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aynak:TÜK, Kısa Dönemli statistikleri naat Sektörü Göstergeleri, 29 Aralık 28 tarihli Haber Bülteni 11

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aynak:Tapu ve Kadastro Genel Müdürlüü, 1 Kaynak:TCMerkez Bankası Ödemeler Dengesi statistikleri, 11 Kaynak: GYO Dernei, 15

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aynak:GYODER 13 Kaynak: Sermaye Piyasası Kurulu, 14 Kaynak:SPK 15 GÖKKAYA, Iık, Yatırım Ortamı: Gayrimenkul Sektörünün Cazibesi, Gayrimenkul Zirvesi 8, GYODER Haziran 28, 16 Hollandalı Corio, Akmerkez in yüzde 469 unu; ABD li fon yöneticisi Rudolph Younes, hlas GYO nun yüzde 1335 ini; GE Capital Corporation, Garanti GYO nun yüzde 255 ini satın almıtır Ayrıca, yabancı 16

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yatırımcı ve fonların GYO hisse senetlerinde aldıı pozisyonlar sonucu yabancı payı yüzde 3 seviyesine yükselmitir Kaynak: GÖKKAYA, Iık, age 17 Kaynak:Price Waterhouse Coopers&AMPD, Türk Perakende Sektörünün Deiimi ve Ekonomi Üzerindeki Etkileri, 18 Kaynak:Price Waterhouse Coopers&AMPD, age 17

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u bölüm, TOK internet sayfasında yer alan bilgilerden yararlanılarak hazırlanmıtır 2 Kaynak:TOK, TOK Bakanı nın TBMM-KT Komisyonuna Sunuu, Mart 23 18

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aynak:DPT, 1994 Yılı Programı 22 Yurtdıı çıkı harcından TOK ye aktarılan miktar; 25 yılında 795 milyon TL, 26 yılında 948 milyon TL ve 27 yılında 63 milyon TL dir 27 Mayıs ayında, yurtdıı çıkı harcı miktarı azaltılmıtır 2

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aynak:Hazine Müstearlıı, 27 Yılı Kamu letmeleri Raporu, Austos Kaynak:Maliye Bakanlıı, 25 Mali Yılı Bütçe Gerekçesi 21

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ralık 28 tarihli faaliyet özetine göre, hasılat paylaım modeliyle yapılan 5422 konuttan elde edilecek 7 milyar TL gelirden 36 milyar TL nin tahsil edildii belirtilmektedir 26 Kaynak:Hazine Müsteatlıı, 27 Kamu letmeleri Raporu, Austos 28 22

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akınız Ek:2 28 Yeni projelerin devreye girmesi veya mevcut projelerin iptali nedeniyle, farklı tarihler itibariyle konut sayıları deiebilmektedir 17 Aralık 28 tarihi itibariyle toplam konut sayısı adetdirbakınız Ek:2 23

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aynak:DPT, 28 Yılı Yatırım Programı Milli Eitim ve Salık Bakanlıı yatırım projeleri ve dipnotları incelendiinde bu durum açıkça görülmektedir 25

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aynak:GÜRBÜZ, Ayhan, potekli Konut Kredileri ve Türkiye de Uygulaması, TCMB Uzmanlık Tezi, Ankara, Kaynak: GÜRBÜZ, Ayhan, age sh

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aynak:TOK 35 Kaynak:TOK 35

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uygulamaları 4 bölümde detaylı olarak incelenmitir 37 Kaynak:GÖKKAYA, Iık, Yatırım Ortamı: Gayrimenkul Sektörünün Cazibesi, Gayrimenkul Zirvesi -8, Haziran 28, 36

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