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The Demand For New Housing In Turkey: An Application Of Ardl Model

  • Ferda HALICIOGLU

    (The University of Greenwich)

This study provides empirical estimates for new residential homes demand function in Turkey using the time series data for the period 1964-2004. An aggregate demand function for new private dwellings in Turkey is formed and is estimated using bounds testing cointegration procedure proposed by Pesaran et al. (2001) to compute the short and long-run elasticities of income and price variables. This study also implements CUSUM and CUSUMSQ stability tests on the estimated new housing demand function. The empirical results indicate that income is the most significant variable in explaining the demand for new housing in Turkey and there exists a relatively stable new housing demand function.

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File URL: http://econwpa.repec.org/eps/urb/papers/0508/0508002.pdf
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Paper provided by EconWPA in its series Urban/Regional with number 0508002.

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Length: 10 pages
Date of creation: 01 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpur:0508002
Note: Type of Document - pdf; pages: 10
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Hansen, Bruce E, 2002. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 45-59, January.
  2. Borsch-Supan, Axel & Heiss, Florian & Seko, Miki, 2001. "Housing Demand in Germany and Japan," Journal of Housing Economics, Elsevier, vol. 10(3), pages 229-252, September.
  3. Mayo, Stephen K., 1981. "Theory and estimation in the economics of housing demand," Journal of Urban Economics, Elsevier, vol. 10(1), pages 95-116, July.
  4. Phillips, Peter C B & Hansen, Bruce E, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 99-125, January.
  5. Polinsky, A Mitchell, 1977. "The Demand for Housing: A Study in Specification and Grouping," Econometrica, Econometric Society, vol. 45(2), pages 447-61, March.
  6. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  7. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  8. Malpezzi, Stephen & Mayo, Stephen K, 1987. "The Demand for Housing in Developing Countries: Empirical Estimates from Household Data," Economic Development and Cultural Change, University of Chicago Press, vol. 35(4), pages 687-721, July.
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