Özyeğin University, Çekmeköy Campus Nişantepe District, Orman Street, 34794 Çekmeköy - İSTANBUL

Phone : +90 (216) 564 90 00

Fax : +90 (216) 564 99 99

E-mail: info@ozyegin.edu.tr




University of Cambridge, England, 2004


University of Cambridge, England, 2001


Middle East Technical University, Turkey, 1998

Research Areas

Real estate finance (residential mortgages, option-based mortgage pricing, commercial real estate), Corporate finance (REITs, ESG investing), Housing Economics.


Published Articles

  • Erol, I., U. Unal, and Y. Coşkun (forthcoming). ESG Investing and the Financial Performance: A Panel Data Analysis of Developed REIT Markets. Environmental Science and Pollution Research.
  • Erol, I. and U. Unal (2023) Internal migration and house prices in Australia, Regional Studies, 57:7, 1207-1222, DOI: 10.1080/00343404.2022.2106363
  • Adu-McVie, R., Yigitcanlar, T., Xia, B. and I. Erol (2023). How can innovation districts performance be assessed? Insights from South-East Queensland, Australia. Journal of Place Management and Development, 16 (2), 183-247. https://doi.org/10.1108/JPMD-06-2022-0053.
  • Adu-McVie, R., Yigitcanlar, T., Xia B. and I. Erol (2022). Innovation District Typology Classification via Performance Framework: Insights from Sydney, Melbourne, and Brisbane, Buildings MDPI, 12(9), 1398, https://doi.org/10.3390/buildings12091398.
  • Li, W., T. Yigitcanlar, A. Liu and I. Erol (2022). Mapping Two Decades of Smart Home Research: A Systematic Scientometric Analysis, Technological Forecasting & Social Change, 179, 121676.
  • Erol I. and U. Unal (2022). Employment effects of immigration to Germany in the period of migration policy liberalization, 2005–2018. Eurasian Economic Review, 12, 531–565. https://doi.org/10.1007/s40822-022-00199-4.
  • Chia, J. and I. Erol (2021). Young Australians living with parents: free and pay board as popular housing tenure choices, Journal of Housing and Built Environment, https://doi.org/10.1007/s10901-021-09911-3
  • Li, W., T. Yigitcanlar, I. Erol and A. Liu (2021). Motivations, barriers and risks of smart home adoption: From systematic literature review to conceptual framework, Energy Research & Social Science, 80, 102211. https://doi.org/10.1016/j.erss.2021.102211.
  • Isler, O., T. Flew, I. Erol and U. Dulleck (2021). Market news and credibility cues improve house price predictions: An experiment on bounded rationality in real estate, Journal of Behavioral and Experimental Finance, 31, 100550.
  • Adu-McVie, R., Yigitcanlar, T., Erol, I. and Xia B. (December 2021) Classifying Innovation Districts: Delphi Validation of a Multidimensional Framework, Land Use Policy, 111, 105779.
  • Coskun, Y., I. Erol, and G. Morri. (2021) Why do Turkish REITs Trade at Discount to NAV? A Rational Approach Analysis, Empirical Economics, 60, 2227-2259.
  • Erol, I., D. Tirtiroglu, and E. Tirtiroglu (2020) Pricing of IPOs Under Legally Mandated Concentrated Ownership and Commitment Period: Evidence from a Natural Experiment for REITs in Turkey, Journal of Behavioral and Experimental Finance, 25, 100245.
  • Erol, I. and T. Tyvimaa (2020) Explaining the Premium to NAV in Publicly Traded Australian REITs, 2008 – 2018, Journal of Property Investment & Finance, 38(1), 4-30.
  • Sokalamis Adu Mcvie, R. Yigitcanlar, T. and I. Erol. (2020) How can contemporary innovation districts be classified? A systematic review of the literature, Land Use Policy, 95, 104595.
  • Erol, I. (2019) New Geographies of Residential Capitalism: Financialization of Turkish Housing Market Since the Early 2000s, International Journal of Urban and Regional Research, 43(4), 724-740.
  • Ceylan, R., B.A. Ozbakir and I. Erol (2017) A critical assessment of Retail Spaces and Shopping-Malls in Turkey through Legislative Frameworks, METU Journal of Faculty of Architecture.
  • Kutlukaya, M. and I. Erol (September 2016), Analysis of Cross-Country Variations in the Depth of European Mortgage Markets, Journal of Housing and the Built Environment, 31(3), 513-543
  • Cakici, N., Erol, I. & D. Tirtiroglu (March 2014), Tracking the Evolution of Idiosyncratic Risk and Cross-Sectional Expected Returns for US REITs, Journal of Real Estate Finance and Economics, 48(3), 415-440.
  • Erol, I. and B.A. Ozbakir (2012), Globalizing Polycentricity in Istanbul: Mamdani Type Fuzzy Rule-Based Model of Downtown Office Space Rents, Urban Geography, 33(8), 1212-1248.
  • Erol, I. and D. Tirtiroglu (July 2011), Concentrated Ownership, No Dividend Pay-out Requirement and Capital Structure of REITs: Evidence from Turkey, Journal of Real Estate Finance and Economics, 43(1-2), 174-204.

Research Projects

  • Project title: A Regional Analysis of Housing-Wealth Inequality Dynamics in Britain, October 2021 – September 2023, funded by the Reading Real Estate Foundation. Lead researcher.
  • Project title: Effect of International Migration on Local House Price Dynamics in Germany, funded by the Department of Economics, University of Marburg, Researcher. 
  • Project title: Operationalising Knowledge-Based Urban Development in Papua New Guinea in the Case of Malahang Industrial Innovation Centre, 2019-2021, funded by Papua New Guinea University of Technology. Project Co-investigator in a QUT team of three researchers.
  • World Bank Research Project: Urban Transformation in Turkey and Financing Urban Transformation Projects (UTPs) with Case Studies from Istanbul, November 2017 to June 30, 2018. Local consultant.
  • The Scientific and Technological Research Council of Turkey Project: Economic Impacts of Transportation Policies: A Case Study for Turkey at the City Level, October 2017 – October 2019. Project Co-Investigator.
  • The Scientific and Technological Research Council of Turkey Project: Analysis of the Determinants of Declining Home Ownership Rate in Turkey, 2015–2016. Project Chief Investigator.
  • European Union (EU), European Commission Seventh Framework Program Project (FP7/2007-2013): FESSUD: Financialization, Economy, Society and Sustainable Development, December 2011–December 2014. Researcher in a team of fifteen participating international universities.
  • The Scientific and Technological Research Council of Turkey Project: Pricing Turkish REIT Industry under the Corporate Finance Theories: Applications of Arbitrage Pricing Model and Event Study for Tax Arbitrage, November 2011-November 2012. Project Chief Investigator.
  • The Scientific and Technological Research Council of Turkey Project: GIS and Fuzzy Logic Based Spatial Analysis for the Determinants of REIT-Owned Commercial Property Rents in Istanbul, October 2008-2010. Project Chief Investigator.
  • The Scientific and Technological Research Council of Turkey Project: Pricing Fixed Rate Mortgages in Inflationary Economies: A Numerical Analysis of Partial Integro Differential Equation (PIDE) for jump processes, October 2007-2009. Project Chief Investigator.

Industry-Led Research Projects

  • Project Title: House Price Index Construction for Istanbul, June 2016 – June 2017, funded by EmlakJet Company. Project Leader and Consultant in a research team of five researchers.
  • Project title: Primary and Secondary Mortgage Markets and Pricing Mortgage Contracts in Turkey, June-December 2009 & February-June 2010, funded by Is Bank. Project Chief Investigator & Consultant. [One-year training program on ‘Pricing mortgage contracts and the development of secondary mortgage market in Turkey’ for over 4,000 Is Bank employees].


Finance (FIN202), Financial Management (FIN502), Real Estate Finance (FIN341), Executive Seminar Series (MGMT600, MGMT811)