Investing in housing vs REIFs: Türkiye real estate investment fund index
DOI: https://doi.org/10.3846/ijspm.2026.26796Abstract
The aim of this study is to compare the risk-return performances of real estate investment funds, a rising real estate capital market instrument in Türkiye, and housing prices, which skyrocketed in recent years in Türkiye under high inflationary periods. The research was conducted for the data obtained between March 2020 and May 2024 in 4 different periods (2020–2024), (2021–2024), (2022–2024) and (2023–2024). The risk-return performance analysis used monthly and quarterly returns of the housing prices and real estate investment funds. Sharpe ratio was calculated for each investment tool. Due to the negative Sharpe ratios obtained for some real estate investment funds, the performances were retested by the Modified Sharpe ratio. The research also used the consumer price index (CPI) as the primary benchmark tool. The research results revealed that except for the last period analyzed, where the increase in housing prices slowed, housing prices overperformed the real estate investment funds. The quarterly data analysis gave better performance results for the REIFs compared to the monthly data. This study is the most comprehensive research regarding the number of real estate investment funds and the period it covered. Establishing Türkiye Real Estate Investment Fund Index was also suggested for the first time.
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housing prices, real estate investment funds, high inflation, REIF Index, Sharpe ratioHow to Cite
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Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
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Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
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