Turkiye Konut Fiyat Endeksi’nin Kalite Degisimi Etkisinden Arindirilmasi: Hedonik Konut Fiyat Endeksi

Timur Hulagu, Erdi Kizilkaya, Ali Gencay Ozbekler and Pinar Tunar

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] 2010–2014 yillari arasinda Turkiye’de konut fiyatlarinin yuzde 50’nin uzerinde nominal artis gosterdigi ve bazi bolgelerde fiyatlarin iki katina ciktigi gozlenmistir. Bu artis, konut piyasasindaki dinamiklerin dikkatle takip edilmesini gerekli kilmistir. Bu calismada, Turkiye’de konutlarin gozlemlenebilen ozellikleri zaman icinde kontrol edilerek fiyatlardaki kalite artisi etkisi olculmeye ve bu etkiden arindirilmis bir fiyat endeksi uretilmeye calisilmistir. Bulgular, zaman icinde konutlarin kalitesinde onemli artislar oldugunu ortaya koymakta ve gozlenen fiyat artislarinin tamaminin reel degerlenme olarak tanimlanmasinin yanlis olabilecegini isaret etmektedir. Olusturulan hedonik fiyat endeksinden elde edilen sonuclara gore, Turkiye genelinde soz konusu donemde konut fiyatlarindaki nominal artislarin dortte birinin, reel artislarin ise yaklasik yarisinin kalite artisindan kaynaklandigi soylenebilmektedir. [EN] In the 2010-2014 period, housing prices increased more than 50 percent in Turkey, which increases the importance to carefully monitor housing market dynamics. This increase is widespread across the country where prices are 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 the entire price increase as a 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 over the same period.

Date: 2016
New Economics Papers: this item is included in nep-ara
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.tcmb.gov.tr/wps/wcm/connect/fbb9fbe5-d ... 4f1da4153614-m3fw5q3 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tcb:econot:1602

Access Statistics for this paper

More papers in CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey Contact information at EDIRC.
Bibliographic data for series maintained by () and ().