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Convergence in House Prices: Cross-Regional Evidence for Turkey

Author

Listed:
  • Aytul Ganioglu
  • Unal Seven

Abstract

This paper analyzes the long-run convergence of regional house prices in Turkey. Using a non-linear time-varying factor model and quarterly house price data for the period between 2010 and 2018, we find that house prices do not converge across the 26 regions. The results reveal that the regions can be grouped into seven convergence clubs and one divergent club, confirming the heterogeneity and complexity of the Turkish housing market. These results also imply the existence of multiple steady states in the housing market. These outcomes will be beneficial to home buyers/sellers, investors, regulators and policymakers, who are interested in analyzing the dynamic interlinkages among house prices and the effects of shocks originating from the regional housing markets.

Suggested Citation

  • Aytul Ganioglu & Unal Seven, 2019. "Convergence in House Prices: Cross-Regional Evidence for Turkey," Working Papers 1914, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1914
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    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2019/19-14
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    Citations

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    Cited by:

    1. Rajesh Raj & Rath D.P., 2022. "House Price Convergence: Evidence from India [Convergence des prix des logements : le cas indien]," Working papers 893, Banque de France.
    2. Raj Rajesh & Deba Prasad Rath, 2023. "House price convergence: evidence from India," Asia-Pacific Journal of Regional Science, Springer, vol. 7(3), pages 721-747, September.

    More about this item

    Keywords

    Housing market; House prices; Log-t test; Regional convergence;
    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
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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