The effect of COVID-19 pandemic on residential real estate prices: Turkish case

Kaynak, Selahattin; Ekinci, Aykut; Kaya, Havvanur Feyza

doi:10.3934/qfe.2021028

Cited by 18 publications

(12 citation statements)

References 46 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…1-sample t-test t*=33.127, p<0.001 Kaynak, Ekinci and Kaya (2021) that stated that COVID-19 had a different effect on regional real estate prices and city-level real estate prices. Furthermore, studies by Hoesli and Malle (2021) on the effects of COVID-19 on the European markets found that COVID-19 had affected the retail and hospitality properties the most while the residential and industrial sectors have been affected the less by this crisis.…”

Section: Null Hypothesis Test Statistic Resultsmentioning

confidence: 96%

“…While there appears to be a consensus about the effect of COVID-19 on the real estate sector, the nature of the effect has proved to be different from one region to another. A study in Turkey by Kaynak, Ekinci and Kaya (2021) reveals that COVID-19 had a different effect on regional real estate prices and city-level real estate prices. According to the findings, at the city level, the COVID-19 pandemic has a negative effect on abnormal returns of residential prices (Kaynak et al, 2021).…”

Section: Covid-19 and The Real Estate Sectormentioning

confidence: 99%

“…A study in Turkey by Kaynak, Ekinci and Kaya (2021) reveals that COVID-19 had a different effect on regional real estate prices and city-level real estate prices. According to the findings, at the city level, the COVID-19 pandemic has a negative effect on abnormal returns of residential prices (Kaynak et al, 2021). The results of the several studies outlined above support the call by scholars such as Tanrivermis (2021); Hoesli and Malle (2021) for a change in business orientations, and working and living conditions that have necessitated a change in the planning and construction decisions of settlements and investments in the real estate sector.…”

Section: Covid-19 and The Real Estate Sectormentioning

confidence: 99%

See 2 more Smart Citations

Managing Risk in a Post-COVID-19 Economy: Investors’ Perception of Lagos State Real Estate Sector

Ogiri¹,

Nosiri²,

Igoni³

2022

AJF

View full text Add to dashboard Cite

Purpose: As the global community continues to grapple with the effect of the COVID-19 pandemic, there is a prospect of negative/undesirable business outcomes in Nigeria. The scourge has been a regular topic of discussion in businesses, policy-making, and the academic community in many countries around the world. The pandemic has introduced a novel systematic risk class in the real estate sector. This study investigated how real estate investors in Lagos State perceive the emerging business climate following the pandemic. Methodology: The study had a population of 2,400 while a sample size of 240 was drawn using a 10% rate. The study adopted a descriptive survey design. The statistical Package for Social Sciences (SPSS) was used to analyze data collected through questionnaires. Findings: The findings showed that COVID-19 had a significant relationship with the level of investment in real estate in Lagos State though at a weak linear associative level. Secondly, while risk managers in these sectors have adopted different strategies to minimize their risk exposures, the study revealed that funds providers are placing a higher risk premium on investible capital as a result of uncertainties in the economic outlook occasioned by the COVID-19 pandemic. However, the study shows that the demand for real estate property in Lagos State was not negatively affected to a significant extent as a result of the pandemic, but rather a shift in preferences by property owners and occupiers. The study has implications for taxation and housing policy as well as business planning decisions. Recommendation: The study recommends that government should create a favorable investment climate for real estate investors with appropriate risk mitigation measures that can reactivate the real estate sector while aiding its recovery from the COVID-19 debilitations.

show abstract

Section: Null Hypothesis Test Statistic Resultsmentioning

confidence: 96%

Section: Covid-19 and The Real Estate Sectormentioning

confidence: 99%

Section: Covid-19 and The Real Estate Sectormentioning

confidence: 99%

See 1 more Smart Citation

Managing Risk in a Post-COVID-19 Economy: Investors’ Perception of Lagos State Real Estate Sector

Ogiri¹,

Nosiri²,

Igoni³

2022

AJF

View full text Add to dashboard Cite

show abstract

“…They have enumerated the reason for this is that the real estate market is heterogeneous and reacts differently to various macroeconomic shocks as a result of COVID-19. Kaynak et al (2021) showed that COVID-19 has resulted in an adverse effect on residential prices, while loan packages have a positive effect. Also, an increase in inflation and a decrease in the mortgage rate resulted in a steady rise in residential prices in Turkey.…”

Section: Literature Based On Select Parametersmentioning

confidence: 99%

“…Kaynak et al (2021) showed that COVID-19 has resulted in an adverse effect on residential prices, while loan packages have a positive effect. Also, an increase in inflation and a decrease in the mortgage rate resulted in a steady rise in residential prices in Turkey.…”

Section: Review Of Literaturementioning

confidence: 99%

House prices and COVID-19 pandemic shocks in India: a nonlinear ARDL analysis

Mehta

Gupta

Maitra

2022

IJHMA

View full text Add to dashboard Cite

Purpose India is one of those countries that are severely affected by the COVID-19 pandemic. With the upsurge in the cases, the country recorded high unemployment rates, economic uncertainties and slugging growth rates. This adversely affected the real estate sector in India. As the relation of the housing market with the gross domestic product is quite lasting thus, the decline in housing prices has severely impacted the economic growth of the nation. Hence, the purpose of this paper is to gauge the asymmetric impact of COVID-19 shocks on housing prices in India. Design/methodology/approach Studies revealed the symmetric impact of macroeconomic variables, and contingencies on housing prices dominate the literature. However, the assumption of linearity fails to apprehend the asymmetric dynamics of the housing sector. Thus, the author uses a nonlinear autoregressive distributed lag model to address this limitation and test the existence of short- and long-run asymmetry. Findings The findings revealed the long- and short-run asymmetric impact of the COVID-19 outbreak and the peak of the COVID-19 on housing prices. The results indicate that the peak of COVID-19 had a greater impact on housing prices in comparison to the outbreak of COVID-19. This can be explained as prices will revert to normal at a speed of 0.978% with the decline in the number of COVID-19 cases. Whereas the housing prices rise at a rate of 0.714 as a result of government intervention to deal with the ill effects of the COVID-19 outbreak. Moreover, it can be inferred that both the outbreak and peak of COVID-19 will lead to a minimal decline in housing prices, while with the decline in the number of cases and reduction in the impact of the outbreak of COVID, the housing prices will rise at an increasing rate. Originality/value To the best of the authors’ knowledge, this is the first study to understand the impact of the outbreak and peak of COVID-19 on the housing prices separately.

show abstract

The Impacts of COVID-19 on Turkish Real Estate Industry: Perception vs. Reality

Sümer

2023

Lecture Notes in Management and Industrial Engineering

View full text Add to dashboard Cite

The effect of COVID-19 pandemic on residential real estate prices: Turkish case

Cited by 18 publications

References 46 publications

Managing Risk in a Post-COVID-19 Economy: Investors’ Perception of Lagos State Real Estate Sector

Managing Risk in a Post-COVID-19 Economy: Investors’ Perception of Lagos State Real Estate Sector

House prices and COVID-19 pandemic shocks in India: a nonlinear ARDL analysis

The Impacts of COVID-19 on Turkish Real Estate Industry: Perception vs. Reality

Contact Info

Product

Resources

About