INVESTMENT FRAMEWORK
Location is visible; investment performance is determined by the income that location can produce.
According to AYD and Akademetre, Türkiye’s shopping-centre sales-per-square-metre index rose 25.2% nominally year-on-year in July 2026. Monthly turnover per square metre was measured at TRY 22,598 in Istanbul, TRY 17,780 in Anatolia and TRY 19,707 nationwide.
These figures indicate the scale of retail demand, but they do not explain property returns on their own. Nominal turnover growth does not necessarily mean stronger tenant profitability or real owner returns.
01 · Separate turnover from inflation
A 25.2% nominal increase may look strong, but transaction volume, basket size and price effects must be separated before assuming sustainable rental growth.
02 · Measure total occupancy cost
The tenant’s real burden includes rent, service charges, energy and operating costs. When this exceeds the revenue capacity, lease length is no guarantee.
03 · Convert footfall into demand quality
The profile and purpose of visitors matter as much as the count. Weekday patterns, weekend behaviour, public transport, parking and competing clusters must be assessed together.
04 · Tenant strength defines income quality
Brand recognition is not enough. Collection history, unit economics, indexation, security and break clauses determine the durability of investment income.
05 · Test exit value through alternative use
A unit dependent on one tenant category or narrow use may lose liquidity. Frontage, divisibility, ceiling height, loading access and licensing broaden the future buyer pool.
Source: AYD–Akademetre Shopping Centre Sales per Square Metre Index, July 2026. Commentary is NEXUS analysis. This publication is for general information and does not constitute investment advice.