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

Basit Öğe Kaydı
dc.contributor.authorYasar, Reha Z.
dc.contributor.authorBulut, Erdem
dc.date.accessioned2025-01-21T16:55:57Z
dc.date.available2025-01-21T16:55:57Z
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.
dc.identifier.doi10.2478/remav-2023-0025
dc.identifier.endpage10
dc.identifier.issn1733-2478
dc.identifier.issn2300-5289
dc.identifier.issue4
dc.identifier.startpage1
dc.identifier.urihttps://doi.org/10.2478/remav-2023-0025
dc.identifier.urihttps://hdl.handle.net/20.500.12587/25877
dc.identifier.volume31
dc.identifier.wosWOS:001120161300004
dc.identifier.wosqualityQ4
dc.indekslendigikaynakWeb of Science
dc.language.isoen
dc.publisherWalter De Gruyter Gmbh
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.subjectCOVID-19; housing price; consumer confidence
dc.titleWhy Did Housing Prices Rise to a Record Level in Turkey? An Empirical Analysis
dc.typeArticle

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