The Macroeconomic Determinants of The Housing Prices in Turkey

Abstract

In this study, we examine the relationship between housing prices and its macroeconomic determinants in the Turkish economy over the period 2010-2020. The ARDL bounds testing to cointegration and Granger Causality test procedures are employed in the empirical part of the study. The empirical results show that there is a significant negative relationship between housing interest rates and housing prices. Besides, it was observed that the appreciation of the US dollar against the Turkish Lira and the increase in the employment level had an increasing effect on housing prices. As a result of our research, we conclude that country-specific facts affect the macroeconomic determinants’ ability to explain the changes in housing prices.

Identifying students’ mathematical and mathematics educational values in Turkish culture: a cross-sectional study (Identificación de los valores matemáticos y de la didáctica matemática de los estudiantes en la cultura turca: un estudio transversal)

“…Two provinces were selected from each region by a random method. The selection of provinces was based on the study of Baday Yıldız et al (2012). Accordingly, while selecting provinces from each region, the socio-economic development index (SEGI in Turkish) level of the provinces was taken into account, and the two provinces with the highest SEGI and the lowest SEGI in each region were included in the sample.…”

“…En cada región se seleccionaron dos provincias. La selección de las provincias se basó en el estudio de Baday Yıldız et al (2012). Como indica este estudio, durante la selección de las provincias se tuvieron en cuenta su índice de desarrollo socioeconómico (SEGI en turco) y se incluyeron dos provincias, una con el SEGI más alto y una con el más bajo de cada región.…”

Türki̇ye’de Konut Fi̇yatlari Ve Fai̇z Oranlari Arasindaki̇ İli̇şki̇ni̇n Anali̇zi̇

“…There are various studies about the housing market in the literature. Some of them investigate the economic and social dimensions of the housing market (Gasparenienea, Venclauskienea and Remeikiene, 2014;Tasdemir and Dama, 2016;Bailey et al, 2016), some of the market's supply-demand dynamics (Afsar, 2011;Erdem and Coskun, 2012;Yang and Zhang, 2013;Askitas, 2015;Uysal and Yigit, 2016;Afsar, Yilmazel and Yilmazel, 2017;Yilmazel, Afsar and Yılmazel, 2017), and others the relationships between the housing market and macroeconomic indicators (Oner Badurlar, 2008;Clayton, Miller and Peng, 2010;Cankaya, 2013;Kargi, 2013;Belej and Cellmer, 2014;Coskun and Umit, 2016;Dilber and Sertkaya, 2016;Alper, 2017;Wahab et al, 2017;Yalcin, Tirasoglu and Cevik, 2017;Yıldırım and Ivrendi, 2017;Akkay, 2021).…”

Spatial analysis of housing prices in Tehran city

“…It is constant in the face of urban population demand and increasing rural–urban migration, causing an increase in land prices and spatial inequality in the housing system (Saremi et al , 2019, p. 24; Mirkatouli et al , 2018, p. 695). Therefore, from the past to the present, there has been a steady increase in the value of housing in most countries (Yuan et al , 2018; Kok et al , 2017; Cai et al , 2020; Akkay, 2021). The housing price differs in various regions regarding local, social and economic characteristics.…”