct’20 Nov’20 Dec’20 Jan’21 Feb’21 Mar’21Sep’20Jul’20 Aug’20Apr’20 May’20 Apr’21 May’21Jun’20

Mortgage Loan (billion TRY) Total Consumer Credits (billion TRY)

Kullandırılan Konut Kredisi

Mortgage Loan - Total Consumer Credits Comparison

Average Mortgage Loan Amount (thousand TRY)

Housing Loans

Mortgage Loans Granted

Source: Banking Regulation And Supervison Agency

Source: The Banks Association of Turkey

30

As of June 2021, monthly interest rate on housing loans was 1.39% and compound annual interest rate was 18%.

Q1’20 Q1’21 Q2’21Q2’20 Q3’20 Q4’20

The total housing loan volume was around TRY 275 billion 130 million as of May 2021.

51 %100,0 275.130

250.860

170.786

47.883

32.191

0,78

24.270

%91,2

%62,1

%17,4

%11,7

%0,0

%8,8

32

21

13

3

8

6

0,91 0,90 0,90 0,91 0,88 0,72 0,74 1,05 1,16 1,18 1,25 1,44 1,40 1,38 1,38 1,40 1,37 1,39

11,50

11,32

11,41

11,49

11,13

9,01

9,22 13

,31 14,78 15

,18 16,10 18

,6918

,1317

,8517

,8818

,1117

,7918

,00

05

10152025

Jan’

20

Feb’

20

Mar

’20

Apr’2

0

May

’20

Jun’

20

May

’21

Jun’

21

Jul’2

0

Aug’

20

Sep’

20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr’2

1

Monthly Interest Compound Interest

Source: Banking Regulation And Supervison Agency*The latest published data are the data of BDDK 2020 December.**The number of participation banks increased to 6 with Türkiye Emlak Katılım Bankası A.Ş. upon the official authorization received on February 27, 2019.

Mortgage Loan Interest Rate (%)

Distribution of Mortgage Loan According to Banks

Housing Loans

Source: Central Bank of Turkey

Distribution of Sector in General

Number of Banks

SectorShares

Distribution of Mortgage Loan Volume

(billion TRY)*

Total Banking Sector

Public DepositMoney Banks

Deposit Banks withForeign Partners

Private DepositBanks

Total DepositBanks

Participation Banks

Development andInvestment Banks

31

The share of nonperforming loans in total housing loans was recorded as 0.30% as of May 2021.

Q3’20 Q4’20 Q1’21 Q2’2123

3.93

8

261.

682

274.

364

277.

343

278.

288

279.

618

278.

289

276.

824

276.

300

276.

723

276.

360

275.

164

1.0891.054 1.028 1.008 980 949 907 896 869 831 816 815

050.000

100.000150.000200.000250.000300.000

0,46%0,37% 0,36% 0,35% 0,34% 0,32% 0,32% 0,31% 0,30% 0,30%0,29%0,40%

Ratio of Non-Performing Loans to Total Stock (%)Total Stock (million TRY) Total Loans Under Supervision (million TRY)

Jan’21 Feb’21 Mar’21 Apr’21 May’21Jun’20 Jul’20 Aug’20 Sep’20 Oct’20 Nov’20 Dec’20

Mortgage Loan Stock and Non-performing Loan*

Housing Loans

Source: Banking Regulation And Supervison Agency*Cumulative total of Mortgage Loan Stock and Non-performing Loan

32

As of the end of 2021 Q2, Istanbul was the city where housing loans are mostly used in total housing loans with 43%. Istanbul was followed by Ankara with 18% and by Izmir with 11%.

Kırşehir

Düzce

Eskişehir

Kütahya

Tekirdağ

Çorum

Çanakkale

İzmir

Muğla

Uşak

İçel

Kahramanmaraş

Iğdır

Ağrı

Gümüşhane

Bingöl

Şanlıurfa

Muş

Şırnak

Elazığ

Batman

İstanbul

Niğde

Ankara

Karabük

Çankırı

Kocaeli

Bursa Bilecik

Edirne

301

7650

24 26 18 21 14 17 120

20.000

40.000

60.000

80.000

100.000

Istanbul Ankara Izmir Bursa Antalya Kocaeli Adana Mersin Gaziantep Manisa

80.858

33.342 21.823

10.738 8.853 7.620 6.488 6.023 5.209 4.780

0,37%

0,23%0,23%

0,22% 0,29% 0,24% 0,32% 0,23% 0,33% 0,25%

Ratio of Non-Performing Loans to Total Stock (%)Total stock (million TRY) Total of non-performing loans (million TRY)

Top 10 Cities Borrowed Housing Loans

Housing Loans

Source: BRSA-FinTürk*End of Q2’21**Cumulative total of Mortgage Loan Stock and Non-performing Loan

33

OFFICE ANDCOMMERCIAL REAL ESTATE

The increase in working from home/remote working due to the Covid-19 pandemic that emerged in 2020 has led to the reshaping of the office market in terms of flexibility and productivity, and the companies to develop strategies accordingly. It is observed that office spaces continue to be an important part of the organizational structure and working principles of companies in the aftermath of the pandemic.

While aligning on the hybrid working model, the need for healthy working spaces in line with social distance rules and hygiene criteria increases the demand for qualified and high quality office spaces. Efforts to encourage productivity by focusing on quality rather than quantity in office spaces and to bring employees together in the right place that enables innovation, socialization, cooperation and the development of company culture shape the purpose of offices with effective use of space.

Other parameters that have an impact on leasing and investment activities in the office market are the continuation of the exchange rate fluctuations and the increase in inflation to 14.55% on an annual basis in June.

During the pandemic with one year and a half, there have been significant changes in the office market, as in many other sectors. In this period when remote working has been on the rise, companies have been working on the working models for the post-pandemic future. In this regard, the quality, technological infrastructure and access to office spaces have become more critical than ever before.

While no new supply was included in the office market in 2021 Q2, the overall supply in the Istanbul office market remained at the same level as 6.46 million m². The total leasing transaction realized in Q2 was 54.336 m², showing

no substantial difference compared to the same period of the previous year. Majority of the transactions (76%) were new leasing agreements. While 15% of the transactions were renewals, 6% were realized by property owner users.

Major new leasing transactions include Inventus (11.311 m², Koşuyolu Building), Penti (4.500 m², Trump Tower), Nokia (3.560 m², Nidakule Ataşehir South), Han Spaces (3.150 m², Nidakule Ataşehir South), ABB (2.850 m², Hilltown Küçükyalı), Tezman Holding (1.840 m², DLP1) and DHL Logistics (1.212 m², Büyükhanlı Plaza).

The vacancy rate was recorded as 22.5% in 2021 Q2, with a slight decrease.

The sale of 100% shares of AND Anadolu Gayrimenkul Yatırımları A.Ş., which owns AND Plaza, to Quick Sigorta A.Ş. and Corpus Sigorta A.Ş, subsidiary of Maher Yatırım Holding A.Ş. was recorded as the large-scale investment transaction in 2021 Q1. Another major transaction realized was Körfez Enerji Sanayi ve Ticaret A.Ş.’s acquisition of Yeşil REIT’s 50% share in Yeşil Plaza in Zeytinburnu in exchange for TRY 180 million. Investment transactions are anticipated to gain impetus in the medium term.

Upon the completion of the globally important Istanbul International Finance Center (IFC) in 2022, approximately 1.5 million m² of supply will be included in the market. Around 50% of this supply will be used by public banks and financial institutions.

The favorable investment environment is expected to gain momentum in the medium term by opportunistic buyers.

In Q2, 15% Of The Agreements On Square Meter Basis Were Made In The Central Business Area (MIA). 65% Of

The Lease Agreements Were Made On The Anatolian Side Excluding MIA.

Office and Commercial Real Estate 35

In 2021 Q2, the overall supply was 6.46 million m2, remained at the same level as in the previous quarter. The total leasing transaction was recorded as 54 thousand m². In the leasing transactions realized in this quarter, there was a decrease of 3.7% compared to the previous quarter and 9.25% compared to the same period of the previous year.

EuropeanSide

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Levent - Etiler 881 18,9 25 881 18,0 25 881 18,0 25

Maslak 891 19,3 15 891 19,5 15 891 19,5 15

Z.Kuyu - Şişli Line 539 11,3 15 539 16,9 14 539 16,9 14

Taksim andsurrounding area

187 22,0 9 187 21,1 9 187 21,1 9

Kağıthane 302 39,0 11 302 38,8 9 302 38,8 9

Beşiktaş* 103 14,1 9 103 13,8 9 103 13,8 9

Western Istanbul** 829 4,9 6 829 4,5 6 829 4,5 6

Cendere - Seyrantepe 422 70,0 11 422 66,7 9 422 66,7 9

AnatolianSide

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Stock(thousand

m2)

VacancyRate (%)

Prime Rent($/m2/month)

Kavacık 105 20,4 10 105 19,8 9 105 19,8 9

Umraniye 753 13,5 12 753 14,7 12 753 14,7 12

Altunizade 84 30,5 12 84 30,7 12 84 30,7 12

Kozyatağı*** 789 29,0 17 789 28,4 17 789 28,4 17

Eastern Istanbul**** 583 32,2 7 583 38,1 7 583 38,1 7

Q4’20 Q2’21Q1’21

Istanbul Office Market by Regions

Office and Commercial Real Estate

*Covers Nişantaşı-Akaretler-Barbaros-Maçka-Teşvikiye**Covers Güneşli-Yenibosna-Bakırköy-İkitelli*** Covers İçerenköy-Göztepe-Ataşehir **** Covers Küçükyalı-Maltepe-Kartal-Pendik

Source: Office data were prepared by Cushman&Wakefield specifically for GYODER.

36

The total leasing transactions in 2021 Q2 was 25 thousand m² and the vacancy rate was recorded as 22.5% in total.

Leasing Q2'20 Q1'21 Q2'21

Total Occurring Take-up Transactions(thousand m2) 59 56 54

Prime Rent (USD/m2/month) 30,0 25,0 25,0

Prime Yield (%) 7,8 7,8 7,8

Stock Vacancy Rate (%) 24,1 22,9 22,5

Office and Commercial Real Estate

Office - Current and Future Stock Information

*It is the average of the rental values in the highest quarter segment excluding extreme values within the actual leasing transactions.

Source: EVA Real Estate Appraisal Consultancy

Source: Office data were prepared by Cushman&Wakefield specifically for GYODER.

6.460 6.460 6.460

2.203 2.203 2.203

0

2.000

4.000

6.000

8.000

Q2'20 Q1'21 Q2'21

1.55

4

1.55

4

1.55

4

Total Stock (thousand m2) Future Supply (Under construction, thousand m2)

Green building Certificate Office Stock (thousand m2)

37

CityCommercial Real

Estate Average Unit Sale Price (TRY/m2)

Shop and Store Average Unit Sale

Price (TRY/m2)

Office AverageUnit Sale Price

(TRY/m2)

Istanbul 8.248 8.420 8.498

Izmir 6.814 6.878 7.074

Bursa 5.100 5.467 5.027

Antalya 4.733 5.123 4.098

Ankara 5.692 5.549 5.218

Kocaeli 4.366 4.188 4.328

Adana 3.800 4.687 3.378

147,8

4

147,0

1

144,4

7

144,0

0

143,7

5

142,3

0

142,1

214

2,1914

6,9714

8,5014

9,9515

0,5315

1,9415

3,3215

8,2516

0,2016

2,1616

9,1617

2,1317

5,2117

9,6718

2,7518

5,7919

2,24

195,5

1

198,5

9

120

140

160

180

200

220

May

'19

Haz

'19

Tem

’19

Au’

19

Eyl’1

9

Eki’1

9

Kas’

19

Ara’

19

Oca

’20

ub’2

0

Mar

’20

Nis

'20

May

'20

Haz

'20

Tem

’20

Au’

20

Eyl’2

0

Eki’2

0

Kas’

20

Ara’

20

Oca

’21

ub’2

1

Mar

’21

Nis

’21

May

’21

Haz

'21

May

’19

Jun’

19

Jul’1

9

Aug

’19

Sep

’19

Oct

’18

Nov

’18

Dec

’18

Jan’

20

Feb’

20

Mar

’20

Apr

’20

May

’20

Jun’

20

Jul’2

0

Aug

’20

Sep

’20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr

’21

May

’21

Jun’

21

Commercial Real Estate Price Index (Overall Turkey)

Prominent Cities in Commercial Real Estate

Endeksa Commercial Real Estate Price Index

Office and Commercial Real Estate

Source: Endeksa

Source: Endeksa

38

198,59

29,53% 98,59%

1,58%

Turkey Commercial Property Index was recorded as 198.59 points as of the end of June 2021.

The index increased by 29.53 points compared to the same month of the previous year, rising by 1.58 points on monthly basis. Starting from 175.21 points in 2021, the index increased by 23.38 points in 6-month period.

141,32 147,01 153,32198,59

0

100

200

Jun’18 Jun’19 Jun’20 Jun’21

Endeksa Commercial Real Estate Price Index (January 2014=100)*

Office and Commercial Real Estate

Source: Endeksa

Index Value: June 2021

Annual Nominal Change (%)

Monthly Nominal Change (%)

Nominal Change According to Start Period

39

SHOPPING MALLS

Istanbul has the majority of the existing supply with a 37% share. On the other hand, 30 shopping malls have a leasable area of nearly 924 thousand m² under construction. With the supply projected to be finalized by the end of 2022, the total supply is expected to exceed 14.5 million m².

When the organized retail density is examined, it is seen that there is 163 m² leasable area per 1.000 people across the country. While Istanbul appears to have twice the density of the country with its 330 m² retail density, Ankara stands out as another city with a retail density of 299 m².

As Of 2021 Q2, The Existing Shopping Mall Supply In Turkey Was Recorded As

13.6 Million m2 In 442 Shopping Malls.

Shopping Malls 41

Kırşehir

Düzce

Eskişehir

Kütahya

Tekirdağ

Çorum

Çanakkale

İzmir

Muğla

Uşak

İçel

Kahramanmaraş

Iğdır

Ağrı

Gümüşhane

Bingöl

Şanlıurfa

Muş

Şırnak

Elazığ

3

4

2

3

19

27

4

3

95

4

610

10

5

7

13

1

3

6

5

47

5

22

3

2

3

2227

2

1

1

2

2

21

7

11

1

1

1

1

1

1

1

1

1

2

11

Batman

1

1

İstanbul

Niğde

132

3

Ankara

44

2

17

Karabük

3

2

95Çankırı

207 232264 296 326 346 364 390 429 453 454 447 442

5.800 6.5337.615 8.229

9.247 10.023 10.799 11.35912.611 13.453 13.508 13.591 13.605

0

200

400

600

800

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*0

4.000

8.000

12.000

16.000

Opened Shopping Centers (number) Opened GLA (thousand sqm)

151 +

101-150m2

51-100m2

0-50m2

As of 2021 Q2, the total number of shopping malls was 442 and the total leasable area stock reached 13 million 605 thousand m2. Istanbul constitutes approximately 37% of the total leasable area stock. In overall Turkey, the leasable area per 1.000 people is 163 m2.

Growth of Shopping Mall in Turkey

GLA* Volume and Number of Shopping Malls according to Cities

Shopping Malls Opened by Years and GLA

Shopping Malls

Source: Jones Lang Laselle *Shopping mall area per 1,000 persons as of the 2021 Q2

Source: Jones Lang Laselle Shopping Mall definition: Leasable area over 5.000 m2, at least 15 independent sections organized shopping areas that create synergy with centralized and common management approach*End of Q2’21

42

267

248 281

281

303 34

7

311 344

294 321 352

375

340

305

159

40 40

227 30

3

291

293 34

9

313

248

214

236

340

273

187

457

0100200300400500

Ocak ubat Mart Nisan Mayıs Haziran Temmuz A ustos Eylül Ekim Kasım Aralık

2019 2020 2021

Jan Mar Apr May Jun Jul Aug Sep Oct Nov DecFeb

When it is compared with the same period of the previous year, an increase of 107.3% is seen (not inflation-adjusted).

When it is compared with the same period of the previous year, an increase of 95.5% is seen.

Current Status Active Under Construction Total

İstanbulQuantity 132 14 146

TLA (m²) 5.101.005 474.486 5.575.491

AnkaraQuantity 44 3 47

TLA (m²) 1.692.464 107.000 1.799.464

OtherCities

Quantity 266 22 288

TLA (m²) 6.812.275 598.000 7.410.275

TurkeyQuantity 442 39 481

TLA (m²) 13.605.744 1.179.486 14.785.230

New Shopping

Mall Supply

To Be Active At The End Of The Period

Expected to be Completed at the End of the Period

Quantity TLA (m²) Quantity TLA (m²)

2021 455 14.056.744 13 451.000

2022 472 14.529.744 17 473.000

2023 476 14.745.230 8 215.486

Intensity TLA (m²)(Per 1.000 persons)

Istanbul 330

Ankara 299

Other 109

Turkey 163

105

91 99 96 94 104

98 98 91 97 99 104

103

92

50

4 9

43

59 59 55 64 54

3332 35

53

31 24

61

0

50

100

150

Ocak ubat Mart Nisan Mayıs Haziran Temmuz A ustos Eylül Ekim Kasım Aralık

2019 2020 2021

Jan Mar Apr May Jun Jul Aug Sep Oct Nov DecFeb

Retail Turnover Index

Shopping Malls

Source: Jones Lang Laselle *Data of Q2’21

Source: Council of Shopping Centers Turkey

Source: Council of Shopping Centers Turkey

43

TOURISM AND HOTEL

The expenditures of the 12.7 million tourists visiting Turkey in 2020 indicate that an average spending per capita was US$ 716. Considering that the average spending per capita in 2019 was US$ 642, it is seen that per capita expenditures increased within the last year. It is observed that 3.7 million foreign tourists visiting Turkey in 2021 Q2 spent US$ 694 dollars per capita.

According to the data obtained from the Ministry of Culture and Tourism, while the total number of foreign visitors coming to Turkey was nearly 4.5 million in 2020 Q2, it was 5.7 million in 2021 Q2.

In 2021 Q2, 53% of the 5.7 million foreign tourists visiting Turkey came to Istanbul, 10% to Antalya and 2% to Ankara. These three cities were followed by İzmir and Muğla with 1.9% and 0.1%. When the number of tourists is compared with 2020 Q2, it is observed that there is an increase of 27%. Covid-19 outbreak started in China in early February began to show its effect in European countries, especially in Italy as of early March, and then it started to affect Turkey considerably in the second week of March. It can be said that Turkey’s tourism performance, with the increasing number of visitors compared to the previous year, has started to recover.

When the number of facilities with Operation Certificates and Investment Certificates are examined, it is seen that there are 4.260 facilities holding operation certificates with a total capacity of 488 thousand rooms and 606 facilities holding investment certificates with 73 thousand rooms in overall Turkey. Considering the facilities with operation certificates, Antalya has the biggest share with 804 facilities and a room capacity of 214 thousand. It is followed by Istanbul with 652 facilities and a room capacity of 64 thousand and by Muğla with 417 facilities and a room capacity of 51 thousand.

Considering the facilities with investment certificates, Antalya has the biggest share with 101 facilities and 21 thousand rooms among 606 facilities to be included in the existing hotel supply in the near future. It is followed by Istanbul with 75 facilities and a room capacity of 8 thousand and by Muğla with 60 facilities and a room capacity of 7 thousand.

The occupancy rate of facilities with operation certificates in overall Turkey was 58% in 2019, whereas it was 19% in 2020. The city with the highest occupancy rate was Istanbul with 25%, followed by İzmir and Antalya with 23% and 22%. Occupancy rates of Ankara and Muğla were nearly 21% and 16%, respectively. As of the first 5 months of 2021, the occupancy rate of facilities holding operation certificates in overall Turkey was 20.88%.

In 2016, the occupancy rates and prices in Istanbul and other regions experienced a serious decline due to the slowdown in tourism, and then showed an effective recovery between 2017 and 2020, nearing pre-2016 levels. In parallel with the world, hotel performance in Turkey has also been adversely affected by the Covid-19 pandemic since January.

While the occupancy rate for 2020 was calculated as 34% for overall Turkey, the occupancy rate for Istanbul was 37%. While the average room rate in Turkey for the same period was € 58, it was € 78 in Istanbul. In 2021 Q2, the occupancy rate, which was 36% in overall Turkey, was 35% in Istanbul. The average room rate in this period was € 64.9 in overall Turkey and € 76 in Istanbul. It can be said that the negative impact of the Covid-19 pandemic on occupancy and room rates has decreased compared to the previous year.

5.7 Million Foreign Tourists VisitedOur Country In The First Half Of 2021

Tourism And Hotel 45

Yatırım BelgeliThere are 4.260 facilities holding operation certificates with a total capacity of 488 thousand rooms and 606 facilities holding investment certificates with 73 thousand rooms in overall Turkey.

When it is compared with the same period of the previous year, an increase of 95.5% is seen. 47.7% of 5.7 million foreign tourists coming to Turkey in 2021 H1 visited Istanbul, 26.1% came to Antalya and 2.7% to Muğla. These three cities were followed by Izmir and Ankara with 2.1% and 1.7%, respectively. When the number of tourists is compared with 2020 H1, an increase of 27% is observed.

Source: Republic of Turkey Ministry of Culture and Tourism*Q2 data includes January-June period.

Antalya

Muğla

Istanbul

Izmir

Ankara

Other2017

Turkey 32,40

9,40 1,98 10,70 0,76 0,50 9,06

2018

Turkey 39,40

12,40 2,70 13,40 0,95 0,58 9,37

2019

Turkey 45,00

14,60 3,20 14,90 1,20 0,59 10,51

2020

2021*

Turkey 12,70

Turkey 5,70

3,30

1,49

0,67

0,15

5,00

2,72

0,30

0,12

0,18

0,10

3,25

1,12

Facility Room Facility Room

Antalya 804 214.638 101 21.500

Muğla 417 51.537 60 7.058

Istanbul 652 64.241 75 8.207Izmir 225 19.932 33 3.080Ankara 180 14.394 11 1.060

Other 1.982 123.926 326 32.754

Turkey 4.260 488.668 606 73.659

Tourism and Hotel Performance

Total Number of Foreign Visitors (million people)

Tourism And Hotel

Number of Facilities with Investment and Operating Permits

With Operating Permit With Investment Permit

Source: Republic of Turkey Ministry of Culture and Tourism*Updated on 02.08.21

46

The expenditures of the 3.1 million tourists visiting Turkey in 2021 Q2 indicate that an average spending per capita was US$ 694.

Period Total ForeignTourist

Per CapitaExpenditure ($)

Q1’15 4.314.332 884

Q2’15 9.637.458 691

Q3’15 14.761.540 670

Q4’15 6.878.830 737

2015 35.592.160 715

Q1'16 4.014.546 717

Q2'16 6.330.571 602

Q3'16 9.466.509 622

Q4'16 5.453.780 626

2016 25.265.406 633

Q1'17 3.772.293 637

Q2'17 7.675.032 570

Q3'17 13.770.308 634

Q4'17 6.861.894 687

2017 32.079.527 630

Q1'18 4.908.831 682

Q2'18 9.855.102 602

Q3'18 15.904.734 589

Q4'18 8.283.235 649

2018 38.951.902 617

Q1'19 5.460.380 678

Q2'19 11.499.211 607

Q3'19 18.438.139 623

Q4'19 9.315.240 702

2019 44.712.970 642

Q1'20 4.635.845 710

Q2'20

Q3'20 4.430.053 649

Q4'20 3.642.367 804

2020 12.708.265 716

Q1'21 1.826.227 918

Q2'21 3.144.815 694

Total Tourists & Expenditures

Tourism And Hotel

Source: TurkStat*Updated on 02.08.21**Data for 2020 Q2 not published by TUIK yet.

47

In 2019 in overall Turkey, bed occupancy rate of facilities holding operation certificates was recorded as 58%. The occupancy rate in overall Turkey in 2020 was 19%. The city with the highest occupancy rate was Istanbul with 25%, followed by Izmir and Antalya with 23% and 22%. Bed occupancy rates of Ankara and Muğla were nearly 21% and 16%, respectively. As of the first 5 months of 2021, the bed occupancy rate of facilities holding operation certificates in overall Turkey was 20.88%.

01020304050607080

Antalya Muğla Istanbul Izmir Ankara Turkey

62,53

7,31

45,81

15,05

45,90

16,39

24,27

29,34

9,32

33,12 41,52

17,3842,44

58,9053,61

62,2960,8669,84

22,89

3,1819,71

23,70

15,318,39

25,78

2,6523,14

21,09

0,3020,79

19,22

0,7418,48

16,86

1,1415,72

2019 Foreign 2019 Local 2020 Foreign 2020 Local

Hotel Occupancy Rates in 5 Big Cities (%)

Hotel Occupancy Rate (%)* and Average Daily Rate (ADR)

Tourism And Hotel

Source: Republic of Turkey Ministry of Culture and Tourism*Occupancy values published by Ministry of Tourism show bed occupancy instead of room occupancy.

48

71,1 66,2

0,0%

20,0%

40,0%

60,0%

80,0%

2018 2019 2020 2021(Q2)

Istanbul Turkey

74,0 67,6

37,2 35,1 36,234,8

While the occupancy rate for 2021 H1 was calculated as 36.2% for overall Turkey, it was 35.1% for Istanbul. The average room rate in Turkey for the same period was € 65 and it was € 77 in Istanbul.

82,7389,67

78,19 76,6270,44 77,49

57,8664,89

20,00

40,00

60,00

80,00

100,00

120,00

2018 2019 2020 2021(2.Ç)

Istanbul Turkey

Turkey - Istanbul Yearly Room Occupancy (%)

Turkey - Istanbul Yearly ADR (EUR)

Tourism And Hotel

Source: STR Global*January-June data used for Q2’21.

Source: STR Global*January-June data used for Q2’21.

49

LOGISTICS

According to the available data, there is 6.74 million m2 of logistics supply for commercial use in the total warehouse stock of nearly 10.50 million m2 in the Istanbul-Kocaeli region, which is the primary logistics market. As of 2021 H2, the vacancy rate decreased and was recorded as 11%. The volume of projects under construction was recorded nearly as 558 thousand m2 and almost all of such projects appear to be the logistics supply for commercial use.

Having increased due to the Covid-19 pandemic since 2020, e-commerce continued to maintain its influence in the logistics market in 2021 H1. While leasing transactions were realized at a similar level with the same period of the previous year as 204 thousand m2, the demand for logistics warehouses was

mostly from 3PL (third-party logistics), e-commerce, retail and fast moving consumer goods companies. Due to the limited supply –both existing and under construction- the upward pressure on rental prices in response to high demand in the market is expected to be effective also in H2.

The “urban logistics” concept that steadily became more popular continued its growth in 2021 H1 as the customers of e-commerce continued to expand. Companies offering home delivery service are expanding their distribution networks by increasing the number of warehouses in the city, in addition to their main warehouses, due to their promise to provide fast service to their customers.

In 2021 H1, The Primary Rent Per Square MeterIs At The Level Of US$ 5 And TRY 45.

Logistics 51

As of 2021 Q2, the current stock in Istanbul and Kocaeli was recorded as 10.516.763 m2. While the project stock was recorded as 2.227.041 m2, the stock under construction was 558.231 m2.

As of 2021 Q2, the commercial logistics stock in Istanbul and Kocaeli was 6.735.201 m2. While the project stock was recorded as 2.227.041 m2, the stock under construction was 538.231 m2.

4.181 4.181 4.181 4.196 4.253

2.312 2.312 2.312 2.312 2.352

3.959 3.917 3.910 3.910 3.911

218 218 218 218 218

35 35 35 35 35

234 306 306 306 306

524 524 524 524 524

334 334 334 334 334

1.400 1.400 1.370 1.370 1.370

0

1.000

2.000

3.000

4.000

5.000

6.000

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21Existing Stock Under Construction Under Project

2.270 2.270 2.280 2.285 2.342

1.464 1.464 1.464 1.464 1.503

2.950 2.905 2.901 2.889 2.889

215 215 215 215 215

27 27 27 27 27

224 296 296 296 296524 524 524 524 524

334 334 334 334 334

1.400 1.400 1.370 1.370 1.370

0

1.000

2.000

3.000

4.000

5.000

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Existing Stock Under Construction Under Project

Logistics

Logistics Total Area (A, B, C Class (thousand m2)

Commercial Logistics Total Stock (A, B, C Class (thousand m2))

Istanbul Europe Istanbul Asia Kocaeli

Source: Logistics data were prepared by Jones Lang Laselle specifically for GYODER.

Istanbul Europe Istanbul Asia Kocaeli

Source: Logistics data were prepared by Jones Lang Laselle specifically for GYODER.

52

As of the end of 2021 Q2, 204.266 leasing transactions were realized in Istanbul and Kocaeli.

As of 2021 Q2, 89% of the total logistics stock was used in Istanbul and Kocaeli. This was 88.1% in the same period of the previous year.

139

260

119

490

2438

193

344

205

57

111

6633 24

13890

25 27

89

0

100

200

300

2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

180

4,6 4,6 4,6 5,0 5,0 5,0 5,04,2

3,2 3,2 3,22,7 2,7 2,7 2,7 2,7

4,4 4,4 4,4 4,3 4,3 4,2 4,2 4,1

0123456

Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

Istanbul Europe Istanbul Asia Kocaeli

Logistics

Total Leasing Transactions (thousand m2)

Free Space Ratio (%)

Source: Logistics data were prepared by Jones Lang Laselle specifically for GYODER.

Source: Logistics data were prepared by Jones Lang Laselle specifically for GYODER.

53

REIF’s

A total of 70 real estate funds received investments, including those still in the issuance period and the ones received investments for the first time. During the period between March and June 2021, the CMB granted the establishment permission for 1 new real estate investment fund, and the approval of issuance certificate for 1 real estate investment fund.

The number of funds with a volume over TRY 10 million has reached 49. The total volume of 2 funds issued in 2016, 7 funds issued in 2017, 16 funds issued in 2018, 10 funds issued in 2019 and 14 funds issued after 2020 exceeded TRY 10 million.

7 real estate investment funds are traded on Borsa Istanbul Offering Market for Qualified Investors (OMQI). Real estate investment funds traded on OMQI are Qinvest Asset Management Re-Pie REIF (QPERP), Re-Pie Asset Management Eurasia Strategic REIF (RPAVS), Fiba Portfolio Management Inc. Re-Pie REIF (FPREP) Albaraka Portfolio Management Batışehir REIF (ALBTS), Albaraka Portfolio Management Dükkân REIF (ALDUK), Albaraka Asset Management One Tower REIF (ALONE), Mükafat Portfolio Management Ataşehir Metropol REIF (MPATA).

The Market Size Of Real Estate Investment FundsIn Turkey Reached TRY 9.8 Billion

As Of The End Of June 2021.

Reif’s 55

0% 5% 10% 15% 20% 25% 30%

Oragon GPY

Kalender GPY

Aura PY

Atlas PY

Oyak PY

24 GGSPY

Ünlü PY

Neo PY

Mükafat PY

Ziraat PY

Akfen GPY

Omurga GGSPY

Arz GGSPY

Re-Pie PY

Ak PY

Albaraka PY

PYİş Asset Management Company

Albaraka Asset Management Company

Ak Asset Management Company

Re-Pie Asset Management Company

Arz Real Estate and PrivateEquity Asset Management Company

Omurga Real Estate and PrivateEquity Asset Management Company

Akfen Real EstateAsset Management Company

Ziraat Asset Management Company

Mükafat Asset Management Company

Neo Asset Management Company

Ünlü Asset Management Company

24 Real Estate and PrivateEquity Asset Management Company

Oyak Asset Management Company

Atlas Asset Management Company

Aura Asset Management Company

Kalender Real EstateAsset Management Company

Oragon Real EstateAsset Management Company

0

2.000.000.000

4.000.000.000

6.000.000.000

8.000.000.000

10.000.000.000

Real Estate Investment Fund Market Size

3.42

7.32

1.68

4

4.94

9.91

6.69

0

5.11

9.95

0.73

8

5.49

9.82

2.91

8

6.15

9.71

0.98

1

6.48

4.52

0.69

3

6.81

6.19

1.62

8

6.97

0.11

6.70

1

8.47

0.05

5.36

7

8.95

6.23

1.02

0

9.81

4.43

8.17

3

Q1'19Q4'18 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Reif’s

Real Estate Investment Fund Market Size

Source: PortfolioBase

Source: PortfolioBase

Market Shares of Real Estate Investment Funds Managed by Real Estate Management Companies as per their Volume

56

Fon Kurucusu Sayısı GYF’ler

Re-Pie Real Estate and Private Equity Asset Management Company

14Anadolu, Avrasya, Avrupa, Asya, Maslak 1453, Milenyum, Novada Urfa, Neva,Atar,Yıldız,Trakya,Levent,Fırat,Dicle

24 Real Estate and Private Equity Asset Management Company 7 A1, Altın Başak, Al-Zamil, Kardelen, Portakal Çiçeği, Primo, Lotus

Albaraka Asset Management Company 7 Batışehir, Dükkan, One Tower, Bereket Katılım, Eksim, Form, Metropol

Neo Asset Management Company 5 Birinci, İkinci, Üçüncü, Dördüncü, Beşinci,Arz Real Estate and Private Equity Asset Management Company 5 Birinci, İkinci, Üçüncü, Dördüncü, Beşinci

İş Asset Management Company 5

Birinci, İkinci, Quasar İstanbul Konut, Quasar İstanbul Konut Katılım, Quasar İstanbul Ticari

AK Asset Management Company 4 Birinci, İkinci, Dördüncü, Sampaş Holding Özel

Mükafat Asset Management Company 3 Ataşehir Metropol, Birinci

Omurga Real Estate and Private Equity Asset Management Company

3 Ufuk Karma, İkinci,Üçüncü

Atlas Asset Management Company 3 Sağlam, A&AK, Esta

Ünlü Asset Management Company 2 Birinci, İkinci

Qinvest Asset Management Company 2 Re-Pie, Birinci

Atlas Asset Management Company 2 Esta,A&AK

Akfen Real Estate Asset Management Company 1 Birinci

Maqasid Asset Management Company 1 Birinci

Kızılay Real Estate and Private Equity Asset Management Company 1 Birinci

Aura Asset Management Company 1 Konut Alfa Katılım

Oragon Real Estate Asset Management Company 1 Birinci

Fiba Asset Management Company 1 Re-Pie

Oyak Asset Management Company 1 Birinci

Ziraat Asset Management Company 1 Üsküdar

Reif’s

Real Estate Investment Funds

Source: PortfolioBase

57

Name of Fund Fund Total Value*Ak Portföy Yönetimi Dördüncü REIF ₺1.122.067.613

İş Portföy Yönetimi Quasar İstanbul Konut REIF ₺782.558.364

İş Portföy Yönetimi Birinci REIF ₺733.316.549

Albaraka Gayrimenkul Portföy Yönetimi Dükkan REIF ₺505.720.486

İş Portföy Yönetimi Quasar İstanbul Ticari REIF ₺486.443.467

Albaraka Gayrimenkul Portföy Yönetimi One Tower REIF ₺484.503.236

Omurga Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi Ufuk Karma REIF ₺455.160.265

İş Portföy Yönetimi İkinci REIF ₺412.818.031

Albaraka Gayrimenkul Portföy Yönetimi Batisehir REIF ₺406.259.731

Akfen Gayrimenkül Portföy Yönetimi Birinci REIF ₺398.086.651

Ziraat Portföy Yönetimi Üsküdar REIF ₺395.790.788

Mükafat Portföy Yönetimi Ataşehir Metropol REIF ₺375.441.764

Albaraka Gayrimenkul Portföy Yönetimi Flora REIF ₺325.470.793

Re-Pie Portföy Yönetimi Avrupa Stratejik REIF ₺304.894.733

Arz Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi Birinci REIF ₺250.155.352

Arz Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi İkinci REIF ₺212.378.183

Albaraka Gayrimenkul Portföy Yönetimi Eksim REIF ₺208.266.228

Ak Portföy Yönetimi Birinci REIF ₺175.178.898

Neo Portföy Yönetimi Birinci REIF ₺130.273.293

İş Portföy Yönetimi Quasar İstanbul Konut Katılım REIF ₺126.252.923

Oyak Porföy Yönetimi Birinci REIF ₺111.957.026

Re-Pie Portföy Yönetimi Anadolu Stratejik REIF ₺109.123.086

Neo Portföy Yönetimi Üçüncü REIF ₺108.649.595

Ak Portföy Yönetimi Sampaş Holding Özel REIF ₺96.059.557

Re-Pie Portföy Yönetimi Novada Urfa REIF ₺86.676.483

Arz Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi Dördüncü REIF ₺84.686.935

Atlas Portföy Yönetimi A&Ak REIF ₺83.744.758

Ünlü Portföy Yönetimi İkinci REIF ₺79.509.325

Akportföy Yönetimi İkinci REIF ₺77.820.509

Qinvest Portföy Yönetimi Re-Pie REIF ₺72.555.617

Re-Pie Portföy Yönetimi Avrasya Stratejik REIF ₺71.773.901

Re-Pie Portföy Yönetimi Neva REIF ₺56.917.977

Re-Pie Portföy Yönetimi Asya Stratejik REIF ₺51.212.019

Ünlü Portföy Yönetimi Birinci REIF ₺47.245.010

Aura Portföy Konut Alfa Katılım REIF ₺45.867.113

Neo Portföy Yönetimi İkinci REIF ₺45.113.761

Fiba Portföy Yönetimi Re-Pie REIF ₺36.662.005

Primo REIF ₺34.691.990

24 Gayrimenkul Portföy Yönetimi Alzamil Kira Getirili REIF ₺33.066.456

Neo Portföy Yönetimi Dördüncü REIF ₺32.761.306

24 Gayrimenkul Portföy Yönetimi Portakal Çiçeği REIF ₺25.581.352

Neo Portföy Yönetimi Beşinci REIF ₺25.270.985

24 Gayrimenkul Portföy Yönetimi A1 REIF ₺19.657.571

Arz Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi Beşinci REIF ₺17.651.400

Albaraka Gayrimenkul Portföy Yönetimi Form REIF ₺14.653.829

Omurga Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi İkinci REIF ₺12.099.973

Arz Gayrimenkul Ve Girişim Sermayesi Portföy Yönetimi Üçüncü REIF ₺11.878.675

Re-Pie Portföy Yönetimi Milenyum REIF ₺11.595.307

Albaraka Portföy Yönetimi Bereket Katılım REIF ₺10.797.631

Total ₺9.814.438.173

Sour

ce: P

ortfo

lioBa

se*T

otal

of f

unds

with

a s

ize

of T

RY 1

0 m

illion

and

abo

ve, a

s of

30.

06.2

021

Reif’s58

%19,18

%49,71

%20,03

%8,26

%1,96

%0,52

%0,34

Housing

LandFuel

School

Office

Mixed

Shopping Mall/Retail

ALBARAKA PY BATIŞEHİR REIFRE-PIE AVRASYA STRATEJİK REIFFİBA PORTFÖY YÖNETİMİ RE-PIE REIF

QINVEST PY RE-PIE REIF MUKAFAT ATAŞEHIR METROPOL REIFALBARAKA PY DÜKKAN REIF ALBARAKA PY ONE TOWER REIF

1000

1100

1200

1300

1400

1500

1600

1700

29.1

1.20

1722

.12.

2017

17.0

1.20

1809

.02.

2018

06.0

3.20

1829

.03.

2018

24.0

4.20

1818

.05.

2018

12.0

6.20

1806

.07.

2018

31.0

7.20

1829

.08.

2018

24.0

9.20

1817

.10.

2018

12.1

1.20

1805

.12.

2018

28.1

2.20

1815

.02.

2019

12.0

3.20

1904

.04.

2019

30.0

4.20

1924

.05.

2019

21.0

6.20

1917

.07.

2019

9.08

.201

99.

09.2

019

2.10

.201

925

.10.

2019

20.1

1.20

1913

.12.

2019

8.01

.202

031

.01.

2020

25.0

2.20

2019

.03.

2020

13.0

4.20

208.

05.2

020

5.06

.202

030

.06.

2020

24.0

7.20

2020

.08.

2020

14.0

9.20

207.

10.2

020

2.11

.202

025

.11.

2020

18.1

2.20

2013

.01.

2021

5.02

.202

12.

03.2

021

25.0

3.20

2119

.04.

2021

17.0

5.20

2110

.06.

2021

Strategic Breakdown of Real Estate Investment Funds

Performance of Publicly-Traded REIFs

Source: PortfolioBase, KAP

Source: Borsa İstanbul

Reif’s 59

REIT’s

With the 2 new REITs established in 2021 Q2, the number of REITs in Turkey rose to 35 after a long time, and the total market capitalization of REITs reached TRY 63.7 billion. The pullback in the indexes that started in February continued in Q2, and the index dropped to 551 points at the end of Q2, with a loss of 13.23% compared to Q1, which it closed at 635 points. The volatility in the exchange rates, the increase in inflation and the high interest rate, the uncertainties due to the new Covid-19 variants in the markets continue to pose a risk both to the overall economy and to the real estate sector.

In 2021 Q2, we see that the tradeable shares rate has decreased to 48.8% and the active circulation rate to 26.6%. On the other hand, the fact that the total market capitalization of REITs has increased with the inclusion of newly established companies and that the total amount of dividends distributed in 2021 H1 (TRY 367.1 million) exceeded the total amount distributed in 2020 (TRY 358.9 million) has been a positive impact on the sector.

In 2021 Q2, the ratio of institutional investors rose to 51.3%, but the foreign transaction volume by nationality remained at 16% on a quarterly basis and 21% on a half-yearly basis. From a market capitalization perspective, the fact that the foreign ratio decreased to the level of 9% shows us the insufficiency of foreign investors in terms of the REIT sector as well as the stock market in general. In the ranking of foreign investors, the U.S. took over the first place from the Netherlands, and other countries in the top 5 list are the United Kingdom, Bahrain and the Virgin Islands (British).

New public offerings in the near future, minimization of Covid-19 uncertainties with the rise in vaccination rates, increase in the appetite of foreign investors with the expectations of normalization process in the economy in the second half of the year, and strategies that can be carried out jointly with other real estate capital market instruments may lead to positive developments for the future of the sector.

In 2021 Q2, The Number Of REITs Was Recorded As 35 And The Market Value As TRY 63.7 Billion

Reit’s 61

1.191

1.060

896 1.0

111.0

55 1.165

1.127

1.079 1.1

451.1

12 1.284 1.4

771.4

731.4

711.3

921.3

981.4

201.3

56

452

404

334 37

2 411 50

1 556

480 52

0 544 60

8 647 70

467

863

557

157

555

1

0250500750

1.0001.2501.5001.750

Jan’

20

Feb’

20

Mar

’20

Apr’

20

May

’20

Jun’

20

Jul’2

0

Aug’

20

Sep’

20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr’

21

May

’21

Jun’

21

BIST100 Closing (TRY) XGMYO Closing (TRY)

Q1’20 Q2’20

Q1’20 Q1’21 Q2’21Q2’20 Q3’20 Q4’20

Q3’20 Q1’21 Q2’21Q4’20

The REIT index closed its course at 550.58 at the end of June, which started at 647.34 points in 2021.

BIST REIT Index Performance* (TRY)

BIST REIT Index Performance* (USD)

Reit’s

Source: BIST*Index closing prices for the first day of every month were taken into consideration.

Source: BIST*Index closing prices for the first day of every month were taken into consideration.

199

170

136 14

5 155 17

016

214

7 156

134

165

199 20

120

0

167 17

016

715

6

76 65 51 53 60 73 8066 71 65 78 87 96 92

76 69 68 63

0

50

100

150

200

250

Jan’

20

Feb’

20

Mar

’20

Apr’

20

May

’20

Jun’

20

Jul’2

0

Aug’

20

Sep’

20

Oct

’20

Nov

’20

Dec

’20

Jan’

21

Feb’

21

Mar

’21

Apr’

21

May

’21

Jun’

21

BIST100 Closing (TRY) XGMYO Closing (TRY)

62

60% 62% 55% 55% 54%

26%14%

1% 1% 6%0%

20%

40%

60%

80%

Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

REIT Stock Discount Rate

REIT Stock Discount Rate

Liquidity Ratio

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

25% 37% 37% 42% 39% 39% 38% 36% 32% 31% 27%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

38% 51% 52% 52% 51% 50% 53% 53% 53% 56% 49%

Tradable Shares Rate

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

273,15 -210,40 142,56 -18,63 130,01 -143,63 -38,81 -82,44 -145,12 -68,25 -19,57

Foreign Investor Transactions - Net Inflow, Outflow (Million US$)

Number of REITs in BIST

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

26 30 31 31 32 31 33 33 33 33 35

Reit’s

Source: Central Securities Depository Institution (CSD)All data obtained from CSD

63

Years 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

Foreign 1.390 1.406 1.402 1.378 1.250 1.053 1.096 1.640 1.783 1.867

Local 143.312 134.521 132.375 129.320 145.995 154.833 181.382 357.362 400.657 467.765

Total 144.702 135.927 133.777 130.698 147.245 155.886 182.478 359.002 402.440 469.632

Years 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

Foreign 3.673 4.875 4.601 5.618 5.040 3.045 3.184 4.004 3.234 2.627

Local 5.595 6.452 6.619 7.453 8.554 6.648 11.512 24.789 29.229 28.259

Total 9.268 11.328 11.221 13.071 13.594 9.693 14.696 28.794 32.463 30.886

Number Of Investors On The Basis Of Nationality (Qty)

Market Values on Nationality Basis (Million TRY)

Transaction Volumes (Million)*

Value 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

Transaction Amount 15.669 18.255 14.587 15.356 32.351 26.701 48.836 189.698 59.000 27.922

Transaction Value (TRY) 34.113 38.088 33.581 37.003 74.348 49.174 70.436 445.147 173.392 64.138

Transaction Value (USD) 17.496 17.427 12.519 12.334 20.464 11.230 12.376 62.354 23.658 7.666

Years 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

Foreign 16% 18% 22% 20% 14% 16% 11% 16% 23% 16%

Local 84% 82% 78% 80% 86% 84% 89% 84% 77% 84%

Transaction Volume Distribution On The Basis Of Nationality

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

8.888 8.505 9.339 7.356 7.231 7.138 3.481 4.676 7.379 6.935 7.268

Market Capitalization (Million US$)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2020-Q1 2020-Q2

15.800 18.119 21.731 21.465 25.447 26.924 18.384 27.777 54.163 57.745 63.273

Market Capitalization (Million TRY)

*CBRT buying rate on the trading day is used for the calculation of the USD value.

Source: Central Securities Depository Institution (CSD)All data obtained from CSD

Reit’s64

Corporate - Individual, Domestic - Foreign Investment Distribution According to Market Values (Million TRY)

2019 2020 2021-Q1 2021-Q2

Foreign Individual 58 62 54 43

Foreign Fund 1.342 1.509 1.345 1.105

Foreign Corporate 1.785 2.433 1.835 1.479

Domestic Individual 7.038 15.114 16.115 14.989

Domestic Fund 522 726 512 1.571

Domestic Corporate 3.097 7.639 11.293 10.444

Domestic Investment Trust 778 1.233 1.246 1.196

Domestic Other 76 78 63 60

Total 14.696 28.794 32.463 30.886

2019 2020 2021-Q1 2021-Q2

Foreign Individual 0,4% 0,2% 0,2% 0,1%

Foreign Fund 9,1% 5,2% 4,1% 3,6%

Foreign Corporate 12,1% 8,4% 5,7% 4,8%

Domestic Individual 47,9% 52,5% 49,6% 48,5%

Domestic Fund 3,6% 2,5% 1,6% 5,1%

Domestic Corporate 21,1% 26,5% 34,8% 33,8%

Domestic Investment Trust 5,3% 4,3% 3,8% 3,9%

Domestic Other 0,5% 0,3% 0,2% 0,2%

Total 100,0% 100,0% 100,0% 100,0%

2019 2020 2021-Q1 2021-Q2

Individual 48,3% 52,7% 49,8% 48,7%

Corporate 51,7% 47,3% 50,2% 51,3%

Total 100,0% 100,0% 100,0% 100,0%

Market Value Ratios on Nationality Basis

Years 2013 2014 2015 2016 2017 2018 2019 2020 2021-Q1 2021-Q2

Foreign 40% 43% 41% 43% 37% 31% 22% 14% 10% 9%

Local 60% 57% 59% 57% 63% 69% 78% 86% 90% 91%

Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Source: Central Securities Depository Institution (CSD)All data obtained from CSD

Reit’s 65

2011 212.722.896

2012 376.228.029

2013 310.765.097

2014 697.442.121

2015 733.393.223

2016 676.305.697

2017 446.770.341

2018 1.131.165.144

2019 519.025.774

2020 358.932.961

2021 31.368.835

Total 5.494.120.116

Total Divedend Distributed (TRY)

REIT 2021 Total Share in the Total Dividend

Akiş REIT 465.257.570 7,98%

Akmerkez REIT 51.983.280 456.041.492 7,82%

Alarko REIT 49.920.001 163.150.634 2,80%

Ata REIT 701.701 0,01%

Atakule REIT 2.171.941 0,04%

Deniz REIT 1.014.804 0,02%

Emlak Konut

REIT 76.961.890 2.451.776.617 42,06%

Halk REIT 4.919.048 35.014.773 0,60%

İş REIT 345.634.625 5,93%

Martı REIT 5.708.206 0,10%

Mistral REIT 6.089.495 0,10%

Özak REIT 1.900.079 0,03%

Peker REIT 0 0,00%

Panora REIT 17.661.001 293.650.039 5,04%

Reysaş REIT 1.135.609 0,02%

Saf REIT 391.323.255 6,71%

Servet REIT 5.102.909 0,09%

Sinpaş REIT 104.597.723 1,79%

Torunlar REIT 194.726.434 3,34%

Vakıf REIT 677.056 0,01%

Yeni Gimat REIT 165.685.801 904.207.343 15,51%

Total 367.131.021 5.829.882.303 100%

Reit’s66

Top 10 Countries as per the Addresses of Foreign Investors

30.09.2020

Country of Investor Market Value (TL)

The Netherlands 1.474.582.621

United States of America 944.991.624

United Kingdom 508.680.549

Bahrein 150.510.000

Kuwait 98.708.695

Afghanistan 72.241.766

Ireland 66.676.437

Luxemburg 59.381.422

Canada 57.016.006

Virjin Islands (England) 53.726.431

31.12.2020

Country of Investor Market Value (TL)

United States of America 1.177.112.277

The Netherlands 1.116.808.634

United Kingdom 596.023.751

Bahrein 186.180.000

Kuwait 159.838.610

Afghanistan 83.955.555

Ireland 75.243.638

Jersey 72.438.347

Luxemburg 71.788.442

Virjin Islands (England) 58.624.950

31.03.2021 30.06.2021

Country of Investor Market Value (TL)

The Netherlands 911.187.511

United States of America 892.879.780

United Kingdom 501.437.920

Bahrein 166.170.000

Kuwait 155.343.059

Virjin Islands (England) 130.166.798

Switzerland 74.623.485

Luxemburg 67.548.972

Jersey 45.543.108

Ireland 37.884.897

Country of Investor Market Value (TL)

United States of America 818.029.886

The Netherlands 713.114.992

United Kingdom 325.631.800

Bahrein 162.690.000

Virjin Islands (England) 111.895.502

Luxemburg 63.764.486

Switzerland 55.895.262

Ireland 44.708.220

Jersey 41.539.761

Poland 40.152.608

67Reit’s

TOR

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Reit’s68

69

Source: Central Securities Depository Institution (CSD)Consolidated financial statements of the companies that announce consolidated financial statements and solo financial statements of companies that do not announce consolidated financial statements are used.*Equity Development for the first half of 2021 is shown.

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10.1

40.2

04.5

309.

924.

602.

521

10.7

78.7

66.0

698.

528.

713.

602

8.40

6.33

6.54

27.

342.

776.

404

7.78

0.48

7.69

5

Reit’s

2013

2014

2015

2016

2017

2018

2019

2020

EMLA

K KO

NU

T R

EIT

3.80

0.00

0.00

03.

800.

000.

000

3.80

0.00

0.00

03.

800.

000.

000

3.80

0.00

0.00

03.

800.

000.

000

3.80

0.00

0.00

03.

800.

000.

000

TOR

UN

LAR

REI

T50

0.00

0.00

050

0.00

0.00

050

0.00

0.00

050

0.00

4.00

01.

000.

000.

000

1.00

0.00

0.00

01.

000.

000.

000

1.00

0.00

0.00

0

HAL

K R

EIT

673.

638.

704

697.

900.

000

743.

000.

000

790.

000.

000

820.

000.

000

858.

000.

000

928.

000.

000

970.

000.

000

İŞ R

EIT

630.

000.

000

680.

400.

000

746.

000.

000

850.

000.

000

913.

750.

000

958.

750.

000

958.

750.

000

958.

750.

000

SİN

PAŞ

REI

T60

0.00

0.00

060

0.00

0.00

060

0.00

0.00

060

0.00

0.00

060

0.00

0.00

087

3.19

3.43

287

3.19

3.43

287

3.19

3.43

2

KİLE

R R

EIT

124.

000.

000

124.

000.

000

124.

000.

000

124.

000.

000

124.

000.

000

124.

000.

000

124.

000.

000

620.

000.

000

AKİŞ

REI

T12

8.20

0.84

120

0.00

0.00

020

0.00

0.00

020

0.00

0.00

043

0.09

1.85

043

0.09

1.85

043

0.09

1.85

055

4.69

9.85

0

TSKB

REI

T15

0.00

0.00

015

0.00

0.00

015

0.00

0.00

015

0.00

0.00

015

0.00

0.00

030

0.00

0.00

030

0.00

0.00

050

0.00

0.00

0

VAKI

F R

EIT

106.

200.

000

203.

319.

794

205.

400.

000

213.

000.

000

217.

500.

000

225.

000.

000

230.

000.

000

460.

000.

000

ÖZA

K R

EIT

157.

000.

000

157.

000.

000

250.

000.

000

250.

000.

000

250.

000.

000

250.

000.

000

364.

000.

000

364.

000.

000

DO

ĞU

Ş R

EIT

227.

208.

155

227.

208.

155

227.

208.

155

239.

000.

331

332.

007.

786

332.

007.

786

332.

007.

786

332.

007.

786

NU

RO

L R

EIT

40.0

00.0

0040

.000

.000

40.0

00.0

0080

.000

.000

80.0

00.0

0080

.000

.000

205.

000.

000

295.

000.

000

PEKE

R R

EIT

--

--

30.0

00.0

0073

.100

.000

73.1

00.0

0025

3.00

0.00

0

ÖZD

ERİC

İ REI

T10

0.00

0.00

010

0.00

0.00

010

0.00

0.00

010

0.00

0.00

010

0.00

0.00

025

0.00

0.00

025

0.00

0.00

025

0.00

0.00

0

REY

SAŞ

REI

T21

7.00

0.00

024

0.00

0.00

024

6.00

0.00

124

6.00

0.00

124

6.00

0.00

124

6.00

0.00

124

6.00

0.00

124

6.00

0.00

1

YEŞİ

L R

EIT

235.

115.

706

235.

115.

706

235.

115.

706

235.

115.

706

235.

115.

706

235.

115.

706

235.

115.

706

235.

115.

706

ATAK

ULE

REI

T84

.000

.000

84.0

00.0

0084

.000

.000

84.0

00.0

0015

4.00

0.00

015

4.00

0.00

023

1.00

0.00

023

1.00

0.00

0

AKFE

N R

EIT

184.

000.

000

184.

000.

000

184.

000.

000

184.

000.

000

184.

000.

000

184.

000.

000

184.

000.

000

184.

000.

000

YEN

İ GİM

AT R

EIT

53.7

60.0

0053

.760

.000

107.

520.

000

107.

520.

000

107.

520.

000

161.

280.

000

161.

280.

000

161.

280.

000

DEN

İZ R

EIT

50.0

00.0

0050

.000

.000

50.0

00.0

0050

.000

.000

50.0

00.0

0050

.000

.000

50.0

00.0

0015

0.00

0.00

0

MİS

TRAL

REI

T-

--

39.0

00.0

0039

.000

.000

134.

219.

462

134.

219.

462

134.

219.

462

MAR

TI R

EIT

110.

000.

000

110.

000.

000

110.

000.

000

110.

000.

000

110.

000.

000

110.

000.

000

110.

000.

000

110.

000.

000

PER

A R

EIT

89.1

00.0

0089

.100

.000

89.1

00.0

0089

.100

.000

89.1

00.0

0089

.100

.000

89.1

00.0

0089

.100

.000

PAN

OR

A R

EIT

87.0

00.0

0087

.000

.000

87.0

00.0

0087

.000

.000

87.0

00.0

0087

.000

.000

87.0

00.0

0087

.000

.000

AVR

ASYA

REI

T72

.000

.000

72.0

00.0

0072

.000

.000

72.0

00.0

0072

.000

.000

72.0

00.0

0072

.000

.000

72.0

00.0

00

KÖR

FEZ

REI

T-

66.0

00.0

0066

.000

.000

66.0

00.0

0066

.000

.000

66.0

00.0

0066

.000

.000

66.0

00.0

00

ALAR

KO R

EIT

10.6

50.7

9410

.650

.794

10.6

50.7

9410

.650

.794

10.6

50.7

9410

.650

.794

10.6

50.7

9464

.400

.000

SER

VET

REI

T52

.000

.000

52.0

00.0

0052

.000

.000

52.0

00.0

0052

.000

.000

52.0

00.0

0052

.000

.000

52.0

00.0

00

YAPI

KR

EDİ K

OR

AY R

EIT

40.0

00.0

0040

.000

.000

40.0

00.0

0040

.000

.000

40.0

00.0

0040

.000

.000

40.0

00.0

0040

.000

.000

AKM

ERKE

Z R

EIT

37.2

64.0

0037

.264

.000

37.2

64.0

0037

.264

.000

37.2

64.0

0037

.264

.000

37.2

64.0

0037

.264

.000

TREN

D R

EIT

--

--

30.0

00.0

0030

.000

.000

30.0

00.0

0030

.000

.000

ATA

REI

T23

.750

.000

23.7

50.0

0023

.750

.000

23.7

50.0

0023

.750

.000

23.7

50.0

0023

.750

.000

23.7

50.0

00

İDEA

LİST

REI

T10

.000

.000

10.0

00.0

0010

.000

.000

10.0

00.0

0010

.000

.000

10.0

00.0

0010

.000

.000

10.0

00.0

00

TOTA

L TR

Y8.

591.

888.

200

8.92

4.46

8.44

99.

190.

008.

656

9.43

9.40

4.83

210

.490

.750

.137

11.3

46.5

23.0

3111

.737

.523

.031

13.2

53.7

80.2

37

US$

EXC

HAN

GE

RAT

E2,

132,

332,

923,

523,

775,

285,

947,

42

TOTA

L U

S$4.

032.

992.

959

3.83

5.34

6.79

13.

149.

312.

449

2.68

2.25

8.70

42.

781.

290.

633

2.14

8.55

5.77

21.

976.

013.

978

1.78

6.36

8.20

2

Cap

ital T

rend

of R

EITs

(TRY

)

Sour

ce: C

entra

l Sec

uriti

es D

epos

itory

Inst

itutio

n (C

SD)

Con

solid

ated

fina

ncia

l sta

tem

ents

of t

he c

ompa

nies

that

ann

ounc

e co

nsol

idat

ed fi

nanc

ial s

tate

men

ts a

nd s

olo

finan

cial

sta

tem

ents

of c

ompa

nies

that

do

not a

nnou

nce

cons

olid

ated

fina

ncia

l sta

tem

ents

are

use

d.Si

nce

Mar

tı R

EIT

publ

ishe

s its

fina

ncia

ls a

ccor

ding

to th

e Sp

ecia

l Acc

ount

ing

Perio

d, 9

-mon

th d

ata

has

been

take

n in

to c

onsi

dera

tion.

Reit’s70

71

REI

T’s

Equi

ty C

apita

l Rat

io*

Sour

ce: C

entra

l Sec

uriti

es D

epos

itory

Inst

itutio

n (C

SD)

Con

solid

ated

fina

ncia

l sta

tem

ents

of t

he c

ompa

nies

that

ann

ounc

e co

nsol

idat

ed fi

nanc

ial s

tate

men

ts a

nd s

olo

finan

cial

sta

tem

ents

of c

ompa

nies

that

do

not a

nnou

nce

cons

olid

ated

fina

ncia

l sta

tem

ents

are

use

d.*E

quity

/ Pa

id-in

Cap

ital.

Sinc

e M

artı

REI

T pu

blis

hes

its fi

nanc

ials

acc

ordi

ng to

the

Spec

ial A

ccou

ntin

g Pe

riod,

9-m

onth

dat

a ha

s be

en ta

ken

into

con

side

ratio

n.

2013

2014

2015

2016

2017

2018

2019

2020

ALAR

KO R

EIT

36,

3

43,

2

55,

0

67,

0

86,

3

107

,4

1

42,1

28,

1

SER

VET

REI

T 3

,7

4

,2

5

,2

6

,4

8

,2

9

,5

1

0,8

3

2,5

YEN

İ GİM

AT R

EIT

27,

1

28,

1

16,

2

17,

1

18,

0

12,

9

14,

1

13,

7

PAN

OR

A R

EIT

7,5

8,1

8,8

8,8

10,

6

10,

9

11,

0

10,

7

ÖZA

K R

EIT

3,4

5,2

4,6

4,5

5,9

7,4

6,7

9,6

TOR

UN

LAR

REI

T 6

,0

7

,9

9

,7

1

1,9

6

,4

7

,6

8

,5

8

,8

REY

SAŞ

REI

T 1

,6

1

,4

1

,2

3

,4

3

,8

4

,7

6

,9

8

,6

AKİŞ

REI

T 5

,7

4

,1

5

,2

6

,0

5

,8

8

,4

9

,3

6

,5

AKM

ERKE

Z R

EIT

5,2

5,7

6,0

6,1

6,3

7,0

6,7

6,4

İŞ R

EIT

1,8

1,8

3,7

3,7

3,6

3,7

4,0

4,3

AKFE

N R

EIT

4,9

4,5

4,2

3,0

3,3

4,0

5,2

3,9

EMLA

K KO

NU

T R

EIT

2,2

2,3

2,5

2,8

3,3

3,4

3,6

3,8

MAR

TI R

EIT

1,1

3,7

3,0

3,2

3,0

3,0

2,9

3,7

AVR

ASYA

REI

T 1

,2

1

,3

1

,7

1

,8

2

,1

2

,4

2

,9

3

,7

VAKI

F R

EIT

1,9

2,7

4,0

4,1

4,3

4,4

4,6

3,1

HAL

K R

EIT

1,1

1,2

1,2

2,1

2,3

2,7

2,8

3,0

DEN

İZ R

EIT

3,4

3,5

3,7

3,9

4,3

5,0

5,3

2,5

ATAK

ULE

REI

T 2

,8

3

,0

3

,4

3

,7

2

,4

2

,5

2

,1

2

,1

YAPI

KR

EDİ K

OR

AY R

EIT

0,9

1,7

1,8

1,6

1,8

2,0

2,0

2,1

KİLE

R R

EIT

2,4

2,4

1,8

6,4

8,9

9,5

5,9

2,0

MİS

TRAL

REI

T-

--

1,5

5,1

1,6

1,9

1,9

DO

ĞU

Ş R

EIT

2,7

2,9

3,2

3,5

2,7

2,7

2,9

1,9

KÖR

FEZ

REI

T-

0,7

0,7

1,3

1,5

1,5

1,7

1,8

TREN

D R

EIT

--

--

1,1

1,5

1,7

1,7

ÖZD

ERİC

İ REI

T 1

,2

1

,6

2

,7

2

,9

3

,3

1

,7

1

,6

1

,7

PEKE

R R

EIT

--

--

10,

4

4,4

4,4

1,5

ATA

REI

T 1

,2

1

,2

1

,5

1

,7

1

,8

1

,8

1

,5

1

,5

İDEA

LİST

REI

T 0

,9

0

,9

0

,9

0

,9

0

,8

0

,7

0

,7

1

,4

NU

RO

L R

EIT

1,3

0,5

1,4

2,6

2,7

-0,2

1,7

1,1

TSKB

REI

T 1

,4

1

,4

1

,5

1

,3

1

,1

0

,9

1

,0

0

,9

PER

A R

EIT

1,7

1,7

1,8

1,7

1,1

1,0

0,9

0,8

SİN

PAŞ

REI

T 1

,8

1

,9

1

,7

1

,7

1

,5

0

,4

0

,6

0

,8

YEŞİ

L R

EIT

1,1

1,0

1,1

1,1

1,0

0,5

-0,1

-1,7

SECT

OR

RAT

IO 2

,6

2

,8

3

,2

3

,7

3

,9

4

,0

4

,3

4

,1

Reit’s

Tren

d of

Tot

al A

sset

s of

REI

Ts (T

RY)

Sour

ce: C

entra

l Sec

uriti

es D

epos

itory

Inst

itutio

n (C

SD)

Con

solid

ated

fina

ncia

l sta

tem

ents

of t

he c

ompa

nies

that

ann

ounc

e co

nsol

idat

ed fi

nanc

ial s

tate

men

ts a

nd s

olo

finan

cial

sta

tem

ents

of c

ompa

nies

that

do

not a

nnou

nce

cons

olid

ated

fina

ncia

l sta

tem

ents

are

use

d.Si

nce

Mar

tı R

EIT

publ

ishe

s its

fina

ncia

ls a

ccor

ding

to th

e Sp

ecia

l Acc

ount

ing

Perio

d, 9

-mon

th d

ata

has

been

take

n in

to c

onsi

dera

tion.

2013

2014

2015

2016

2017

2018

2019

2020

EMLA

K KO

NU

T R

EIT

13.4

70.9

82.0

0014

.953

.485

.000

17.2

27.5

04.0

0018

.702

.367

.000

20.6

23.6

60.0

0023

.319

.270

.000

24.

185.

242.

000

28.

644.

290.

000

TOR

UN

LAR

REI

T6.

351.

971.

000

7.24

2.47

7.00

08.

862.

509.

000

10.3

77.6

80.0

0011

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.000

12.2

74.4

39.0

00 1

3.72

0.07

3.00

0 1

3.71

4.78

7.00

0

AKİŞ

REI

T1.

254.

791.

303

1.35

1.95

9.33

41.

785.

492.

929

2.00

2.99

5.10

34.

272.

504.

797

5.61

1.71

6.96

7 6

.298

.884

.591

6

.104

.877

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ÖZA

K R

EIT

1.27

7.92

0.83

61.

523.

313.

553

1.67

1.66

3.69

61.

779.

081.

234

2.40

3.71

3.83

73.

572.

298.

881

4.7

79.5

23.3

74

5.8

75.3

58.2

20

SİN

PAŞ

REI

T2.

303.

899.

843

1.97

9.48

1.56

32.

001.

837.

323

2.21

0.60

2.42

21.

994.

659.

933

5.02

0.17

5.51

1 5

.290

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.091

5

.806

.556

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İŞ R

EIT

1.66

8.72

0.43

71.

859.

866.

857

4.12

5.20

0.57

94.

887.

020.

194

5.31

1.94

7.25

65.

222.

332.

924

5.7

16.3

56.8

86

5.2

25.4

05.4

67

HAL

K R

EIT

890.

131.

894

928.

406.

666

974.

715.

777

1.85

4.83

9.97

52.

376.

933.

740

2.62

6.87

9.48

5 3

.039

.209

.130

3

.514

.726

.080

REY

SAŞ

REI

T50

7.54

8.17

468

1.25

8.17

591

4.18

0.14

51.

518.

565.

929

1.89

5.92

6.95

52.

280.

416.

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CBRT

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END

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BU

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ATE

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2

Reit’s74

75

Asse

t Pro

fitab

ility*

of R

EITs

Sour

ce: C

entra

l Sec

uriti

es D

epos

itory

Inst

itutio

n (C

SD)

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solid

ated

fina

ncia

l sta

tem

ents

of t

he c

ompa

nies

that

ann

ounc

e co

nsol

idat

ed fi

nanc

ial s

tate

men

ts a

nd s

olo

finan

cial

sta

tem

ents

of c

ompa

nies

that

do

not a

nnou

nce

cons

olid

ated

fina

ncia

l sta

tem

ents

are

use

d.*P

erio

d Pr

ofit

/ Tot

al A

sset

s.Si

nce

Mar

tı R

EIT

publ

ishe

s its

fina

ncia

ls a

ccor

ding

to th

e Sp

ecia

l Acc

ount

ing

Perio

d, 9

-mon

th d

ata

has

been

take

n in

to c

onsi

dera

tion.

2013

2014

2015

2016

2017

2018

2019

2020

SER

VET

REI

T1%

7%9%

7%9%

5%5%

34%

İDEA

LİST

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24%

AKM

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Z R

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30%

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32%

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21%

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REI

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%

ALAR

KO R

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R R

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%

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OR

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NU

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8%6%

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3%

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İ REI

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15%

27%

5%6%

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2%

TOR

UN

LAR

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15%

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4%10

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2%

YAPI

KR

EDİ K

OR

AY R

EIT

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17%

3%-9

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9%4%

2%

DEN

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T-3

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D R

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MAR

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AKFE

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8%0%

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YEŞİ

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4%-2

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NU

RO

L R

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DO

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3%7%

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SECT

OR

RAT

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3%5,

1%3,

1%

Reit’s

NOTES

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