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Dergiler / Central Bank Review / 2021 / Cilt: 21 - Sayı: 1

Do regional house prices converge? Evidence from a major developing economy

Aytül GANİOĞLU
Ünal SEVEN
Sayfa
17–24
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

These outcomes will benefit home buyers/sellers, investors, regulators, and policymakers interested in analyzing the dynamic interlinkages among house prices and the effects of shocks originating from the regional housing markets in developing countries.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:This paper analyzes the long-run convergence of regional house prices in a major developing country, Turkey.
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Temel Bulgular & Veri:Using a non-linear time-varying factor model and quarterly hedonic house price data from 2010 to 2018, we find that house prices do not converge across 26 regions of Turkey.
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Sonuç & Katkı:These outcomes will benefit home buyers/sellers, investors, regulators, and policymakers interested in analyzing the dynamic interlinkages among house prices and the effects of shocks originating from the regional housing markets in developing countries.
🔬Tür:Modelleme & Sayısal Simülasyon
📍Kapsam:2010 Verileri
⚙️Değişkenler:Alan Parametreleri

Özet

This paper analyzes the long-run convergence of regional house prices in a major developing country, Turkey. Using a non-linear time-varying factor model and quarterly hedonic house price data from 2010 to 2018, we find that house prices do not converge across 26 regions of Turkey. Results reveal that the regions can be grouped into seven convergence clubs and one divergent club, confirming the Turkish housing market’s heterogeneity and complexity. We extend the analysis to explore the possible factors driving the convergence clubs. We find that income, population, education, unemployment, being in an earthquake zone, and inflow of Syrian refugees are significant driving forces in explaining convergence club formation. These outcomes will benefit home buyers/sellers, investors, regulators, and policymakers interested in analyzing the dynamic interlinkages among house prices and the effects of shocks originating from the regional housing markets in developing countries.

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Bu Makaleye Atıf Yap

GANİOĞLU, A., SEVEN, Ü. (2021). Do regional house prices converge? Evidence from a major developing economy. Central Bank Review, Cilt: 21 - Sayı: 1, 17–24. https://ajindex.com/articles/415025

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Kaynakça (2)

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