A Hedonic House Price Index for Turkey

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

Working Papers from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: In the 2010Q1-2015Q1 period, housing prices increased 78.8 percent in Turkey, which raises a need to monitor the housing market dynamics carefully. 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 improvements in observed house characteristics in time. Results show significant increases in the quality of houses sold, which in turn suggests that attributing all the price increase to a real appreciation may be misleading. In particular, we estimate that one fourth of nominal changes and one half of relative changes in house prices stem from quality improvements in general.

Keywords: House price index; Hedonic regression; Characteristic price approach; Quality adjusted price index (search for similar items in EconPapers)
JEL-codes: C32 C43 R31 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-ara, nep-cwa and nep-ure
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Citations: View citations in EconPapers (4)

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Chapter: A Hedonic House Price Index for Turkey (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:tcb:wpaper:1603

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