Konut Fi̇yat Endeksi̇ Ve Reel Dövi̇z Kuru İli̇şki̇si̇: Türki̇ye Örneği̇

Eryüzlü, Hakan; Ekici, Selda

doi:10.25204/iktisad.650420

Cited by 17 publications

(4 citation statements)

References 10 publications

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“…When the studies conducted in Turkey are examined, it is seen that some findings confirm the relationship between the housing sector and macroeconomic variables, while others contradict economic expectations. In this regard, it is possible to find many studies that show the existence of a relationship between the housing sector and selected macroeconomic indicators such as interest rates, inflation, exchange rates, money supply and real GDP Badurlar, 2008; İbicioğlu and Karan, 2012; Çankaya, 2013; Akkaş and Sayılgan, 2015; Dilber and Sertkaya, 2016; Kolcu and Yamak, 2018; Özcan and Tormuş, 2018; Afşar and Karpuz, 2019; Bayır et al ., 2019; Eryüzlü and Ekici, 2020; Karadağ, 2021). Studies conducted outside Turkey have generally discussed the housing sector in terms of macroeconomic indicators and the relationship between housing supply and demand.…”

Section: Literature Reviewmentioning

confidence: 99%

How the consequences of the COVID-19 pandemic affected housing sector? Empirical evidence from Turkey

Çütçü

Atay

Gerlikhan

2023

ECAM

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PurposeThis study aims to analyze the relationship between the consequences of the pandemic and the housing sector with econometric tests that allow for structural breaks.Design/methodology/approachStudy data were collected weekly between March 9, 2020, and February 4, 2022, and analyzed for Turkey. In the model of the study, housing loans were used as a housing market indicator, and the number of new deaths and new cases were used as data related to the pandemic. The exchange rate, which affects the use of housing loans, was added to the model as a control variable. This study was analyzed to examine the relationship between the pandemic and the housing sector, time series analysis techniques that allow structural breaks were used.FindingsBased on the result of the analyses, it was concluded that there is a long-run relationship between the pandemic stages and housing markets along with structural breaks. As a result of the time-varying causality test developed to determine the causality relationship between the variables and its direction, a bidirectional causality relationship was identified between all variables at certain dates.Research limitations/implicationsStudy data were collected weekly between March 9, 2020, and February 4, 2022, and analyzed in the case of Turkey.Practical implicationsBased on results of the study, it is recommended that policy makers and market actors take into account extraordinary situations such as pandemics and create a budget allocation that is always ready to use for this purpose.Originality/valueThe empirical examination of the relationship between the pandemic and the housing sector in Turkey provides originality to this study in terms of its topic, sample, methodology, contribution to the literature and potential policy recommendations.

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Section: Literature Reviewmentioning

confidence: 99%

How the consequences of the COVID-19 pandemic affected housing sector? Empirical evidence from Turkey

Çütçü

Atay

Gerlikhan

2023

ECAM

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“…A significant portion of these studies reveal that money supply affects housing prices through the credit channel. On the other hand, when compared to the literature on the relationship between money supply and housing prices, studies on the relationship between real effective exchange rate and housing prices are rather limited (Zhang et al , 2012; Yang and Zhiqiang, 2012; Bahmani-Oskooee and Wu, 2018; Tripathi, 2019; Eryüzlü and ve Ekici, 2020; Sumer and Özorhon, 2020). The depreciation of the currency by increasing the cost of imported goods is inflationary.…”

Section: Introductionmentioning

confidence: 99%

The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkey

Akpolat

2022

IJHMA

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Purpose This study aims to examine the impact of some real variables such as real effective exchange rates, real mortgage rates, real money supply, real construction cost index and housing sales on the real housing prices. Design/methodology/approach This study uses a nonlinear autoregressive distributed lag (NARDL) model in the monthly period of 2010:1–2021:10. Findings The real effective exchange rate has a positive and symmetric effect. The decreasing effect of negative changes in real money supply on real housing prices is higher than the increasing effect of positive changes. Only positive changes in the real construction cost index have an increasing and statistically significant effect on real house prices, while only negative changes in housing sales have a small negative sign and a small increasing effect on housing prices. The fact that the positive and negative changes in real mortgage rates are negative and positive, respectively, indicates that both have a reducing effect on real housing prices. Originality/value This study suggests the first NARDL model that investigates the asymmetric effects on real housing prices instead of nominal housing prices for Turkey. In addition, the study is the first, to the best of the authors’ knowledge, to examine the effects of the five real variables on real housing prices.

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“…As you can see, from 2013 to 2017, there was high coherence, which is because the Turkish central bank abruptly increased interest rates a result, foreign exchange demand will decrease. There is a causal relationship between imports of capital goods and consumption goods (Eryüzlü & Ekici, 2020).…”

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confidence: 99%

“…As a result, there will be less need for imported materials needed to produce dwellings, which will reduce the need for foreign currency. Imports of capital goods and consumer products are causally related (Eryüzlü & Ekici, 2020).…”

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confidence: 99%

A 10-Year Analysis of Housing Prices and The Influence of Economic Factors in Turkey

Muddasir,

Dondaş

2023

Financial Internet Quarterly

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In Turkey, the housing market is affected by various factors, and housing prices are shaped according to current conditions. In this study, the relationship between the housing price index (HPI) and economic variables (inflation and exchange rate) in Turkey was investigated. We used a 10-year time period for this study, from January-2010 to December-2019, with monthly data frequency. For our research, we employ the Wavelet Coherence Transformation (WCT) method. The results show that there is a positive relationship between inflation and housing prices in the short and long run. In addition, a continuous rise in inflation led to an increase in housing prices all over the period from 2010 to 2019. The findings of this study can aid in achieving the goal of the research by offering evidence-based perceptions of how housing prices and different economic variables are related. Housing costs in Turkey increased as a result of the substantial likelihood that the Turkish lira would weaken. The expansion of global inflation is a further anticipated factor contributing to the rise in housing costs in Turkey. This study can also be used by investors to help them decide whether to engage in the Turkish real estate industry.

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Konut Fi̇yat Endeksi̇ Ve Reel Dövi̇z Kuru İli̇şki̇si̇: Türki̇ye Örneği̇

Cited by 17 publications

References 10 publications

How the consequences of the COVID-19 pandemic affected housing sector? Empirical evidence from Turkey

How the consequences of the COVID-19 pandemic affected housing sector? Empirical evidence from Turkey

The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkey

A 10-Year Analysis of Housing Prices and The Influence of Economic Factors in Turkey

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