CONSTRUCTING A HOUSE PRICE INDEX FOR TURKEY

Yıl 2013, Cilt: 14 Sayı: 3, 297 - 313, 04.05.2015

Aslı Kaya Ayça Topaloğlu Bozkurt Emine Baştan Özgül Atılgan Ayanoğlu

Öz

In this paper, we present experiences of Central Bank of Turkey in compiliing and developing a House Price Index (HPI). HPI, which is constructed by using the method of “Str atified Median Price”, covers all houses subject to loan approvals all over the country. We focus on why developing a house price index for Turkey was needed, sources and coverage of the index, reasons behind implementing the stratified median price approach, application of stratification and weighting procedures in building the index. In addition, method of developing a new-housing price index is compiled on the basis of 26 NUTS 2 regions are reviewed.

Anahtar Kelimeler

-

TÜRKİYE İÇİN KONUT FİYAT ENDEKSİ OLUŞTURULMASI

Öz

Anahtar Kelimeler

Konut Fiyat Endeksi, Tabakalandırma, Ağırlıklandırma

Kaynakça

• Australian Bureau of Statistics, (2006). A Guide to House Price Indexes: Australia 2006. OECD- IMF Workshop-Real Estate Price Indexes, Paris.
• Bean C., (2003). Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough? Monetary Stability, Financial Stability and The Business Cycle Conference, BIS, Basel.
• Benito A., Thompson J., Waldron M., Wood R., (2006). House Prices and Consumer Spending. Bank of England Quarterly Bulletin, Summer 2006.
• Bernanke B., Gertler M., (1999). Monetary Policy and Asset Price Volatility. New Challenges for Monetary Policy Symposium, Federal Reserve Bank of Kansas City
• Blanchard O., Dell’Ariccia G. and Mauro P.,(2010). Rethinking Macroeconomic Policy.IMF Staff Position Note, SPN/10/03.
• EUROSTAT. (November 2011). Handbook on Residential Property Price Indices. http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/methodology/owner_occupied_housing _hpi/rppi_handbook.
• Fenwick, D. (2009). A statistical System for Residential Property Price Indices. Eurostat – IAOS – IFC Conference on Residential Property Price Indices. Basel, Switzerland: BIS.
• Hansen, J. (2006-03). Australian House Prices: A Comparison of Hedonic and Repeat-sales Measures. Reserve Bank of Australia.
• IMF. (2006). Financial Soundness Indicators: . Compilation Guide.
• IMF Monetary and Capital Markets Department. (2010). Central Banking Lessons from The Crisis. Bundesbank Spring Conference.
• Kaya, A., (2012). Determination of The Factors Affecting Housing Prices in Turkey by using Hedonic Pricing Model. Specialist Qualification Thesis, Central Bank of Republic of Turkey, Ankara.
• McDonald C., Smith M. (August 2009). Developing Stratified Housing Price Measures for New Zealand. Reserve Bank of New Zealand, www.rbnz.govt.nz/research/discusspapers.
• Olczyk, A., Lane, S. (2008). Refining The Stratification for The Established House Price Index. Australian Bureau of Statistics, Canberra.
• Pink B., (2009). House Price Indexes: Concepts, Sources and Methods, Australia. Australian Bureau of Statistics Information Paper.
• Prasad, N. , Richards, A. (2006-04). Measuring Housing Price Growth – Using Stratification to Improve Median-based Measures. Reserve Bank of Australia.
• Prasad, N. , Richards, A. (2008). Improving Median Housing Price Indexes Through Stratification. The Journal of Real Estate Research, 30, 45-71.