European Bank for Reconstruction and Development
Across two of Türkiye’s largest cities, HR&A is helping the European Bank for Reconstruction and Development (EBRD) and the metropolitan municipalities of Ankara and Izmir unlock new revenue streams for urban rail expansion through the country’s first studies on land value capture (LVC).
Serving as project manager and technical lead in both engagements, we are managing a multidisciplinary team consisting of Needs Map Global, Policy Analytics Lab, World Resources Institute (WRI) Türkiye, Cushman & Wakefield | TR International, Aktay Law, MC Mobility Consultants, and Valorise, assessing the legal, regulatory, institutional, and financial frameworks for LVC implementation in Türkiye; developing strategic models of how urban rail investment shapes surrounding real estate values; helping identify pilot sites along planned metro lines; and modeling LVC revenue scenarios to support municipal decision-making. The resulting implementation action plans are designed to be practical and replicable — establishing a national reference for how metropolitan municipalities across Türkiye can leverage transit investment to support urban regeneration, generate land-based revenue, and reduce dependence on central government transfers.
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Commissioned by the European Bank for Reconstruction and Development (EBRD) and Ankara Metropolitan Municipality, HR&A led Türkiye's first LVC study — a landmark assessment that built the legal, regulatory, and financial case for land-based transit financing along Ankara's planned metro lines and established a replicable model for metropolitan municipalities across the country.
Türkiye's third-largest city is reimagining how it funds and operates its metro network. HR&A serves as overall project lead for a two-part EBRD-supported engagement in Izmir — leading a land value capture program that extends the analytical framework pioneered in Ankara and overseeing a parallel corporate development program to strengthen the financial and operational performance of Izmir Metro A.Ş.
