What is it about?

The purpose of this study is to determine the Turkish housing price and rent dynamics among seven big cities with a unique monthly data set over 2003–2019. The secondary purpose is to examine bubble dynamics within the price convergence framework through alternative tests.

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Why is it important?

This paper is considered to be innovative in determining housing market dynamics through two different ARDL estimates for the Turkish housing price index and rents in real terms as dependent variables. The authors compare the boom and collapse periods of the real housing price index and its fundamentals via the GSADF test. A final key feature of this research is its extensive data set, with 11 different regressors between 2003 and 2019.


This paper introduces a framework for measuring the timing and magnitude of bubbles, especially for the emerging residential real estate markets.

İsmail Cem Özgüler
Izmir Ekonomi Universitesi

Read the Original

This page is a summary of: Discovering the fundamentals of Turkish housing market: a price convergence framework, International Journal of Housing Markets and Analysis, January 2022, Emerald, DOI: 10.1108/ijhma-09-2021-0103.
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