WHY DID HOUSING PRICES RISE TO A RECORD LEVEL IN TURKEY? AN EMPIRICAL ANALYSIS

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dc.contributor.authorYaşar, Reha Z.
dc.contributor.authorBulut, Erdem
dc.date.accessioned2025-01-21T16:29:05Z
dc.date.available2025-01-21T16:29:05Z
dc.date.issued2023
dc.departmentKırıkkale Üniversitesi
dc.description.abstractTurkey is one of those countries where housing market has been most severely affected by COVID-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 a pandemic and investigates the effect of the pandemic and the changes in consumer confidence on housing prices and the volatility of housing prices. Considering the structural breaks in the analysis period (2010:q1-2022:q4 quarterly), we used the Lee and Strazicich structural break unit root test as a research method. The results show that an increase in costs due to a break in the supply chain and containment measures forcing the workforce to stay at home affected the housing supply adversely. It is observable that expansionary economic policies and social assistance programs have a positive effect on housing demand. In this regard, negative supply shock and positive demand pressure are seen to be the determinants of the recent housing price increases in Turkey. However, while there is a positive relationship between consumer confidence and house prices, the effect of house prices on the volatility is statistically insignificant. © 2023 Sciendo. All rights reserved.
dc.identifier.doi10.2478/remav-2023-0025
dc.identifier.endpage10
dc.identifier.issn2300-5289
dc.identifier.issue4
dc.identifier.scopus2-s2.0-85185766933
dc.identifier.scopusqualityQ3
dc.identifier.startpage1
dc.identifier.urihttps://doi.org/10.2478/remav-2023-0025
dc.identifier.urihttps://hdl.handle.net/20.500.12587/23698
dc.identifier.volume31
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherSciendo
dc.relation.ispartofReal Estate Management and Valuation
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_20241229
dc.subjectconsumer confidence; COVID-19; housing price
dc.titleWHY DID HOUSING PRICES RISE TO A RECORD LEVEL IN TURKEY? AN EMPIRICAL ANALYSIS
dc.typeArticle

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