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Konut fiyat balonu ve konut fiyatını etkileyen faktörlerin analizi: Türkiye uygulaması

Yıl 2024, Cilt: 10 Sayı: 1, 33 - 45, 28.02.2024
https://doi.org/10.30855/gjeb.2024.10.1.003

Öz

Konut fiyatlarındaki büyük artışlar araştırmalar için çekici ve odaklanmış bir konu olmuştur. Konut fiyatlarında öncelikli olarak arz ve talep önemli bir rol oynamaktadır. Konut fiyatları üzerinde makroekonomik değişkenlerin de önemli derecede etkisi bulunmaktadır. Gayrimenkul piyasası ve finans arasındaki yakın ilişkiye dayanan bu makale Türkiye'deki konut fiyatlarındaki spekülatif balonların varlığını ve ayrıca makroekonomik değişikliklerinin konut piyasası işlemleri üzerindeki etkisini araştırmaktadır. Türkiye'de konut piyasasındaki balonların varlığını belirlemek için GSADF yöntemi kullanılmış ve Konut Fiyat Endeksi serisinde 2014 - 2018 ve Haziran 2019 – Haziran 2022 döneminde 2 adet balon belirlenmiştir. Haziran 2019 – Haziran 2022 dönemindeki balon dikkat çekicidir ve balonun eğimi çok diktir. Konut fiyatı ile makroekonomik değişkenler arasındaki uzun dönemli ilişkiye Vektör Oto Regresyon (VAR) modeli ile bakılmıştır. VAR modeli sonuçları % 5 anlamlılık düzeyinde geçerlidir. Konut Fiyat Endeksi ile kredili satışlar toplamı, konut satışları toplamı, Tüketici Fiyatları Fiyat Endeksi, Türk Lirası 1 Aylık Mevduat Alış Faizi, Tüketici Güven Endeksi ve İmalat Kapasite Kullanım Oranı değişkenleri arasında istatistiksel olarak anlamlı bir ilişki bulunmuştur.

Kaynakça

  • Abioğlu, V. (2020). Türkiye konut piyasasında balon oluşumları: bölgesel inceleme. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 1-14.
  • Abraham, J. M. ve Hendershott, P. H. (1992). Patterns and determinants of metropolitan house prices, 1977-91. NBER working paper, (w4196).
  • Afsar, A. ve Dogan, E. (2018). Analyzing asset of bubbles in the housing market with right-tailed unit root tests: the case of Turkey. Journal of Business Economics and Finance, 7(2), 139-147.
  • Ahmed, R., Jawaid, S. T. ve Khalil, S. (2021). Bubble detection in housing market: evidence from a developing country. SAGE Open, 11(2), 215824402110066. Doi: https://doi.org/10.1177/21582440211006690
  • Akkaya, M. (2018). Hedonik konut fiyat endeksini etkileyen faktörlerin analizi. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(2), 435- 454.
  • Akkuş, H. T. (2021). Housing price bubbles and factors affecting the formation of bubbles: The Turkish case. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 46, 271-292.
  • Alp, D. A., Coşkun, Y., Seven, Ü. ve Ertuğrul, H. M. (2017). Housing price dynamics and bubble risk: The Case of Turkey. Housing Studies.
  • Amador-Torres, J. S., Gomez-Gonzalez, J. E. ve Sanin-Restrepo, S. (2018). Determinants of housing bubbles’ duration in OECD countries. International Finance, 21(2), 140–157. Doi: https://doi.org/10.1111/infi.12128
  • Apergis, N. (2003). Housing prices and macroeconomic factors: prospects within the European monetary union. International real estate review, 6(1), 63-74.
  • Atasever, G. (2016). Varlık fiyatları köpüğü: Muğla konut piyasası üzerine bir değerlendirme. Akdeniz İİBF Dergisi, 16(34), 1-17.
  • Bago, J. L., Rherrad, I., Akakpo, K. ve Ouédraogo, E. (2022). An empirical ınvestigation on bubbles contagion in Scandinavian real estate markets. Businesses, 2(1), 110-117.
  • Balcılar, M., Katzke, N. ve Gupta, R. (2018). Date-stamping US housing market explosivity. Economics, 12(1). Doi: https://doi.org/10.5018/economics-ejournal.ja.2018-18.
  • Berk, N., Biçen, S. ve Seyidova, N. (2017). Study on measuring of real estate speculative bubble: evidence from Turkey. European Journal of Multidisciplinary Studies, 2(5), 334-338.
  • Berlemann, M., Freese, J. ve Knoth, S. (2020). Dating the start of the US house price bubble: an application of statistical process control. Empirical Economics, 58(5), 2287–2307. Doi: https://doi.org/10.1007/s00181-019-01648-x
  • Bolat, M. ve Şenol, L. (2020). Konut pi̇yasasinda fi̇yatlandirma ve konut balonu. In International Marmara Social Sciences Congress (Imascon 2020–Autumn) Proceedings Book, (216), 221.
  • Bolkol, H. K. (2015). Causal relationship between construction production and gdp in Turkey. International Journal of Research in Business and Social Science, (2147-4478), 4(3), 42-53.
  • Case, K. E. ve Shiller, R. J. (1990). Forecasting prices and excess returns in the housing market. Real Estate Economics, 18(3), 253-273.
  • Chen, X. ve Funke, M. (2013). Renewed momentum in the German housing market: boom or bubble? Available at SSRN 2286048.
  • Chen, C., Zhai, H., Wang, Z., Ma, S., Sun, J., Wu, C. ve Zhang, Y. (2022). Experimental research on the ımpact of ınterest rate on real estate market transactions. Discrete Dynamics in Nature and Society, 2022.
  • Coskun, Y., Seven, U., Ertugrul, H. M. ve Alp, A. (2020). Housing price dynamics and bubble risk: the case of Turkey. Housing Studies, 35(1), 50-86.
  • Çadırcı, B. D. ve Güner, B. (2022). TRA1 bölgesi konut piyasasında fiyat oluşumu balon mu? Elektronik Sosyal Bilimler Dergisi, 21(81), 291-307.
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427-431.
  • Dilber, İ. ve Sertkaya, Y. (2016). 2008 finansal krizi sonrası Türkiye’de konut fiyatlarının belirleyicilerine yönelik analiz. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 4(1), 11-29.
  • Égert, B. ve Mihaljek, D. (2007). Determinants of house prices in central and eastern Europe. Comparative economic studies, 49(3), 367-388.
  • Engsted, T., Hviid, S. J. ve Pedersen, T. Q. (2016). Explosive bubbles in house prices? evidence from the OECD countries. Journal of International Financial Markets, Institutions and Money, 40, 14-25.
  • Fabozzi, F. J. ve Xiao, K. (2019). The timeline estimation of bubbles: the case of real estate. Real Estate Economics, 47(2), 564-594.
  • Gebeşoğlu, P. F. (2019). Housing price index dynamics in Turkey. Yaşar Üniversitesi E-Dergisi, 14, 100-107.
  • Glaeser, E. (2017). Real estate bubbles and urban development. Asian Development Review, 34, 114-151.
  • Gomez-Gonzalez, Jose Eduardo, Gamboa-Arbeláez, J., Hirs-Garzón, J. ve Pinchao-Rosero, A. (2018). When bubble meets bubble: Contagion in OECD Countries. The Journal of Real Estate Finance and Economics, 56(4), 546–566. Doi: https://doi.org/10.1007/s11146-017-9605-4.
  • Gökçe, A. ve Güler, İ. (2020). Sağ-Yönlü ADF sınamaları ile ankara ilinde konut balonu araştırması. Ankara Hacı Bayram Veli Üniversitesi İİBF Dergisi (Özel Sayı), 94-116.
  • Granger, C.W.J. (1969) Investigation causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424–438.
  • Heo, J. M. ve Lee, Y. S. (2018). The effect of interest rates on housing market. Journal of Real Estate Analysis, 4(1), 55-70.
  • Hepşen, A. ve Kalfa, N. (2009). Housing market activity and macroeconomic variables: an analysis of Turkish dwelling market under new mortgage system. İstanbul University Journal of the School of Business Administration, 38, 38–46.
  • Holly, S. ve Jones, N. (1997). House prices since the 1940s: cointegration, demography and asymmetries. Economic modelling, 14(4), 549-565.
  • Hu, Y. ve Oxley, L. (2018). Bubble contagion: evidence from Japan’s asset price bubble of the 1980-90s. Journal of the Japanese and International Economies, 50, 89-95.
  • İskenderoğlu, Ö. ve Akdağ, S. (2019). Türkiye’de reel konut fiyatlarında balonların varlığı üzerine uygulamalı bir analiz. Business and Economics Research, 10(5), 1085-1093.
  • Jud, G. D. ve Winkler, D. T. (2002). The dynamics of metropolitan housing prices. The journal of real estate research, 23(1/2), 29-46.
  • Karakoyun, H. D. ve Yildirim, N. (2017). Demand-side factors of housing price increases in Turkey: Blanchard-Quah SVAR model. Business and Economic Horizons, 13(3), 312–332. Doi: https://doi.org/10.15208/beh.2017.23
  • Kargı, B. (2013). Housing market and economic growth relation: time series analysis over Turkey (2000-2012) Konut piyasasi ve ekonomik büyüme ilişkisi: Türkiye üzerine zaman serileri analizi (2000-2012). Journal of Human Sciences, 10(1), 897-924.
  • Kartal, G. (2022). Konut piyasasında çoklu balon oluşumu: Türkiye geneli ve TR71 bölgesinden ampirik deliller. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 15(2), 343-360.
  • Kıyılar, M. ve Akkaya, M. (2016). Davranışsal finans. İstanbul: Literatür yayıncılık.
  • Kishor, N. K. ve Morley, J. (2015). What factors drive the price–rent ratio for the housing market? A modified present-value analysis. Journal of Economic Dynamics and Control, 58, 235–249. Doi: https://doi.org/10.1016/j.jedc.2015.06.006.
  • Mandaci, P. E. ve Çağlı, E. Ç. (2018). Türkiye konut piyasasında balon var mı? İstatistiki bölge birimleri üzerine bir analiz. Finans Politik ve Ekonomik Yorumlar, 55(646), 85-113.
  • Miles, W. (2014). The housing bubble: how much blame does the fed really deserve? Journal of Real Estate Research, 36(1), 41-58.
  • Petris, P., Dotsis, G., ve Alexakis, P. (2022). Bubble tests in the London housing market: A borough level analysis. International Journal of Finance and Economics, 27(1), 1044-1063.
  • Phillips, P. C., Shi, S., ve Yu, J. (2015). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the SandP 500. International economic review, 56(4), 1043-1078.
  • Poterba, J. M., Weil, D. N. ve Shiller, R. (1991). House price dynamics: the role of tax policy and demography. Brookings Papers on Economic Activity, 1991(2), 143-203.
  • Quigley, J. M.ve Raphael, S. (2004). Is housing unaffordable? Why isn't it more affordable? Journal of Economic Perspectives, 18(1), 191-214.
  • Sarıkovanlık, V., Koy, A., Akkaya, M, Yıldırım, H.H. ve Kantar, L. (2019). Finans biliminde ekonometri uygulamaları. Ankara: Seçkin Yayıncılık.
  • Shi, J., Wang, Y. ve Wu, W. (2016, August). The crowding-out effect of real estate markets on corporate innovation: evidence from China. In Asian Finance Association (AsianFA) 2016 Conference.
  • Sims, C. A. (1980). Macroeconomics and reality. Econometrica: journal of the Econometric Society, 1-48.
  • Solak, A. O. ve Kabadayi, B. (2016). Bounds testing approaches to housing demand in Turkey: is there a real estate bubble? International Journal of Economics and Financial Issues, 6(3), 1132-1135.
  • Sun, Q., Tang, Y. ve Yang, A. (2017). The spatial statistics analysis of housing market bubbles. Journal of Systems Science and Information, 5(3), 250-266.
  • Uğur, A. ve Tosun, N. (2021). Konut fiyat endeksi ve yatırımcı duyarlılığı ilişkisinin analizi: Türkiye üzerine ampirik bir uygulama. Uluslararası Ticaret ve Ekonomi Araştırmaları Dergisi, 5(1), 10-21.
  • Usta, A. (2021). The role of sentiment in housing market with credit-led funding: the case of Turkey. Journal of Housing and the Built Environment, 36(2), 577-600.
  • Yiu, M. S., Yu, J.,ve Jin, L. (2013). Detecting bubbles in Hong Kong residential property market. Journal of Asian Economics, 28, 115-124.
  • Wang, L., Rong, X., Chen, Z., Mu, L. ve Jiang, S. (2022). A real estate early warning system based on an ımproved PSO-LSSVR Model—A Beijing case study. Buildings, 12(6), 706.
  • Zhao, S. X., Zhan, H., Jiang, Y. ve Pan, W. (2017). How big is China’s real estate bubble and why hasn’t it burst yet? Land Use Policy, 64, 153-162.

House price bubble and analysis of the factors affecting house price: Turkey case

Yıl 2024, Cilt: 10 Sayı: 1, 33 - 45, 28.02.2024
https://doi.org/10.30855/gjeb.2024.10.1.003

Öz

Huge increases in housing prices have been an attractive and focused subject for researchers. Supply and demand play an important role in housing prices. Macroeconomic variables also have a significant impact on housing prices. Based on the close relationship between the real estate market and finance, this article explores the existence of speculative bubbles in house prices in Turkey, as well as the impact of macroeconomic changes on housing market transactions. GSADF method is used to determine the presence of bubbles in the housing market in Turkey and 2 bubbles are identified in the Housing Price Index series for the period 2014 - 2018 and June 2019 - June 2022. The balloon in the period of June 2019 – June 2022 is remarkable and the slope of the balloon is very steep. The long-term relationship between house price and macroeconomic variables was examined with the Vector Auto Regression (VAR) model. VAR model results are significant at 5% significance level. A statistically significant relationship emerges between the Housing Price Index and the total of sales on credit, the total of housing sales, the Consumer Price Price Index, the Turkish Lira 1-Month Deposit Purchase Interest, the Consumer Confidence Index and the Manufacturing Capacity Utilization Rate variables.

Kaynakça

  • Abioğlu, V. (2020). Türkiye konut piyasasında balon oluşumları: bölgesel inceleme. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 1-14.
  • Abraham, J. M. ve Hendershott, P. H. (1992). Patterns and determinants of metropolitan house prices, 1977-91. NBER working paper, (w4196).
  • Afsar, A. ve Dogan, E. (2018). Analyzing asset of bubbles in the housing market with right-tailed unit root tests: the case of Turkey. Journal of Business Economics and Finance, 7(2), 139-147.
  • Ahmed, R., Jawaid, S. T. ve Khalil, S. (2021). Bubble detection in housing market: evidence from a developing country. SAGE Open, 11(2), 215824402110066. Doi: https://doi.org/10.1177/21582440211006690
  • Akkaya, M. (2018). Hedonik konut fiyat endeksini etkileyen faktörlerin analizi. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 33(2), 435- 454.
  • Akkuş, H. T. (2021). Housing price bubbles and factors affecting the formation of bubbles: The Turkish case. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 46, 271-292.
  • Alp, D. A., Coşkun, Y., Seven, Ü. ve Ertuğrul, H. M. (2017). Housing price dynamics and bubble risk: The Case of Turkey. Housing Studies.
  • Amador-Torres, J. S., Gomez-Gonzalez, J. E. ve Sanin-Restrepo, S. (2018). Determinants of housing bubbles’ duration in OECD countries. International Finance, 21(2), 140–157. Doi: https://doi.org/10.1111/infi.12128
  • Apergis, N. (2003). Housing prices and macroeconomic factors: prospects within the European monetary union. International real estate review, 6(1), 63-74.
  • Atasever, G. (2016). Varlık fiyatları köpüğü: Muğla konut piyasası üzerine bir değerlendirme. Akdeniz İİBF Dergisi, 16(34), 1-17.
  • Bago, J. L., Rherrad, I., Akakpo, K. ve Ouédraogo, E. (2022). An empirical ınvestigation on bubbles contagion in Scandinavian real estate markets. Businesses, 2(1), 110-117.
  • Balcılar, M., Katzke, N. ve Gupta, R. (2018). Date-stamping US housing market explosivity. Economics, 12(1). Doi: https://doi.org/10.5018/economics-ejournal.ja.2018-18.
  • Berk, N., Biçen, S. ve Seyidova, N. (2017). Study on measuring of real estate speculative bubble: evidence from Turkey. European Journal of Multidisciplinary Studies, 2(5), 334-338.
  • Berlemann, M., Freese, J. ve Knoth, S. (2020). Dating the start of the US house price bubble: an application of statistical process control. Empirical Economics, 58(5), 2287–2307. Doi: https://doi.org/10.1007/s00181-019-01648-x
  • Bolat, M. ve Şenol, L. (2020). Konut pi̇yasasinda fi̇yatlandirma ve konut balonu. In International Marmara Social Sciences Congress (Imascon 2020–Autumn) Proceedings Book, (216), 221.
  • Bolkol, H. K. (2015). Causal relationship between construction production and gdp in Turkey. International Journal of Research in Business and Social Science, (2147-4478), 4(3), 42-53.
  • Case, K. E. ve Shiller, R. J. (1990). Forecasting prices and excess returns in the housing market. Real Estate Economics, 18(3), 253-273.
  • Chen, X. ve Funke, M. (2013). Renewed momentum in the German housing market: boom or bubble? Available at SSRN 2286048.
  • Chen, C., Zhai, H., Wang, Z., Ma, S., Sun, J., Wu, C. ve Zhang, Y. (2022). Experimental research on the ımpact of ınterest rate on real estate market transactions. Discrete Dynamics in Nature and Society, 2022.
  • Coskun, Y., Seven, U., Ertugrul, H. M. ve Alp, A. (2020). Housing price dynamics and bubble risk: the case of Turkey. Housing Studies, 35(1), 50-86.
  • Çadırcı, B. D. ve Güner, B. (2022). TRA1 bölgesi konut piyasasında fiyat oluşumu balon mu? Elektronik Sosyal Bilimler Dergisi, 21(81), 291-307.
  • Dickey, D. A. ve Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427-431.
  • Dilber, İ. ve Sertkaya, Y. (2016). 2008 finansal krizi sonrası Türkiye’de konut fiyatlarının belirleyicilerine yönelik analiz. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 4(1), 11-29.
  • Égert, B. ve Mihaljek, D. (2007). Determinants of house prices in central and eastern Europe. Comparative economic studies, 49(3), 367-388.
  • Engsted, T., Hviid, S. J. ve Pedersen, T. Q. (2016). Explosive bubbles in house prices? evidence from the OECD countries. Journal of International Financial Markets, Institutions and Money, 40, 14-25.
  • Fabozzi, F. J. ve Xiao, K. (2019). The timeline estimation of bubbles: the case of real estate. Real Estate Economics, 47(2), 564-594.
  • Gebeşoğlu, P. F. (2019). Housing price index dynamics in Turkey. Yaşar Üniversitesi E-Dergisi, 14, 100-107.
  • Glaeser, E. (2017). Real estate bubbles and urban development. Asian Development Review, 34, 114-151.
  • Gomez-Gonzalez, Jose Eduardo, Gamboa-Arbeláez, J., Hirs-Garzón, J. ve Pinchao-Rosero, A. (2018). When bubble meets bubble: Contagion in OECD Countries. The Journal of Real Estate Finance and Economics, 56(4), 546–566. Doi: https://doi.org/10.1007/s11146-017-9605-4.
  • Gökçe, A. ve Güler, İ. (2020). Sağ-Yönlü ADF sınamaları ile ankara ilinde konut balonu araştırması. Ankara Hacı Bayram Veli Üniversitesi İİBF Dergisi (Özel Sayı), 94-116.
  • Granger, C.W.J. (1969) Investigation causal relations by econometric models and cross-spectral methods. Econometrica, 37, 424–438.
  • Heo, J. M. ve Lee, Y. S. (2018). The effect of interest rates on housing market. Journal of Real Estate Analysis, 4(1), 55-70.
  • Hepşen, A. ve Kalfa, N. (2009). Housing market activity and macroeconomic variables: an analysis of Turkish dwelling market under new mortgage system. İstanbul University Journal of the School of Business Administration, 38, 38–46.
  • Holly, S. ve Jones, N. (1997). House prices since the 1940s: cointegration, demography and asymmetries. Economic modelling, 14(4), 549-565.
  • Hu, Y. ve Oxley, L. (2018). Bubble contagion: evidence from Japan’s asset price bubble of the 1980-90s. Journal of the Japanese and International Economies, 50, 89-95.
  • İskenderoğlu, Ö. ve Akdağ, S. (2019). Türkiye’de reel konut fiyatlarında balonların varlığı üzerine uygulamalı bir analiz. Business and Economics Research, 10(5), 1085-1093.
  • Jud, G. D. ve Winkler, D. T. (2002). The dynamics of metropolitan housing prices. The journal of real estate research, 23(1/2), 29-46.
  • Karakoyun, H. D. ve Yildirim, N. (2017). Demand-side factors of housing price increases in Turkey: Blanchard-Quah SVAR model. Business and Economic Horizons, 13(3), 312–332. Doi: https://doi.org/10.15208/beh.2017.23
  • Kargı, B. (2013). Housing market and economic growth relation: time series analysis over Turkey (2000-2012) Konut piyasasi ve ekonomik büyüme ilişkisi: Türkiye üzerine zaman serileri analizi (2000-2012). Journal of Human Sciences, 10(1), 897-924.
  • Kartal, G. (2022). Konut piyasasında çoklu balon oluşumu: Türkiye geneli ve TR71 bölgesinden ampirik deliller. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 15(2), 343-360.
  • Kıyılar, M. ve Akkaya, M. (2016). Davranışsal finans. İstanbul: Literatür yayıncılık.
  • Kishor, N. K. ve Morley, J. (2015). What factors drive the price–rent ratio for the housing market? A modified present-value analysis. Journal of Economic Dynamics and Control, 58, 235–249. Doi: https://doi.org/10.1016/j.jedc.2015.06.006.
  • Mandaci, P. E. ve Çağlı, E. Ç. (2018). Türkiye konut piyasasında balon var mı? İstatistiki bölge birimleri üzerine bir analiz. Finans Politik ve Ekonomik Yorumlar, 55(646), 85-113.
  • Miles, W. (2014). The housing bubble: how much blame does the fed really deserve? Journal of Real Estate Research, 36(1), 41-58.
  • Petris, P., Dotsis, G., ve Alexakis, P. (2022). Bubble tests in the London housing market: A borough level analysis. International Journal of Finance and Economics, 27(1), 1044-1063.
  • Phillips, P. C., Shi, S., ve Yu, J. (2015). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the SandP 500. International economic review, 56(4), 1043-1078.
  • Poterba, J. M., Weil, D. N. ve Shiller, R. (1991). House price dynamics: the role of tax policy and demography. Brookings Papers on Economic Activity, 1991(2), 143-203.
  • Quigley, J. M.ve Raphael, S. (2004). Is housing unaffordable? Why isn't it more affordable? Journal of Economic Perspectives, 18(1), 191-214.
  • Sarıkovanlık, V., Koy, A., Akkaya, M, Yıldırım, H.H. ve Kantar, L. (2019). Finans biliminde ekonometri uygulamaları. Ankara: Seçkin Yayıncılık.
  • Shi, J., Wang, Y. ve Wu, W. (2016, August). The crowding-out effect of real estate markets on corporate innovation: evidence from China. In Asian Finance Association (AsianFA) 2016 Conference.
  • Sims, C. A. (1980). Macroeconomics and reality. Econometrica: journal of the Econometric Society, 1-48.
  • Solak, A. O. ve Kabadayi, B. (2016). Bounds testing approaches to housing demand in Turkey: is there a real estate bubble? International Journal of Economics and Financial Issues, 6(3), 1132-1135.
  • Sun, Q., Tang, Y. ve Yang, A. (2017). The spatial statistics analysis of housing market bubbles. Journal of Systems Science and Information, 5(3), 250-266.
  • Uğur, A. ve Tosun, N. (2021). Konut fiyat endeksi ve yatırımcı duyarlılığı ilişkisinin analizi: Türkiye üzerine ampirik bir uygulama. Uluslararası Ticaret ve Ekonomi Araştırmaları Dergisi, 5(1), 10-21.
  • Usta, A. (2021). The role of sentiment in housing market with credit-led funding: the case of Turkey. Journal of Housing and the Built Environment, 36(2), 577-600.
  • Yiu, M. S., Yu, J.,ve Jin, L. (2013). Detecting bubbles in Hong Kong residential property market. Journal of Asian Economics, 28, 115-124.
  • Wang, L., Rong, X., Chen, Z., Mu, L. ve Jiang, S. (2022). A real estate early warning system based on an ımproved PSO-LSSVR Model—A Beijing case study. Buildings, 12(6), 706.
  • Zhao, S. X., Zhan, H., Jiang, Y. ve Pan, W. (2017). How big is China’s real estate bubble and why hasn’t it burst yet? Land Use Policy, 64, 153-162.
Toplam 58 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Makaleler
Yazarlar

Murat Akkaya 0000-0002-7071-8662

Erken Görünüm Tarihi 28 Şubat 2024
Yayımlanma Tarihi 28 Şubat 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 10 Sayı: 1

Kaynak Göster

APA Akkaya, M. (2024). Konut fiyat balonu ve konut fiyatını etkileyen faktörlerin analizi: Türkiye uygulaması. Gazi İktisat Ve İşletme Dergisi, 10(1), 33-45. https://doi.org/10.30855/gjeb.2024.10.1.003
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Gazi İktisat ve İşletme Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı ile lisanslanmıştır.