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Analysis of house price fluctuations in a speculative housing market: Evidence from three Metropolitan Cities in Turkey

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  • Leyla Alkan Gökler

Abstract

This research shows how to implement an instrument for detecting house price speculation in an emerging economy like Turkey. There had been a steady and extraordinary increase in house prices in Turkey in the last few years- out of reach of most income groups. Therefore, understanding the dynamics behind the increasing housing prices in Turkey will contribute significantly to the literature in terms of revealing the different aspects of speculative housing markets. The reasons for rising house prices are examined by conducting a multiple linear regression model with six independent variables and Housing Unit Prices as the dependent variable. The results of the study revealed that house prices have increased more than the CPI, and that housing remains severely unaffordable in the country. The results present some evidence of the process of speculation as a possible determinant of house prices as prices rise out of line with most fundamentals.

Suggested Citation

  • Leyla Alkan Gökler, 2025. "Analysis of house price fluctuations in a speculative housing market: Evidence from three Metropolitan Cities in Turkey," International Planning Studies, Taylor & Francis Journals, vol. 30(4), pages 487-505, October.
    • Handle: RePEc:taf:cipsxx:v:30:y:2025:i:4:p:487-505
    DOI: 10.1080/13563475.2025.2541818
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