Why Did Housing Prices Rise to a Record Level in Turkey? An Empirical Analysis

• Autorzy: Zaim Reha Yaşar , Erdem Bulut
• Języki publikacji: EN

Abstrakty

EN

Turkey is one of those countries where housing market has been most severely affected byCOVID-19 pandemic. Today the effects of the outbreak have been eliminated significantly.This study retrospectively looks at the days when the world faced a widespread outbreak of apandemic and investigates the effect of the pandemic and the changes in consumerconfidence on housing prices and the volatility of housing prices. Considering the structuralbreaks in the analysis period (2010:q1-2022:q4 quarterly), we used the Lee and Strazicichstructural break unit root test as a research method. The results show that an increase in costsdue to a break in the supply chain and containment measures forcing the workforce to stay athome affected the housing supply adversely. It is observable that expansionary economicpolicies and social assistance programs have a positive effect on housing demand. In thisregard, negative supply shock and positive demand pressure are seen to be the determinantsof the recent housing price increases in Turkey. However, while there is a positive relationshipbetween consumer confidence and house prices, the effect of house prices on the volatility isstatistically insignificant.(original abstract)

Słowa kluczowe

EN

Housing; Dwellings; Real estate prices; Price increase

PL

Mieszkalnictwo; Mieszkania; Ceny nieruchomości; Wzrost cen

• Czasopismo: Real Estate Management and Valuation
• Rocznik: 2023
• Numer: vol. 31, iss. 4
• Strony: 1--10

Twórcy

autor

Zaim Reha Yaşar

• Kirikkale University, Turkey

autor

Erdem Bulut

• OSTIM Technical University, Turkey

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Identyfikatory

DOI

10.2478/remav-2023-0025