GYO Index Jumps 13%: Panora and Koray Deliver Over 100% Returns

The BIST GYO Index has risen %12.70 since the start of the year, while two real‑estate investment trusts (Panora REIT and Koray REIT) posted gains exceeding 100%, highlighting regional divergences within the sector.

Double‑Digit Surge: Panora and Koray’s Ascendancy

■Panora REIT increased revenue by %9 in its quarterly report, while net profit surged %150 to TL 175.5 million.

■Koray REIT tapped TL 781.4 million in bank loans across two transactions in July and granted mortgages on 11 independent units in Göktürk.

■Both stocks delivered returns above 100%, reviving investor risk appetite.

Trend REIT’s Decline: Profit‑Taking and Unapproved Capital Raise

■Trend REIT peaked at TL 42.56 in January before profit‑taking drove the price down.

■The company’s 200% rights issue was rejected by the Capital Markets Board (SPK), casting doubt on its liquidity and growth prospects.

■With negligible first‑quarter revenue, the share fell %37.

Interest‑Rate Landscape and Its Impact on Real‑Estate

■Rising rates dampen housing demand, amplifying price volatility across GYO stocks.

■Companies like Panora and Koray offset the headwinds through strategic loan usage and diversified portfolios, maintaining positive performance.

■Other securities feel the rate hike unevenly, catering to distinct investor profiles.

Murat Yıldız – Real‑Estate Development and Valuation Specialist: While high rates curb home sales, firms with strong portfolio management and tactical financing—such as Panora and Koray—have restored investor confidence. Trend REIT’s denied capital raise signals liquidity strain, urging investors to adopt a cautious risk‑management stance.