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The real estate industry in Turkey: a time series analysis

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  • Dervis Kirikkaleli
  • Seyed Alireza Athari
  • Hasan Murat Ertugrul

Abstract

The aim of this paper is to explore the impact of the exchange rate, the gold price, and the BIST100 Borsa Istanbul Index on the price of real estate stocks in the Turkish stock market, using monthly data from 2004 to 2016. To this effect, we apply DOLS, FMOLS, ARDL, and Markov Switching tests. Moreover, we also apply the Toda and Yamamoto causality test to explore the causality in the impact of the exchange rate and the gold price on the price of real estate stocks. The major findings of this study are that (i) the combination of the exchange rate, the gold price, and the BIST100 index has a long-term effect on prices of real estate stocks; (ii) prices of real estate stocks are negatively affected by the exchange rate and the gold price; and (iii) changes in the exchange rate, the gold price, and the BIST100 index lead to changes in prices of real estate stocks in the Turkish stock market. To the best of our knowledge, real estate stocks in emerging markets have received little attention from researchers thus far. Our empirical findings may encourage further research into this topic.

Suggested Citation

  • Dervis Kirikkaleli & Seyed Alireza Athari & Hasan Murat Ertugrul, 2021. "The real estate industry in Turkey: a time series analysis," The Service Industries Journal, Taylor & Francis Journals, vol. 41(5-6), pages 427-439, April.
    • Handle: RePEc:taf:servic:v:41:y:2021:i:5-6:p:427-439
    DOI: 10.1080/02642069.2018.1444033
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    Cited by:

    1. Li Chunling & Javed Ahmed Memon & Tiep Le Thanh & Minhaj Ali & Dervis Kirikkaleli, 2021. "The Impact of Public-Private Partnership Investment in Energy and Technological Innovation on Ecological Footprint: The Case of Pakistan," Sustainability, MDPI, vol. 13(18), pages 1-16, September.
    2. Seyed Alireza Athari & Farid Irani, 2022. "Does the country’s political and economic risks trigger risk-taking behavior in the banking sector: a new insight from regional study," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 11(1), pages 1-10, December.
    3. Zeeshan Khan & Muhsin Ali & Dervis Kirikkaleli & Salman Wahab & Zhilun Jiao, 2020. "The impact of technological innovation and public‐private partnership investment on sustainable environment in China: Consumption‐based carbon emissions analysis," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(5), pages 1317-1330, September.
    4. Muhammad Qayyum & Minhaj Ali & Mir Muhammad Nizamani & Shijie Li & Yuyuan Yu & Atif Jahanger, 2021. "Nexus between Financial Development, Renewable Energy Consumption, Technological Innovations and CO 2 Emissions: The Case of India," Energies, MDPI, vol. 14(15), pages 1-19, July.
    5. Ahmer Bilal & Xiaoping Li & Nanli Zhu & Ridhima Sharma & Atif Jahanger, 2021. "Green Technology Innovation, Globalization, and CO 2 Emissions: Recent Insights from the OBOR Economies," Sustainability, MDPI, vol. 14(1), pages 1-17, December.
    6. Mark Schaub, 2021. "Government Agency Product Endorsements and Stock Valuations: A COVID-19 Event Study," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(5), pages 1-1, May.
    7. Renata Tavanielli & Márcio Laurini, 2023. "Yield Curve Models with Regime Changes: An Analysis for the Brazilian Interest Rate Market," Mathematics, MDPI, vol. 11(11), pages 1-28, June.
    8. Seyed Alireza Athari, 2022. "Financial Inclusion, Political Risk, and Banking Sector Stability: Evidence from Different Geographical Regions," Economics Bulletin, AccessEcon, vol. 42(1), pages 99-108.
    9. Muhammad Qayyum & Yuyuan Yu & Mir Muhammad Nizamani & Saqlain Raza & Minhaj Ali & Shijie Li, 2023. "Financial Instability and CO2 Emissions in India: Evidence from ARDL Bound Testing Approach," Energy & Environment, , vol. 34(4), pages 808-829, June.
    10. Raga M. Elzaki, 2023. "Impact of Financial Development Shocks on Renewable Energy Consumption in Saudi Arabia," Sustainability, MDPI, vol. 15(22), pages 1-23, November.
    11. Seyed Alireza Athari & Dervis Kirikkaleli & Tomiwa Sunday Adebayo, 2023. "World pandemic uncertainty and German stock market: evidence from Markov regime-switching and Fourier based approaches," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(2), pages 1923-1936, April.
    12. Cheng-Hong Yang & Borcy Lee & Yu-Da Lin, 2022. "Effect of Money Supply, Population, and Rent on Real Estate: A Clustering Analysis in Taiwan," Mathematics, MDPI, vol. 10(7), pages 1-17, April.

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