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Real Estate Investment Fund (GYF)

A real estate investment fund manages a portfolio of property, property projects and property-based rights funded by money raised from qualified investors. GYFs are governed by the CMB’s Communiqué on Real Estate Investment Funds (III-52.3) and are set up by portfolio management companies.
Contents
  1. 1.Key points
  2. 2.How it works
  3. 3.Interpretation
  4. 4.Pitfalls
  5. 5.Official sources
  6. 6.Frequently asked questions

Key Points

  • Their units are sold to qualified investors, and the fund targets returns through rental income and capital gains.
  • A GYF gives access to a professionally managed property portfolio without buying real estate directly.
  • liquidity is low and exits may be limited to set dates or periods.

How It Works

properties in the portfolio are valued in reports by licensed appraisal firms, so the unit price moves with valuation periods rather than daily market prices. Trading rules and the frequency of price announcements are set out in the prospectus.

Interpretation

CMB Principle Decision i-SPK.37.10 of 26 October 2026 (Bulletin 2026/74) removed the i-SPK.37.7 exception for GYF investors and raised the professional-client-on-request thresholds to TRY 50 million in financial assets and TRY 25 million in transaction volume; GYF buyers now face the qualified investor conditions updated for all investors, and investors who qualified under the old amounts but do not document the new requirements to their intermediary can only place sell orders.

A GYF gives access to a professionally managed property portfolio without buying real estate directly. Unlike listed real estate investment trusts (GYO), its units are traded through the fund mechanism rather than on the exchange.

Pitfalls

liquidity is low and exits may be limited to set dates or periods. Appraisal-based prices can diverge from actual sale prices. Because prices update infrequently, low measured volatility does not mean low risk.

Official Sources

Official regulation and sources the definition is based on.

Pages Where This Term Appears

Related Terms

Frequently Asked Questions

A real estate investment fund manages a portfolio of property, property projects and property-based rights funded by money raised from qualified investors.

properties in the portfolio are valued in reports by licensed appraisal firms, so the unit price moves with valuation periods rather than daily market prices. Trading rules and the frequency of price announcements are set out in the prospectus.

Prepared by: Yatırımcı.AI Research TeamLast reviewed: Method: MethodologyEditorial policy