{"id":660,"date":"2025-12-28T03:34:32","date_gmt":"2025-12-28T00:34:32","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=660"},"modified":"2025-12-28T14:08:06","modified_gmt":"2025-12-28T11:08:06","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-eygyo-eyg-gayrimenkul-yatirim-ortakligi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/660","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #EYGYO | EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #EYGYO | EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/NE7AVsIFvf0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Emlak Devinin Raporlar\u0131n\u0131 Okuduk: \u0130\u015fte Asla Tahmin Edemeyece\u011finiz 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Kurumsal faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal zorunluluklarla dolu, okunmas\u0131 zor belgeler olarak bilinir. Ancak bu yo\u011fun metinlerin sat\u0131r aralar\u0131nda, b\u00fcy\u00fck \u015firketlerin nas\u0131l d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc, stratejilerini nas\u0131l kurgulad\u0131\u011f\u0131n\u0131 ve ba\u015far\u0131lar\u0131n\u0131n ard\u0131ndaki ger\u00e7ek dinamikleri ortaya koyan b\u00fcy\u00fcleyici s\u0131rlar gizlidir. Biz de bu s\u0131rlar\u0131n pe\u015fine d\u00fc\u015ft\u00fck ve T\u00fcrkiye&#8217;nin \u00f6nde gelen gayrimenkul geli\u015ftirme \u015firketlerinden EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;n\u0131n (GYO) son raporlar\u0131n\u0131 mercek alt\u0131na ald\u0131k. Ke\u015ffetti\u011fimiz \u015fa\u015f\u0131rt\u0131c\u0131 detaylar, \u015firketin karma\u015f\u0131k ve \u00e7ok y\u00f6nl\u00fc ba\u015far\u0131 stratejisini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h3>1. Y\u00f6netim Kurulunda Sadece \u0130n\u015faat\u00e7\u0131lar Yok: Bir Profes\u00f6r, Bir B\u00fcrokrat ve Bir \u0130leti\u015fim Gurusu<\/h3>\n<p>Gayrimenkul denince akla beton, demir ve m\u00fchendisler gelir. Peki ya bir ileti\u015fim profes\u00f6r\u00fc, eski bir m\u00fcste\u015far ve bir makroekonomist? EYG GYO&#8217;nun y\u00f6netim kurulu, bu geleneksel kal\u0131b\u0131 y\u0131karak \u015firketin stratejik vizyonunun ne kadar geni\u015f oldu\u011funu kan\u0131tl\u0131yor. Kurulda, farkl\u0131 disiplinlerden gelen ve kendi alanlar\u0131nda zirveye ula\u015fm\u0131\u015f isimler dikkat \u00e7ekiyor:<\/p>\n<ul>\n<li><b>Ali At\u0131f Bir:<\/b> Bir ileti\u015fim profes\u00f6r\u00fc olarak tan\u0131nan Bir, 35 y\u0131ll\u0131k akademik kariyerinde reklam, halkla ili\u015fkiler ve stratejik ileti\u015fim gibi konularda uzmanla\u015fm\u0131\u015f bir isim.<\/li>\n<li><b>Metin Kilci:<\/b> Kariyerinde Devlet Planlama Te\u015fkilat\u0131&#8217;ndan \u00d6zelle\u015ftirme \u0130daresi Ba\u015fkanl\u0131\u011f\u0131&#8217;na ve Enerji ve Tabii Kaynaklar Bakanl\u0131\u011f\u0131 M\u00fcste\u015farl\u0131\u011f\u0131&#8217;na uzanan tecr\u00fcbeli bir b\u00fcrokrat (Ba\u011f\u0131ms\u0131z \u00dcye).<\/li>\n<li><b>\u0130brahim \u00dcnalm\u0131\u015f:<\/b> Makroekonomi, para ve maliye politikalar\u0131 alan\u0131nda uzmanla\u015fm\u0131\u015f bir profes\u00f6r olan \u00dcnalm\u0131\u015f, ayn\u0131 zamanda D\u00fcnya Bankas\u0131 gibi kurumlara dan\u0131\u015fmanl\u0131k yapm\u0131\u015f bir ekonomist (Ba\u011f\u0131ms\u0131z \u00dcye).<\/li>\n<\/ul>\n<p>Bu \u00e7e\u015fitlilik tesad\u00fcf de\u011fil, bilin\u00e7li bir stratejinin \u00fcr\u00fcn\u00fc. Projelerin ba\u015far\u0131s\u0131 art\u0131k sadece do\u011fru lokasyon ve kaliteli in\u015faattan ibaret de\u011fil. Ali At\u0131f Bir&#8217;in varl\u0131\u011f\u0131, marka ve pazarlama stratejilerinin en \u00fcst seviyede kurguland\u0131\u011f\u0131n\u0131; Metin Kilci&#8217;nin tecr\u00fcbesi, kamu ve reg\u00fclasyonlarla ili\u015fkilerin ne kadar stratejik y\u00f6netildi\u011fini; \u0130brahim \u00dcnalm\u0131\u015f&#8217;\u0131n uzmanl\u0131\u011f\u0131 ise \u015firketin makroekonomik trendleri yak\u0131ndan takip ederek finansal kararlar ald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Kilci ve \u00dcnalm\u0131\u015f&#8217;\u0131n &#8220;ba\u011f\u0131ms\u0131z \u00fcye&#8221; stat\u00fcs\u00fc ise bu stratejik yap\u0131ya ayr\u0131 bir derinlik kat\u0131yor; bu durum, objektif karar alma s\u00fcre\u00e7lerini g\u00fcvence alt\u0131na alarak ve hissedar \u00e7\u0131karlar\u0131n\u0131 koruyarak \u015firketin kurumsal y\u00f6netim g\u00fcc\u00fcn\u00fc peki\u015ftiriyor. Bu yap\u0131, EYG GYO&#8217;nun zorluklara farkl\u0131 a\u00e7\u0131lardan bakmas\u0131n\u0131 sa\u011flayan en b\u00fcy\u00fck rekabet avantajlar\u0131ndan biri.<\/p>\n<h3>2. Milyarlarca Liral\u0131k Varl\u0131k, Milyonlarca Lira Zarar: B\u00fcy\u00fcmenin Garip Matemati\u011fi<\/h3>\n<p>\u015eirket raporlar\u0131n\u0131 y\u00fczeysel bir bak\u0131\u015fla okumak yan\u0131lt\u0131c\u0131 olabilir. \u00d6rne\u011fin, EYG GYO&#8217;nun 30 Eyl\u00fcl 2025 tarihli konsolide finansal durum tablosuna bakt\u0131\u011f\u0131n\u0131zda <b>3.490.497.428 TL<\/b> gibi devasa bir &#8220;Toplam Varl\u0131k&#8221; rakam\u0131 g\u00f6r\u00fcyorsunuz. Bu rakam, \u015firketin ne kadar b\u00fcy\u00fck bir \u00f6l\u00e7ekte faaliyet g\u00f6sterdi\u011finin net bir kan\u0131t\u0131.<\/p>\n<p>Ancak ayn\u0131 d\u00f6nemin gelir tablosunu inceledi\u011finizde, ilk dokuz ay i\u00e7in <b>(277.369.683) TL<\/b> tutar\u0131nda bir &#8220;Net D\u00f6nem Zarar\u0131&#8221; ile kar\u015f\u0131la\u015f\u0131yorsunuz. \u00dcstelik bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde (2024) \u015firket <b>31.356.607 TL<\/b> k\u00e2r a\u00e7\u0131klam\u0131\u015ft\u0131. Milyarlarca liral\u0131k varl\u0131\u011fa sahip bir \u015firketin bu denli b\u00fcy\u00fck bir zarar a\u00e7\u0131klamas\u0131 ilk bak\u0131\u015fta bir ba\u015far\u0131s\u0131zl\u0131k gibi g\u00f6r\u00fcnebilir, ancak gayrimenkul sekt\u00f6r\u00fcn\u00fcn dinami\u011fi \u00e7ok daha karma\u015f\u0131kt\u0131r.<\/p>\n<p>Uzun vadeli gayrimenkul projelerinde arsa al\u0131m\u0131, ruhsatlar ve in\u015faat gibi b\u00fcy\u00fck maliyetler projenin ba\u015f\u0131nda yap\u0131l\u0131rken, gelirler projenin ilerleyen a\u015famalar\u0131nda veya tamamland\u0131\u011f\u0131nda elde edilir. Bu nedenle T\u00fcrkiye&#8217;nin y\u00fcksek enflasyon ortam\u0131 sebebiyle finansal tablolar\u0131n TMS 29 (&#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131&#8221;) uyar\u0131nca haz\u0131rland\u0131\u011f\u0131n\u0131 bilmek kritik \u00f6nem ta\u015f\u0131r. Bu, rakamlar\u0131n paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimlere g\u00f6re d\u00fczeltildi\u011fi anlam\u0131na gelir. Gelir tablosundaki &#8220;Finansman Giderleri&#8221; veya enflasyon muhasebesinin etkisini yans\u0131tan &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131&#8221; gibi kalemler, d\u00f6nemsel k\u00e2r veya zarar\u0131 derinden etkiler. Dolay\u0131s\u0131yla tek bir raporlama d\u00f6nemi, \u015firketin b\u00fcy\u00fcme stratejisinin tam resmini sunmaz ve bu rakamlar, nakit ak\u0131\u015f\u0131ndan ziyade muhasebesel bir durumu i\u015faret ediyor olabilir.<\/p>\n<h3>3. Banka Kredisi mi? Hay\u0131r, M\u00fc\u015fteri Finansman\u0131: Projeler Kendini Nas\u0131l Fonluyor?<\/h3>\n<p>Bir gayrimenkul devinin projelerini nas\u0131l finanse etti\u011fi, i\u015f modelinin en kritik s\u0131rlar\u0131ndan biridir. EYG GYO&#8217;nun yat\u0131r\u0131m stratejisi b\u00f6l\u00fcm\u00fcnde bu s\u0131rr\u0131 a\u00e7\u0131\u011fa \u00e7\u0131karan zekice bir modelle kar\u015f\u0131la\u015f\u0131yoruz: projeleri banka kredilerinden \u00e7ok, do\u011frudan m\u00fc\u015fterilerle finanse etmek. \u015eirket, projelerini &#8220;\u00f6n sat\u0131\u015flar&#8221; yoluyla fonluyor.<\/p>\n<p>Raporun ilgili b\u00f6l\u00fcm\u00fcnde bu strateji net bir \u015fekilde \u015f\u00f6yle ifade ediliyor:<\/p>\n<p>\u015eirketimiz grup ge\u00e7mi\u015finden gelen marka g\u00fcc\u00fc, tan\u0131n\u0131rl\u0131\u011f\u0131 ve g\u00fcvenilirli\u011fi sayesinde projelerinde yer alan konutlar\u0131 in\u015faat\u0131n ba\u015f\u0131ndan itibaren h\u0131zl\u0131 bir \u015fekilde satabilmektedir. \u0130n\u015faat maliyetleri ise genel olarak \u00f6n sat\u0131\u015flarla finanse edilmektedir.<\/p>\n<p>Bu, son derece g\u00fc\u00e7l\u00fc ve ak\u0131ll\u0131 bir i\u015f modelidir. \u015eirket bu sayede banka kredilerine olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltarak y\u00fcksek faiz maliyetlerinden ka\u00e7\u0131n\u0131yor. Stratejinin zekas\u0131 bununla da bitmiyor; \u015firket ayn\u0131 zamanda arsa tedarikinde &#8220;has\u0131lat payla\u015f\u0131m\u0131&#8221; modelini kullanarak arsa sahipleriyle ortakl\u0131k kuruyor ve b\u00f6ylece en b\u00fcy\u00fck \u00f6n maliyet kalemlerinden birini daha bor\u00e7lanmadan \u00e7\u00f6zm\u00fc\u015f oluyor. Bu iki ayakl\u0131 model, hem pazar talebinin ve markaya olan g\u00fcvenin en ger\u00e7ek zamanl\u0131 g\u00f6stergesi haline geliyor hem de \u015firkete muazzam bir finansal esneklik kazand\u0131rarak riski da\u011f\u0131t\u0131yor.<\/p>\n<h3>4. Deprem ve Faizden Daha Fazlas\u0131: Bir Gayrimenkul Devi Riskleri Nas\u0131l Y\u00f6netiyor?<\/h3>\n<p>B\u00fcy\u00fck \u015firketleri k\u00fc\u00e7\u00fck giri\u015fimlerden ay\u0131ran en temel \u00f6zelliklerden biri, \u00f6ng\u00f6r\u00fc ve risk y\u00f6netimi kapasitesidir. EYG GYO&#8217;nun raporlar\u0131, \u015firketin sadece piyasa ko\u015fullar\u0131n\u0131 de\u011fil, olas\u0131 t\u00fcm tehditleri ne kadar sistematik bir \u015fekilde ele ald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu ama\u00e7la kurulmu\u015f olan <b>&#8220;Riskin Erken Saptanmas\u0131 Komitesi&#8221;<\/b>, y\u00f6netimin proaktif yakla\u015f\u0131m\u0131n\u0131n en somut delili.<\/p>\n<p>\u015eirket, riskleri basit\u00e7e bir listeye d\u00f6kmek yerine, onlar\u0131 iki ana kategoriye ay\u0131rarak y\u00f6netiyor:<\/p>\n<ul>\n<li><b>Makro Riskler:<\/b> \u015eirketin kontrol\u00fc d\u0131\u015f\u0131nda geli\u015fen ekonomik, \u00e7evresel, sekt\u00f6rel ve piyasa ko\u015fullar\u0131 gibi geni\u015f kapsaml\u0131 riskler.<\/li>\n<li><b>Mikro Riskler:<\/b> \u015eirketin kendi i\u00e7 s\u00fcre\u00e7leriyle ilgili olan operasyonel, finansal, planlama ve teknik riskler. Bu kategori, proje gecikmelerini veya finansal a\u00e7\u0131klar\u0131 \u00f6nlemek amac\u0131yla m\u00fc\u015fteri \u00f6deme performanslar\u0131 ve tedarik\u00e7i g\u00fcvenilirli\u011fi gibi somut operasyonel risklerin yak\u0131ndan takip edilmesini i\u00e7erir.<\/li>\n<\/ul>\n<p>Bu ayr\u0131m, \u015firketin hem k\u00fcresel ve ulusal trendleri (faiz oranlar\u0131, ekonomik durgunluk vb.) hem de kendi i\u00e7 operasyonlar\u0131ndaki potansiyel zay\u0131fl\u0131klar\u0131 ayr\u0131 ayr\u0131 izledi\u011fini ve her biri i\u00e7in farkl\u0131 \u00f6nlem mekanizmalar\u0131 geli\u015ftirdi\u011fini ortaya koyuyor. Deprem veya faiz art\u0131\u015f\u0131 gibi bariz risklerin \u00f6tesine ge\u00e7en bu derinlemesine ve yap\u0131land\u0131r\u0131lm\u0131\u015f risk analizi, EYG GYO&#8217;nun s\u00fcrd\u00fcr\u00fclebilir bir kurumsal yap\u0131ya sahip olmas\u0131n\u0131n temel direklerinden birini olu\u015fturuyor.<\/p>\n<h3>Sonu\u00e7<\/h3>\n<p>EYG GYO&#8217;nun faaliyet raporlar\u0131n\u0131n derinliklerine indi\u011fimizde, kar\u015f\u0131m\u0131za sadece bir in\u015faat \u015firketi \u00e7\u0131km\u0131yor. Farkl\u0131 disiplinlerden uzmanlar\u0131 bir araya getiren bir y\u00f6netim anlay\u0131\u015f\u0131, k\u0131sa vadeli k\u00e2rl\u0131l\u0131\u011f\u0131n \u00f6tesinde uzun vadeli b\u00fcy\u00fcmeyi hedefleyen sofistike bir finansal yap\u0131, banka kredilerine ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 azaltan ak\u0131ll\u0131 bir finansman modeli ve her t\u00fcrl\u00fc olas\u0131l\u0131\u011fa kar\u015f\u0131 haz\u0131rl\u0131kl\u0131 olmay\u0131 ama\u00e7layan titiz bir risk y\u00f6netimi sistemi g\u00f6r\u00fcyoruz. Bu d\u00f6rt \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ek, bir emlak devinin sadece bina de\u011fil, ayn\u0131 zamanda karma\u015f\u0131k ve dayan\u0131kl\u0131 bir strateji in\u015fa etti\u011fini kan\u0131tl\u0131yor.<\/p>\n<p>Bir dahaki sefere dev bir \u015fantiyenin \u00f6n\u00fcnden ge\u00e7erken, sadece binalar\u0131 m\u0131 g\u00f6receksiniz, yoksa ard\u0131ndaki bu g\u00f6r\u00fcnmez strateji mimarisini de fark edecek misiniz?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. Durum Raporu: 3. \u00c7eyrek 2025 Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (EYG GYO) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla kurumsal yap\u0131s\u0131n\u0131, yat\u0131r\u0131m stratejisini, proje portf\u00f6y\u00fcn\u00fc, finansal performans\u0131n\u0131 ve i\u00e7inde bulundu\u011fu ekonomik konjonkt\u00fcr\u00fc, \u015firketin 01.01.2025 \u2013 30.09.2025 d\u00f6nemine ait Y\u00f6netim Kurulu Faaliyet Raporu ve Konsolide Finansal Tablolar\u0131na dayanarak kapsaml\u0131 bir \u015fekilde analiz etmektedir.<\/p>\n<p>EYG GYO, orta-\u00fcst gelir gruplar\u0131na y\u00f6nelik, y\u00fcksek potansiyelli b\u00f6lgelerde konut projeleri geli\u015ftirme stratejisiyle faaliyet g\u00f6stermektedir. \u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla 700 milyon TL&#8217;lik \u00e7\u0131kar\u0131lm\u0131\u015f sermayeye ve %34,05&#8217;lik halka a\u00e7\u0131kl\u0131k oran\u0131na sahiptir. Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere alt\u0131 \u00fcyeden olu\u015fmakta ve kurumsal y\u00f6netim ilkelerine uyum sa\u011flamak amac\u0131yla Denetim, Kurumsal Y\u00f6netim ve Riskin Erken Saptanmas\u0131 komiteleri aktif olarak \u00e7al\u0131\u015fmaktad\u0131r.<\/p>\n<p>\u015eirketin portf\u00f6y\u00fcnde Narl\u0131bah\u00e7e Evleri, Beykoz Arsalar\u0131, K\u00e2\u011f\u0131thane Ofisler gibi \u00f6nemli gayrimenkuller bulunmaktad\u0131r. Narl\u0131bah\u00e7e Evleri projesinin in\u015faat\u0131 %100 tamamlanm\u0131\u015f ve sat\u0131\u015flar\u0131n %90&#8217;\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir. 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde konut sekt\u00f6r\u00fcnde ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %8,6&#8217;l\u0131k bir sat\u0131\u015f art\u0131\u015f\u0131 ya\u015fan\u0131rken, EYG GYO&#8217;nun finansal performans\u0131 bu d\u00f6nemde zorluklar g\u00f6stermi\u015ftir. \u015eirket, 30 Eyl\u00fcl 2025 itibar\u0131yla 3,49 milyar TL toplam varl\u0131\u011fa sahip olup, 9 ayl\u0131k d\u00f6nemde 487,7 milyon TL has\u0131lat elde etmi\u015f ve d\u00f6nemi 277,4 milyon TL net zararla kapatm\u0131\u015ft\u0131r. Bu sonu\u00e7, artan finansman giderleri ve proje maliyetlerinin etkisini yans\u0131tmaktad\u0131r. \u015eirket, portf\u00f6y s\u0131n\u0131rlamalar\u0131 a\u00e7\u0131s\u0131ndan yasal gerekliliklere uyum g\u00f6stermeye devam etmektedir.<\/p>\n<h2>1. Kurumsal Profil ve Y\u00f6netim Yap\u0131s\u0131<\/h2>\n<h3>1.1. \u015eirket K\u00fcnyesi ve Stratejik Y\u00f6nelim<\/h3>\n<p>EYG GYO, gayrimenkul sekt\u00f6r\u00fcnde \u00f6zg\u00fcn konseptler ve y\u00fcksek yat\u0131r\u0131m de\u011feri sunan projeler geli\u015ftirme misyonuyla hareket etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilgi Kategorisi<\/td>\n<td>A\u00e7\u0131klama<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>EYG GAYR\u0130MENKUL YATIRIM ORTAKLI\u011eI A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>NEC\u0130P FAZIL MAH.HAMZA YERL\u0130KAYA BULVARI NO:10 \u00dcMRAN\u0130YE\/\u0130STANBUL<\/td>\n<\/tr>\n<tr>\n<td><b>Telefon \/ Faks<\/b><\/td>\n<td>0216 313 66 65 \/ 0216 499 29 97<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Sitesi<\/b><\/td>\n<td>www.eyggyo.com.tr<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Sicil No<\/b><\/td>\n<td>328164-5<\/td>\n<\/tr>\n<tr>\n<td><b>Personel Say\u0131s\u0131<\/b><\/td>\n<td>24 (30 Eyl\u00fcl 2025 itibar\u0131yla)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Vizyon:<\/b> T\u00fcrkiye\u2019de ve b\u00f6lge \u00fclkelerde lider konut markas\u0131 ve yat\u0131r\u0131m arac\u0131 olmak.<\/p>\n<p><b>Misyon:<\/b> Y\u00fcksek ya\u015fam kalitesi ve yat\u0131r\u0131m de\u011feri sunan, \u00f6zg\u00fcn konseptlerde gayrimenkul projeleri hayata ge\u00e7irerek, s\u00fcrd\u00fcr\u00fclebilir, istikrarl\u0131 bir b\u00fcy\u00fcme sa\u011flamak.<\/p>\n<p><b>De\u011ferler:<\/b><\/p>\n<ul>\n<li>Farkl\u0131 d\u00fc\u015f\u00fcnme ve yenilik\u00e7i bak\u0131\u015f a\u00e7\u0131s\u0131<\/li>\n<li>Ekip ruhu<\/li>\n<li>M\u00fc\u015fteri odakl\u0131 yakla\u015f\u0131m<\/li>\n<li>Verimlilik ve istikrar<\/li>\n<\/ul>\n<h3>1.2. Tarih\u00e7e ve GYO&#8217;ya D\u00f6n\u00fc\u015f\u00fcm<\/h3>\n<ul>\n<li><b>2014:<\/b> EYG Grup, \u00d6mer Faruk \u00c7elik taraf\u0131ndan kuruldu.<\/li>\n<li><b>15 Eyl\u00fcl 2021:<\/b> Grup \u015firketlerinden EYG Konut A.\u015e.&#8217;nin tam b\u00f6l\u00fcnmesiyle EYG Yap\u0131 ve Yat\u0131r\u0131m A.\u015e. kuruldu.<\/li>\n<li><b>11 A\u011fustos 2022:<\/b> EYG Yap\u0131 ve Yat\u0131r\u0131m A.\u015e.&#8217;nin Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;na (GYO) d\u00f6n\u00fc\u015f\u00fcm ba\u015fvurusu Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan onayland\u0131.<\/li>\n<li><b>13 Eyl\u00fcl 2022:<\/b> \u015eirket unvan\u0131 &#8220;EYG Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8221; olarak tescil edildi.<\/li>\n<li><b>29 Aral\u0131k 2022:<\/b> \u015eirket paylar\u0131 Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flad\u0131.<\/li>\n<\/ul>\n<h3>1.3. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirket&#8217;in 30 Eyl\u00fcl 2025 itibar\u0131yla \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 700.000.000 TL&#8217;dir. Bu sermaye, 11 \u015eubat 2025 tarihli SPK onay\u0131yla 200.000.000 TL&#8217;den bedelsiz art\u0131r\u0131m yoluyla y\u00fckseltilmi\u015f ve 3 Mart 2025&#8217;te tescil edilmi\u015ftir. Sermayenin %34,05&#8217;ini temsil eden paylar halka a\u00e7\u0131k ve dola\u015f\u0131mdad\u0131r.<\/p>\n<p><b>30 Eyl\u00fcl 2025 Tarihli Ortakl\u0131k Yap\u0131s\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pay Sahibi<\/td>\n<td>Pay Grubu<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer Faruk \u00c7elik<\/td>\n<td>A<\/td>\n<td>8.484.848<\/td>\n<td>1,21%<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer Faruk \u00c7elik<\/td>\n<td>B<\/td>\n<td>429.715.147<\/td>\n<td>61,39%<\/td>\n<\/tr>\n<tr>\n<td>Nuran \u00c7elik<\/td>\n<td>B<\/td>\n<td>21.000.000<\/td>\n<td>3,00%<\/td>\n<\/tr>\n<tr>\n<td>Yunus Emre \u00c7elik<\/td>\n<td>B<\/td>\n<td>2.430.000<\/td>\n<td>0,35%<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k<\/td>\n<td>B<\/td>\n<td>238.370.005<\/td>\n<td>34,05%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><\/td>\n<td><b>700.000.000<\/b><\/td>\n<td><b>100,00%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.4. \u0130\u015ftirakler ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>\u015eirket&#8217;in 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla konsolidasyon kapsam\u0131ndaki ortakl\u0131klar\u0131 \u015funlard\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u015eirket Ad\u0131<\/td>\n<td>Ortakl\u0131k Oran\u0131 (%)<\/td>\n<td>Faaliyet Konusu<\/td>\n<\/tr>\n<tr>\n<td><b>EYG Ofis ve Konut A.\u015e.<\/b><\/td>\n<td>100,00%<\/td>\n<td>Gayrimenkul al\u0131m\u0131, yap\u0131m\u0131, geli\u015ftirmesi ve sat\u0131m\u0131.<\/td>\n<\/tr>\n<tr>\n<td><b>EYG GYO His Yap\u0131 \u0130\u015f Ortakl\u0131\u011f\u0131<\/b><\/td>\n<td>50,00%<\/td>\n<td>Kat kar\u015f\u0131l\u0131\u011f\u0131 gayrimenkul projesi geli\u015ftirilmesi ve in\u015faat\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.5. Y\u00f6netim Kurulu<\/h3>\n<p>Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere toplam 6 \u00fcyeden olu\u015fmaktad\u0131r. T\u00fcm \u00fcyelerin g\u00f6rev s\u00fcresi 13 Eyl\u00fcl 2027&#8217;de sona ermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcye<\/td>\n<td>Unvan<\/td>\n<td>Ba\u011f\u0131ms\u0131zl\u0131k Durumu<\/td>\n<\/tr>\n<tr>\n<td>\u00d6mer Faruk \u00c7elik<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Hakan Kaya<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131 Vekili<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Ezgi \u00c7elik<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Ali At\u0131f Bir<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Hay\u0131r<\/td>\n<\/tr>\n<tr>\n<td>Metin Kilci<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Evet<\/td>\n<\/tr>\n<tr>\n<td>\u0130brahim \u00dcnalm\u0131\u015f<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>Evet<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6ne \u00c7\u0131kan \u00dcyeler:<\/b><\/p>\n<ul>\n<li><b>\u00d6mer Faruk \u00c7elik (Ba\u015fkan):<\/b> 45 y\u0131ll\u0131k i\u015f tecr\u00fcbesine sahip olan \u00c7elik, EYG Grubu&#8217;nun kurucusudur. Sinpa\u015f Grubu&#8217;nda uzun y\u0131llar \u00fcst d\u00fczey y\u00f6neticilik yapm\u0131\u015f, 2007&#8217;de Sinpa\u015f GYO&#8217;nun halka arz s\u00fcrecini y\u00f6netmi\u015ftir. KONUTDER&#8217;in 6 y\u0131l kurucu ba\u015fkanl\u0131\u011f\u0131n\u0131 yapm\u0131\u015f olup, halen onursal ba\u015fkan\u0131d\u0131r.<\/li>\n<li><b>Hakan Kaya (Ba\u015fkan Vekili):<\/b> \u0130n\u015faat Y\u00fcksek M\u00fchendisi olan Kaya, sekt\u00f6rde 35 y\u0131ll\u0131k tecr\u00fcbeye sahiptir ve arazi geli\u015ftirmeden proje y\u00f6netimine kadar her kademede g\u00f6rev alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Metin Kilci (Ba\u011f\u0131ms\u0131z \u00dcye):<\/b> T.C. Merkez Bankas\u0131, DPT, \u00d6zelle\u015ftirme \u0130daresi Ba\u015fkanl\u0131\u011f\u0131 ve Enerji Bakanl\u0131\u011f\u0131 M\u00fcste\u015farl\u0131\u011f\u0131 gibi kamu kurumlar\u0131nda \u00fcst d\u00fczey g\u00f6revlerde bulunmu\u015ftur.<\/li>\n<li><b>\u0130brahim \u00dcnalm\u0131\u015f (Ba\u011f\u0131ms\u0131z \u00dcye):<\/b> Prof. Dr. unvan\u0131na sahip olan \u00dcnalm\u0131\u015f, makroekonomi ve finans alan\u0131nda uzmand\u0131r. Ge\u00e7mi\u015fte T.C. Merkez Bankas\u0131&#8217;nda g\u00f6rev alm\u0131\u015f olup, halen TED \u00dcniversitesi&#8217;nde B\u00f6l\u00fcm Ba\u015fkan\u0131 olarak g\u00f6rev yapmaktad\u0131r.<\/li>\n<\/ul>\n<h3>1.6. Y\u00f6netim Kurulu Komiteleri<\/h3>\n<p>\u015eirket, kurumsal y\u00f6netim ilkeleri do\u011frultusunda \u00fc\u00e7 ana komite kurmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Komite Ad\u0131<\/td>\n<td>Ba\u015fkan<\/td>\n<td>\u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Denetim Komitesi<\/td>\n<td>Metin Kilci<\/td>\n<td>\u0130brahim \u00dcnalm\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Kurumsal Y\u00f6netim Komitesi<\/td>\n<td>Metin Kilci<\/td>\n<td>Ezgi \u00c7elik<\/td>\n<\/tr>\n<tr>\n<td>Riskin Erken Saptanmas\u0131 Komitesi<\/td>\n<td>Metin Kilci<\/td>\n<td>Ezgi \u00c7elik<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.7. Kurumsal Y\u00f6netim Politikalar\u0131<\/h3>\n<ul>\n<li><b>K\u00e2r Da\u011f\u0131t\u0131m Politikas\u0131:<\/b> \u015eirket, SPK mevzuat\u0131 \u00e7er\u00e7evesinde hesaplanan &#8220;da\u011f\u0131t\u0131labilir d\u00f6nem k\u00e2r\u0131&#8221;n\u0131n asgari %20&#8217;sini nakit veya bedelsiz hisse \u015feklinde da\u011f\u0131tmay\u0131 hedeflemektedir. 2024 y\u0131l\u0131 i\u00e7in 120,4 milyon TL d\u00f6nem k\u00e2r\u0131ndan 20 milyon TL&#8217;nin nakden da\u011f\u0131t\u0131lmas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>\u00dccretlendirme Esaslar\u0131:<\/b> Y\u00f6netim kurulu \u00fcyeleri ve \u00fcst d\u00fczey y\u00f6neticilerin \u00fccretleri, \u015firketin uzun vadeli hedefleri, performans\u0131 ve piyasa ko\u015fullar\u0131 dikkate al\u0131narak belirlenir. Ba\u011f\u0131ms\u0131z \u00fcyelere performansa dayal\u0131 \u00f6deme yap\u0131lmaz. 01.01.2025 \u2013 30.09.2025 d\u00f6neminde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccret ve benzeri faydalar\u0131n toplam\u0131 7.692.117 TL&#8217;dir.<\/li>\n<li><b>Ba\u011f\u0131\u015f Politikas\u0131:<\/b> \u015eirket, sosyal sorumluluk anlay\u0131\u015f\u0131 \u00e7er\u00e7evesinde ba\u011f\u0131\u015f yapabilir. Ba\u011f\u0131\u015f \u00fcst s\u0131n\u0131r\u0131 genel kurul taraf\u0131ndan belirlenir. 01.01.2025-30.09.2025 d\u00f6neminde herhangi bir ba\u011f\u0131\u015f yap\u0131lmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>2. Yat\u0131r\u0131m Stratejisi ve Operasyonel S\u00fcre\u00e7ler<\/h2>\n<h3>2.1. Temel Yat\u0131r\u0131m Stratejisi<\/h3>\n<p>\u015eirketin ana yat\u0131r\u0131m stratejisi, geli\u015fme potansiyeli ta\u015f\u0131yan b\u00f6lgelerde arsalar sat\u0131n alarak orta-\u00fcst ve \u00fcst gelir gruplar\u0131na y\u00f6nelik konut projeleri geli\u015ftirmektir. Stratejinin temel unsurlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Konum Odakl\u0131l\u0131k:<\/b> Geli\u015fme potansiyeli y\u00fcksek b\u00f6lgelerin tespiti.<\/li>\n<li><b>Finansman Modeli:<\/b> Projelerin b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u00f6n sat\u0131\u015flardan elde edilen gelirlerle finanse edilmesi.<\/li>\n<li><b>Marka G\u00fcc\u00fc:<\/b> Grubun ge\u00e7mi\u015f projelerindeki ba\u015far\u0131s\u0131 ve g\u00fcvenilirli\u011fi sayesinde has\u0131lat payla\u015f\u0131m\u0131 s\u00f6zle\u015fmelerinde avantajl\u0131 ko\u015fullar elde edilmesi.<\/li>\n<li><b>Katma De\u011fer:<\/b> Tasar\u0131m ve mimari alan\u0131ndaki ba\u015far\u0131yla projelere ek de\u011fer kat\u0131lmas\u0131.<\/li>\n<\/ul>\n<h3>2.2. Proje Geli\u015ftirme S\u00fcreci<\/h3>\n<p>\u015eirketin proje geli\u015ftirme s\u00fcreci be\u015f ana a\u015famadan olu\u015fmaktad\u0131r:<\/p>\n<p><b>Arazi Al\u0131m\u0131 ve Geli\u015ftirilmesi \u2192 Proje Geli\u015ftirme \u2192 Sat\u0131\u015f ve Pazarlama \/ \u0130n\u015faat \u2192 Teslim<\/b><\/p>\n<ol>\n<li><b>Arazi Al\u0131m\u0131 ve Geli\u015ftirilmesi:<\/b> Potansiyel arsalar takip edilir, fizibilite analizleri ve SPK lisansl\u0131 de\u011ferleme raporlar\u0131 sonras\u0131 al\u0131m karar\u0131 verilir. Hisseli m\u00fclkiyet ve imar gibi hukuki sorunlar \u00e7\u00f6z\u00fcl\u00fcr.<\/li>\n<li><b>Proje Geli\u015ftirme:<\/b> Pazar analizleriyle hedef kitle belirlenir, projenin konsepti, mimari ve m\u00fchendislik projeleri haz\u0131rlan\u0131r ve yap\u0131 ruhsatlar\u0131 al\u0131n\u0131r.<\/li>\n<li><b>Sat\u0131\u015f ve Pazarlama \/ \u0130n\u015faat:<\/b> Yap\u0131 ruhsat\u0131 ile birlikte \u00f6n sat\u0131\u015flar ba\u015flar. \u0130n\u015faat s\u00fcresine yay\u0131lan \u00f6deme planlar\u0131 sunulur. \u0130n\u015faat i\u00e7in m\u00fcteahhit se\u00e7imi yap\u0131l\u0131r ve \u00e7al\u0131\u015fmalar\u0131 denetlenir.<\/li>\n<li><b>Teslim:<\/b> \u0130n\u015faat tamamland\u0131ktan sonra konutlar al\u0131c\u0131lara teslim edilir ve site y\u00f6netimi kurularak ya\u015fam ba\u015flat\u0131l\u0131r.<\/li>\n<\/ol>\n<h3>2.3. Risk Y\u00f6netimi ve \u0130\u00e7 Kontrol<\/h3>\n<p>Y\u00f6netim Kurulu, risk y\u00f6netiminden sorumludur ve bu ama\u00e7la Kurumsal Y\u00f6netim ile Riskin Erken Saptanmas\u0131 komiteleri kurulmu\u015ftur. Riskler iki ana ba\u015fl\u0131k alt\u0131nda de\u011ferlendirilir:<\/p>\n<ul>\n<li><b>Makro Riskler:<\/b> Kontrol d\u0131\u015f\u0131 ekonomik, sekt\u00f6rel, do\u011fal ve piyasa riskleri.<\/li>\n<li><b>Mikro Riskler:<\/b> \u015eirketin projelendirme, operasyonel, finansal ve teknik s\u00fcre\u00e7lerindeki riskler.<\/li>\n<\/ul>\n<p>Finansal y\u00f6netimde ise m\u00fc\u015fteri \u00f6deme performanslar\u0131 ve tedarik\u00e7i performanslar\u0131 yak\u0131ndan takip edilerek kur, faiz ve enflasyon risklerine kar\u015f\u0131 stratejik kararlar al\u0131nmaktad\u0131r.<\/p>\n<h2>3. Gayrimenkul Portf\u00f6y\u00fc ve Projeler<\/h2>\n<h3>3.1. Portf\u00f6y De\u011ferleme Raporu \u00d6zeti<\/h3>\n<p>08 Ocak 2025 tarihli de\u011ferleme raporuna g\u00f6re portf\u00f6ydeki ana gayrimenkullerin ekspertiz de\u011ferleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Portf\u00f6y<\/td>\n<td>\u015eehir<\/td>\n<td>Ekspertiz De\u011feri (TL)<\/td>\n<\/tr>\n<tr>\n<td>Narl\u0131bah\u00e7e<\/td>\n<td>\u0130stanbul<\/td>\n<td>1.222.135.000<\/td>\n<\/tr>\n<tr>\n<td>Beykoz Arsalar<\/td>\n<td>\u0130stanbul<\/td>\n<td>1.130.710.000<\/td>\n<\/tr>\n<tr>\n<td>Samand\u0131ra<\/td>\n<td>\u0130stanbul<\/td>\n<td>397.000.000<\/td>\n<\/tr>\n<tr>\n<td>Central Work \u0130\u015f Merkezi<\/td>\n<td>\u0130stanbul<\/td>\n<td>219.520.000<\/td>\n<\/tr>\n<tr>\n<td>Dap Ofis<\/td>\n<td>\u0130stanbul<\/td>\n<td>188.955.000<\/td>\n<\/tr>\n<tr>\n<td>Ad\u0131m \u0130stanbul<\/td>\n<td>\u0130stanbul<\/td>\n<td>152.390.000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Proje Detaylar\u0131<\/h3>\n<ul>\n<li><b>Narl\u0131bah\u00e7e Evleri (\u00dcmraniye &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Durum:<\/b> \u0130n\u015faat %100 tamamlanm\u0131\u015f, sat\u0131\u015f oran\u0131 %90&#8217;a ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Detaylar:<\/b> 18.932 m\u00b2 arsa \u00fczerinde 5 blokta 342 konut ve 6 ticari \u00fcniteden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Beykoz Arsalar\u0131 (Beykoz &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Durum:<\/b> B\u00f6lgeye ait koruma ama\u00e7l\u0131 uygulama imar plan\u0131 12\/12\/2024 tarihinde mahkeme karar\u0131yla iptal edilmi\u015ftir. Yetkili kurumlar taraf\u0131ndan yeni bir planlama \u00e7al\u0131\u015fmas\u0131 beklenmektedir.<\/li>\n<li><b>Detaylar:<\/b> Toplamda 18.000 m\u00b2&#8217;yi a\u015fan birden fazla parselden olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>K\u00e2\u011f\u0131thane Ofisler (K\u00e2\u011f\u0131thane &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Malik:<\/b> EYG GYO ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 EYG Ofis ve Konut A.\u015e.<\/li>\n<li><b>Durum:<\/b> Toplam 27 adet ticari alandan 17 adedi kiralanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Ad\u0131m \u0130stanbul (Ba\u015fak\u015fehir &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Durum:<\/b> Toplam 6 adet ticari alandan 3 adedi kiralanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Central Work \u0130\u015f Merkezi (\u00dcmraniye &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Malik:<\/b> EYG Ofis ve Konut A.\u015e.<\/li>\n<li><b>Durum:<\/b> Toplam 8.605 m\u00b2&#8217;lik alanda 9 adet kiralanm\u0131\u015f ticari alan bulunmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Samand\u0131ra (Sancaktepe &#8211; \u0130stanbul):<\/b>\n<ul>\n<li><b>Durum:<\/b> Arsa sahipleri ile kat kar\u015f\u0131l\u0131\u011f\u0131 s\u00f6zle\u015fme imzalanm\u0131\u015ft\u0131r. Proje geli\u015ftirme \u00e7al\u0131\u015fmalar\u0131 devam etmektedir. \u0130n\u015fa edilecek yap\u0131lar\u0131n %43,5&#8217;i arsa sahiplerine verilecektir.<\/li>\n<\/ul>\n<\/li>\n<li><b>EYG GYO His Yap\u0131 \u0130\u015f Ortakl\u0131\u011f\u0131:<\/b>\n<ul>\n<li><b>Ama\u00e7:<\/b> Kat kar\u015f\u0131l\u0131\u011f\u0131 gayrimenkul projeleri geli\u015ftirmek. Ortakl\u0131kta EYG GYO&#8217;nun pay\u0131 %50&#8217;dir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. Ekonomik G\u00f6r\u00fcn\u00fcm ve Sekt\u00f6r Analizi (3. \u00c7eyrek 2025)<\/h2>\n<h3>4.1. Genel Ekonomik Konjonkt\u00fcr<\/h3>\n<ul>\n<li><b>K\u00fcresel:<\/b> 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde k\u00fcresel belirsizlik ortam\u0131 devam etmi\u015ftir. ABD&#8217;de imalat sanayi \u0131l\u0131ml\u0131 bir b\u00fcy\u00fcme sergilerken, FED siyasi bask\u0131lar ve zay\u0131flayan i\u015f g\u00fcc\u00fc piyasas\u0131 nedeniyle Eyl\u00fcl ay\u0131nda 25 baz puan faiz indirimi yapm\u0131\u015ft\u0131r. AB ekonomilerinde s\u0131n\u0131rl\u0131 bir toparlanma g\u00f6zlenirken, ECB politika faizinde de\u011fi\u015fikli\u011fe gitmemi\u015ftir.<\/li>\n<li><b>Yurt \u0130\u00e7i:<\/b> TCMB, Temmuz&#8217;da 300, Eyl\u00fcl&#8217;de 250 baz puanl\u0131k faiz indirimleriyle politika faizini %40,5&#8217;e d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr. \u00dclke risk primi 305&#8217;ten 257&#8217;ye gerilemi\u015ftir. Yurt i\u00e7i talepteki zay\u0131flama ile \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte b\u00fcy\u00fcmenin %0,8 olmas\u0131 beklenmektedir. Y\u0131l sonu T\u00dcFE enflasyon beklentisi %29&#8217;dan %32 seviyesine y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2. Konut Sekt\u00f6r\u00fc Geli\u015fmeleri<\/h3>\n<ul>\n<li><b>Sat\u0131\u015flar:<\/b> 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde konut sat\u0131\u015flar\u0131, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine g\u00f6re %8,6 artarak 402 bin adetten 436 bin adete y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u0130potekli Sat\u0131\u015flar:<\/b> TCMB&#8217;nin faiz indirimlerinin etkisiyle ipotekli konut sat\u0131\u015flar\u0131 ayn\u0131 d\u00f6nemde %45&#8217;lik belirgin bir art\u0131\u015fla 41 bin adetten 59 bin adete \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Fiyatlar:<\/b> BETAM analizlerine g\u00f6re T\u00fcrkiye genelinde reel konut fiyat endeksi 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. \u0130stanbul ve Ankara&#8217;da reel fiyatlar yatay seyrederken, \u0130zmir&#8217;de d\u00fc\u015f\u00fc\u015f g\u00f6zlenmi\u015ftir.<\/li>\n<li><b>Beklentiler:<\/b> Kredi k\u0131s\u0131tlar\u0131nda 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde beklenen gev\u015feme ve faiz indirimlerinin devam etmesiyle konut talebinde art\u0131\u015f beklentileri devam etmektedir.<\/li>\n<\/ul>\n<h2>5. Finansal Performans Analizi (30 Eyl\u00fcl 2025 \u0130tibar\u0131yla)<\/h2>\n<h3>5.1. Konsolide Finansal Durum Tablosu \u00d6zeti<\/h3>\n<p>\u015eirketin finansal durumu, bir \u00f6nceki y\u0131l sonuna g\u00f6re varl\u0131k ve \u00f6zkaynaklarda bir d\u00fc\u015f\u00fc\u015f g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>938.894.183<\/td>\n<td>1.507.194.492<\/td>\n<td>\u25bc<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>2.551.603.245<\/td>\n<td>2.269.202.284<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>3.490.497.428<\/b><\/td>\n<td><b>3.776.396.776<\/b><\/td>\n<td><b>\u25bc %7,6<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>442.249.357<\/td>\n<td>659.253.984<\/td>\n<td>\u25bc<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>927.909.317<\/td>\n<td>719.207.169<\/td>\n<td>\u25b2<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>1.370.158.674<\/b><\/td>\n<td><b>1.378.461.153<\/b><\/td>\n<td><b>\u25bc %0,6<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>2.120.338.754<\/b><\/td>\n<td><b>2.397.935.623<\/b><\/td>\n<td><b>\u25bc %11,6<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>3.490.497.428<\/b><\/td>\n<td><b>3.776.396.776<\/b><\/td>\n<td><b>\u25bc %7,6<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>5.2. Konsolide K\u00e2r\/Zarar Tablosu \u00d6zeti<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131n\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki k\u00e2r\u0131n aksine, net zararla kapatm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 30.09.2025 (TL)<\/td>\n<td>01.01 &#8211; 30.09.2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>487.744.259<\/td>\n<td>264.487.041<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(497.631.442)<\/td>\n<td>(242.763.234)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r \/ (Zarar)<\/b><\/td>\n<td><b>(9.887.183)<\/b><\/td>\n<td><b>21.723.807<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>(143.232.352)<\/td>\n<td>(60.806.448)<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(240.811.889)<\/td>\n<td>(306.361.136)<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi K\u00e2r \/ (Zarar)<\/b><\/td>\n<td>(176.162.768)<\/td>\n<td>32.434.025<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(277.369.683)<\/b><\/td>\n<td><b>31.356.607<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p)<\/b><\/td>\n<td>(0,3962)<\/td>\n<td>0,1568<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>5.3. Portf\u00f6y S\u0131n\u0131rlamalar\u0131na Uyum<\/h3>\n<p>\u015eirket, SPK&#8217;n\u0131n GYO&#8217;lar i\u00e7in belirledi\u011fi portf\u00f6y s\u0131n\u0131rlamalar\u0131na uyum g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Portf\u00f6y S\u0131n\u0131rlamas\u0131<\/td>\n<td>\u0130lgili D\u00fczenleme<\/td>\n<td>Cari D\u00f6nem Oran\u0131 (%) (30.09.2025)<\/td>\n<td>\u00d6nceki D\u00f6nem Oran\u0131 (%) (31.12.2024)<\/td>\n<td>Asgari\/Azami Oran<\/td>\n<\/tr>\n<tr>\n<td>Gayrimenkuller, Projeler ve Haklar<\/td>\n<td>Md.24\/(a),(b)<\/td>\n<td>88,93%<\/td>\n<td>80,08%<\/td>\n<td>\u2265 %51<\/td>\n<\/tr>\n<tr>\n<td>Para\/Sermaye Piyasas\u0131 Ara\u00e7lar\u0131 ve \u0130\u015ftirakler<\/td>\n<td>Md.24\/(b)<\/td>\n<td>4,93%<\/td>\n<td>4,80%<\/td>\n<td>\u2264 %49<\/td>\n<\/tr>\n<tr>\n<td>Yabanc\u0131 Gayrimenkuller, Projeler, Haklar, \u0130\u015ftirakler, SP Ara\u00e7lar\u0131<\/td>\n<td>Md.24\/(d)<\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<td>\u2264 %49<\/td>\n<\/tr>\n<tr>\n<td>At\u0131l Tutulan Arsa\/Araziler<\/td>\n<td>Md.24\/(c)<\/td>\n<td>0%<\/td>\n<td>0%<\/td>\n<td>\u2264 %20<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lanma S\u0131n\u0131r\u0131 (Bor\u00e7lar \/ \u00d6zkaynak)<\/td>\n<td>Md.31<\/td>\n<td>50,85%<\/td>\n<td>49,64%<\/td>\n<td>\u2264 %500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<button class=\"simplefavorite-button\" data-postid=\"660\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Emlak Devinin Raporlar\u0131n\u0131 Okuduk: \u0130\u015fte Asla Tahmin Edemeyece\u011finiz 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Kurumsal faaliyet raporlar\u0131 genellikle rakamlar, tablolar ve yasal zorunluluklarla dolu, okunmas\u0131 zor belgeler olarak bilinir. Ancak bu yo\u011fun metinlerin sat\u0131r aralar\u0131nda, b\u00fcy\u00fck \u015firketlerin nas\u0131l d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc, stratejilerini nas\u0131l kurgulad\u0131\u011f\u0131n\u0131&#8230; <\/p>\n","protected":false},"author":1,"featured_media":680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[152],"class_list":["post-660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-eygyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=660"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/660\/revisions"}],"predecessor-version":[{"id":681,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/660\/revisions\/681"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/680"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}