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A Hedonic House Price Index for Turkey

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition

Author

Listed:
  • Timur Hülagü
  • Erdi Kızılkaya
  • Ali Gencay
  • Pınar Tunar

Abstract

In the 2010-2015Q1 period, housing prices increased 78.8 percent in Turkey, which raises needs to carefully monitor the housing market dynamics. This increase is widespread across the country where prices have even doubled in some regions. Our study performs a hedonic price adjustment for the housing market in Turkey, where we control for the price effects of increases in observed house characteristics in time. Results show significant increases in quality of houses sold, which in turn suggests that identifying all the price increase as real appreciation may be misleading. In particular, we estimate that one fourth of nominal changes and one half of real changes in price stem from quality improvements in general.

Suggested Citation

  • Timur Hülagü & Erdi Kızılkaya & Ali Gencay & Pınar Tunar, 2016. "A Hedonic House Price Index for Turkey," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 15, pages 179-202, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:2-15
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    Citations

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    Cited by:

    1. Cengiz Tunc, 2020. "The Effect of Credit Supply on House Prices: Evidence From Turkey," Housing Policy Debate, Taylor & Francis Journals, vol. 30(2), pages 228-242, March.
    2. Reuben Ellul & Jude Darmanin & Ian Borg, 2019. "Hedonic house price indices for Malta: A mortgage-based approach," CBM Working Papers WP/02/2019, Central Bank of Malta.
    3. Ian Borg & Jude Darmanin & Reuben Ellul, 2019. "Hedonic house price indices for Malta: A mortgage-based approach," CBM Working Papers WP/04/2019, Central Bank of Malta.
    4. Akgündüz, Yusuf Emre & Dursun-de Neef, H. Özlem & Hacihasanoğlu, Yavuz Selim & Yılmaz, Fatih, 2023. "Cost of credit, mortgage demand and house prices," Journal of Banking & Finance, Elsevier, vol. 154(C).

    More about this item

    Keywords

    House price index; hedonic regression; characteristic prices; asset price bubbles.;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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