Understanding the Nature of Local-Global Interactions in Istanbul’s Retail Property Market

• Main Author: Fatih Eren
• Format: Article
• Language: English
• Published: Centre for Strategic Research & Analysis 2014-07-01
• Series: Journal of Global Analysis
• Subjects: Istanbul; retail property market; imperialism; globalisation; glocalisation
• Online Access: http://cesran.org/dergi.php?id=177

Today, capital, people and information flows have increased more than ever before among different regions in the world. Every flow creates a different local-global interaction in its own social environment. One of social environments in which this kind of interactions occurs is property markets. There are some theories to explain the nature of local and global interactions in social sciences literature. However, the success of these theories in explaining the nature of local-global interactions in a property market became subject to a research very few. This research aims to make a contribution to this area. The study also intends to find general answers to some important questions emerge in the internationalization process of property markets. The study focuses on the three well-accepted interaction theories of social sciences, which are imperialism, globalisation and glocalisation. The validity of the assumptions of these theories in the case of Istanbul’s retail property market is questioned in this research. The emergence of social structures and the specific behaviours of these structures in local property markets may be understood better when true point of view is found out about interactions. A qualitative methodology is followed; interview and document analysis methods are used in the study. Findings show that the nature of local-global interactions experienced in Istanbul’s retail property market is very unique so it is not possible to explain this unique nature using the perspective of only one settled theory.