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TÜRKİYE’DE BÖLGESEL KONUT FİYATLARININ KULÜP YAKINSAMASI

Year 2024, Volume: 26 Issue: 46, 93 - 115, 30.06.2024

Abstract

Covid-19 pandemisi ve Rusya-Ukrayna savaşı gibi son dönemde küresel çapta yaşanan gelişmeler Türkiye’de bölgesel konut fiyatının dinamiklerini etkilemiştir. Bu etki sonucunda konut fiyatlarındaki yükseliş Türkiye’nin bazı bölgelerinde diğer bölgelere göre daha belirgin gözlenmiştir. Merkezi otoritenin ortak para ve maliye politikaları yürütmesi bölgeler arasında tek fiyat kanununun geçerli olacağı beklentisini oluşturmaktadır. Ancak Covid-19 pandemisi ve Rusya-Ukrayna savaşı gibi yapısal şokların bölgesel konut fiyatı yakınsaması üzerindeki etkisi de merak konusudur. Bu bağlamada araştırmada 2003 yılının Ocak ve 2023 yılının haziran ayları arasını kapsayan dönemde Türkiye’nin Düzey-II bölgelerinde konut fiyatının yakınsamasının Philips ve Sul (2007) tarafından geliştirilen log t testi ile analiz edilmesi amaçlanmaktadır. Log t testi bulguları Düzey-II bölgelerinde konut fiyatlarının tek bir denge noktasına yakınsamadığına işaret etmektedir. Kümeleme algoritmasının bulgularına göre Düzey-II bölgelerinde konut fiyatları açısından iki kulüp tanımlanmaktadır. İlk yakınsama kulübü denize kıyısı olan TR32 (Aydın, Denizli, Muğla) ve TR61 (Antalya, Isparta, Burdur) turizm bölgelerini içerirken, ikinci yakınsama kulübü geri kalan yirmi dört bölgeyi içermektedir.

References

  • Afşar, A. ve Doğan, E. (2021). Bölgesel Fiyat Farklılıkları ve Konut Fiyat Yakınsaması. International Journal of Entrepreneurship & Management Inquiries, 5(8), 122-134.
  • Aksoy, T., Taştan, H. ve Kama, Ö. (2019). Revisiting Income Convergence in Turkey: Are there Convergence Clubs. Growth and Change, 50, 1185-1217.
  • Apergis, N. ve Payne, J. E. (2012). Convergence in U.S. House Prices by State: Evidence from the Club Convergence and Clustering Procedure. Letters in Spatial and Resource Sciences, 5, 103-111. https://doi.org/10.1007/s12076-011-0075-7.
  • Apergis, N., Simo-Kengne, B.D. ve Gupta, R. (2015). Convergence in Provincial-level South African House Prices: Evidence From the Club Convergence and Clustering Procedure. Review of Urban & Regional Development Studies, 27(1), 2-17. https://doi.org/10.1111/rurd.12029.
  • Barrios, C., Flores, E. ve Marines, M. A. (2019). Club Convergence in Innovation Activity Across European Regions. Papers in Regional Science, 98, 1545-1565. https://doi.org/10.1111/pirs.12429.
  • Barro, R. J. ve Sala-I Martin, X. (1992). Convergence. Journal of Political Economy, 100, 223-251.
  • Bashar, O.H. (2021). An Intra-city Analysis of House Price Convergence and Spatial Dependence. The Journal of Real Estate Finance and Economics, 63(4), 525-546. https://doi.org/10.1007/s11146-020-09799-w.
  • Baumol W.J. (1986). Productivity Growth, Convergence, and Welfare: What the Long Run Data Show. The American Economic Review, 76(5), 1072-1085.
  • Blanco, F., Martin, V. ve Vazquez, G. (2015). Regional House Price Convergence in Spain During the Housing Boom. Urban Studies, 53(4), 775-798. https://doi.org/10.1177/0042098014565328.
  • Borsi, M. ve Metiu, N. (2015). The Evolution of Economic Convergence in the European Union. Emprical Economics, 48(2), 657-681.
  • Cai, Y., Zhu, Y. ve Helbich, M. (2022). Club Convergence of Regional Housing Prices in China: Evidence from 70 Major Cities. The Annals of Regional Science, 69, 33-55. https://doi.org/10.1007/s00168-021-01107-5.
  • Catik, A. N., Akseki, U. ve Alpaslan, B. (2017). An Empirical Analysis of the Long-run Relationship Among Regional House Prices in Turkey. Available at SSRN 3093230.
  • Ceylan, R. (2010). Yakınsama Hipotezi: Teorik Tartışmalar. Sosyoekonomi. 1, 47-60.
  • Du, K. (2017). Econometric Convergence Test and Club Clustering Using Stata. The Stata Journal, 17(4), 882- 900. https://doi.org/10.1177/1536867X1801700407.
  • Durlauf, S.N. (1995). Multiple Regimes and Cross-country Growth Behaviour. Journal of Applied Econometrics, 10(4), 365-384.
  • Ganioğlu, A. ve Seven, Ü. (2021). Do Regional House Prices Converge? Evidence From a Major Developing Economy. Central Bank Review, 21, 17- 24. https://doi.org/10.1016/j.cbrev.2021.03.001.
  • Gündüz, L. ve Yılmaz, M. K. (2021). Club Convergence and Drivers of House Prices Across Turkish Cities. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-10-2020-1157.
  • Hodrick, R. ve Prescott, E. (1997). Post-war US Business Cycles: A Descriptive Emprical Investigation. Journal of Money and Credit Banking, 29, 1-16. https://doi.org/10.2307/2953682.
  • Holmes, M., Otero, J., ve Panagiotidis, T. (2019). Property Heterogeneity and Convergence Club Formation Among Local House Prices. Journal of Housing Economics, 43, 1-13. https://doi.org/10.1016/j.jhe.2018.09.002.
  • Islam, N. (2003). What Have We Learnt From the Convergence Debate? Journal of Economic Surveys, 17(3), 309-362.
  • Kim, Y. ve Rous, J. (2012). House Price Convergence: Evidence From US State and Metropolitan Area Panels. Journal of Housing Economics, 21, 169-186. https://doi.org/10.1016/j.jhe.2012.01.002.
  • Lucas, R. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42.
  • Maynou, L., Monfort, M., Morley, B. ve Ordonez, J. (2021). Club Convergence in European Housing Prices: The Role of Macroeconomic and Housing Market Fundamentals. Economic Modelling, 103-1-11. https://doi.org/10.1016/j.econmod.2021.105595.
  • Meen, G. (1999). Regional House Prices and the Ripple Effect: A New Interpretation. Housing Studies, 14(6), 733-753. https://doi.org/10.1080/02673039982524.
  • Miller, S. P. ve Upadhyay, M. P. (2002). Total Factor Productivity and the Convergence Hypothesis. Journal of Macroeconomics, 24, 267-286.
  • Montagnoli, A. ve Nagayasu, J. (2015). UK House Price Convergence Clubs and Spillovers. Journal of Housing Economics, 30, 50-58. http://dx.doi.org/10.1016/j.jhe.2015.10.003.
  • Panopoulou, E. ve Pantelidis, T. (2009). Club Convergence in Carbon Dioxide Emissions. Environmental and Resource Economics, 44, 47-70. https://doi.org/10.1007/s10640-008-9260-6.
  • Philips, P.C. ve Sul, D. (2007). Transition Modeling and Econometric Convergence Tests. Econometrica, 75(6), 1771-1855. https://doi.org/10.1111/j.1468-0262.2007.00811.x.
  • Philips, P.C. ve Sul, D. (2009). Economic Transiton and Growth. Journal of Applied Econometrics, 24, 1153-1185. https://doi.org/10.1002/jae.1080.
  • Rassekh, F. (1998). The Convergence Hypothesis: History, Theory, and Evidence. Open Economies Review, 9, 85-105.
  • Romer, P. (1986). Increasing Returns and Long Run Growth. Journal of Political Economy, 94, 1002-1036.
  • Romer, P. (1994). The Origins of the Endogenous Growth. Journal of Economic Perspectives, 8(1), 3-22.
  • Solow, R.M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1), 65-94.
  • TCMB (2023). Elektronik Veri Dağıtım Sistemi (Reel Sektör İstatistikleri). https://evds2.tcmb.gov.tr/index.php?/evds/dashboard/310.
  • Tomal, M. (2019). House Price Convergence on the Primary and Secondary Markets: Evidence From Polish Provincial Capitals. Real Estate Management and Valuation, 27(4), 62-73. https://doi.org/10.2478/remav- 2019-0036.
  • Tsai, I. (2018). House Price Convergence in Euro Zone and Non Euro Zone Countries. Economic Systems, 42, 269-281. https://doi.org/10.1016/j.ecosys.2017.05.010.
  • TUİK (2023). Türkiye İstatistik Veri Tabanı, https://biruni.tuik.gov.tr/medas/?kn=102&locale=tr.
  • Ulucak, R. (2017). Çevre Kalitesi Açısından Yakınsama Hipotezine Yeni Bir Bakış: Ekolojik Ayak İzi ve Kulüp Yakınsamaya Dayalı Ampirik Bir Analiz. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 29-38. https://doi.org/10.18037/ausbd.552674.
  • Unal, U., Hayo, B. ve Erol, I. (2022). Housing Market Convergence: Evidence from Germany. Joint Discussion Paper Series in Economics, 44. Available at SSRN 4373400. http://dx.doi.org/10.2139/ssrn.4373400.
  • Von Lyncker, K. ve Thoennessen, R. (2017). Regional Club Convergence in the EU: Evidence From a Panel Data Analysis. Empirical Economics, 52, 525-553.
  • Yıldırım, A. ve Kaya, A. A. (2020). Türkiye’de Bölgesel Konut Piyasası: Düzey II Bölgeleri için Yakınsama Analizi. Sosyoekonomi, 28(46), 157-172. https://doi.org/10.17233/sosyoekonomi.2020.04.08.
  • Zulfiqar, K., Chaudhary, M.A. ve Aslam, A. (2017). Convergence Hypothesis. Pakistan Economic and Social Review, 55(1), 229-250.

CLUB CONVERGENCE OF REGIONAL PRICES IN TURKEY

Year 2024, Volume: 26 Issue: 46, 93 - 115, 30.06.2024

Abstract

Recent global developments such as Covid-19 pandemic and the Russia-Ukraine war have affected regional house price dynamics in Turkey. As a result, the rise in house prices has been more pronounced in some regions of Turkey than in others. The central authority's implementation of common monetary and fiscal policies creates the expectation that a single price law will prevail across regions. However, the impact of structural shocks such as the Covid-19 pandemic and the Russia-Ukraine war on regional house price convergence is also of interest. In this context, this study aims to analyze the convergence of house prices in Turkey's NUTS-II regions between January 2003 and June 2023 using the log t test developed by Philips and Sul (2007). The log t test findings indicate that house prices in NUTS-II regions do not converge to a single equilibrium point. According to the findings of the clustering algorithm, two clubs are defined in terms of house prices in NUTS-II regions. The first convergence club includes the coastal TR32 (Aydın, Denizli, Muğla) and TR61 (Antalya, Isparta, Burdur) tourism regions, while the second convergence club includes the remaining twenty-four regions.

References

  • Afşar, A. ve Doğan, E. (2021). Bölgesel Fiyat Farklılıkları ve Konut Fiyat Yakınsaması. International Journal of Entrepreneurship & Management Inquiries, 5(8), 122-134.
  • Aksoy, T., Taştan, H. ve Kama, Ö. (2019). Revisiting Income Convergence in Turkey: Are there Convergence Clubs. Growth and Change, 50, 1185-1217.
  • Apergis, N. ve Payne, J. E. (2012). Convergence in U.S. House Prices by State: Evidence from the Club Convergence and Clustering Procedure. Letters in Spatial and Resource Sciences, 5, 103-111. https://doi.org/10.1007/s12076-011-0075-7.
  • Apergis, N., Simo-Kengne, B.D. ve Gupta, R. (2015). Convergence in Provincial-level South African House Prices: Evidence From the Club Convergence and Clustering Procedure. Review of Urban & Regional Development Studies, 27(1), 2-17. https://doi.org/10.1111/rurd.12029.
  • Barrios, C., Flores, E. ve Marines, M. A. (2019). Club Convergence in Innovation Activity Across European Regions. Papers in Regional Science, 98, 1545-1565. https://doi.org/10.1111/pirs.12429.
  • Barro, R. J. ve Sala-I Martin, X. (1992). Convergence. Journal of Political Economy, 100, 223-251.
  • Bashar, O.H. (2021). An Intra-city Analysis of House Price Convergence and Spatial Dependence. The Journal of Real Estate Finance and Economics, 63(4), 525-546. https://doi.org/10.1007/s11146-020-09799-w.
  • Baumol W.J. (1986). Productivity Growth, Convergence, and Welfare: What the Long Run Data Show. The American Economic Review, 76(5), 1072-1085.
  • Blanco, F., Martin, V. ve Vazquez, G. (2015). Regional House Price Convergence in Spain During the Housing Boom. Urban Studies, 53(4), 775-798. https://doi.org/10.1177/0042098014565328.
  • Borsi, M. ve Metiu, N. (2015). The Evolution of Economic Convergence in the European Union. Emprical Economics, 48(2), 657-681.
  • Cai, Y., Zhu, Y. ve Helbich, M. (2022). Club Convergence of Regional Housing Prices in China: Evidence from 70 Major Cities. The Annals of Regional Science, 69, 33-55. https://doi.org/10.1007/s00168-021-01107-5.
  • Catik, A. N., Akseki, U. ve Alpaslan, B. (2017). An Empirical Analysis of the Long-run Relationship Among Regional House Prices in Turkey. Available at SSRN 3093230.
  • Ceylan, R. (2010). Yakınsama Hipotezi: Teorik Tartışmalar. Sosyoekonomi. 1, 47-60.
  • Du, K. (2017). Econometric Convergence Test and Club Clustering Using Stata. The Stata Journal, 17(4), 882- 900. https://doi.org/10.1177/1536867X1801700407.
  • Durlauf, S.N. (1995). Multiple Regimes and Cross-country Growth Behaviour. Journal of Applied Econometrics, 10(4), 365-384.
  • Ganioğlu, A. ve Seven, Ü. (2021). Do Regional House Prices Converge? Evidence From a Major Developing Economy. Central Bank Review, 21, 17- 24. https://doi.org/10.1016/j.cbrev.2021.03.001.
  • Gündüz, L. ve Yılmaz, M. K. (2021). Club Convergence and Drivers of House Prices Across Turkish Cities. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-10-2020-1157.
  • Hodrick, R. ve Prescott, E. (1997). Post-war US Business Cycles: A Descriptive Emprical Investigation. Journal of Money and Credit Banking, 29, 1-16. https://doi.org/10.2307/2953682.
  • Holmes, M., Otero, J., ve Panagiotidis, T. (2019). Property Heterogeneity and Convergence Club Formation Among Local House Prices. Journal of Housing Economics, 43, 1-13. https://doi.org/10.1016/j.jhe.2018.09.002.
  • Islam, N. (2003). What Have We Learnt From the Convergence Debate? Journal of Economic Surveys, 17(3), 309-362.
  • Kim, Y. ve Rous, J. (2012). House Price Convergence: Evidence From US State and Metropolitan Area Panels. Journal of Housing Economics, 21, 169-186. https://doi.org/10.1016/j.jhe.2012.01.002.
  • Lucas, R. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42.
  • Maynou, L., Monfort, M., Morley, B. ve Ordonez, J. (2021). Club Convergence in European Housing Prices: The Role of Macroeconomic and Housing Market Fundamentals. Economic Modelling, 103-1-11. https://doi.org/10.1016/j.econmod.2021.105595.
  • Meen, G. (1999). Regional House Prices and the Ripple Effect: A New Interpretation. Housing Studies, 14(6), 733-753. https://doi.org/10.1080/02673039982524.
  • Miller, S. P. ve Upadhyay, M. P. (2002). Total Factor Productivity and the Convergence Hypothesis. Journal of Macroeconomics, 24, 267-286.
  • Montagnoli, A. ve Nagayasu, J. (2015). UK House Price Convergence Clubs and Spillovers. Journal of Housing Economics, 30, 50-58. http://dx.doi.org/10.1016/j.jhe.2015.10.003.
  • Panopoulou, E. ve Pantelidis, T. (2009). Club Convergence in Carbon Dioxide Emissions. Environmental and Resource Economics, 44, 47-70. https://doi.org/10.1007/s10640-008-9260-6.
  • Philips, P.C. ve Sul, D. (2007). Transition Modeling and Econometric Convergence Tests. Econometrica, 75(6), 1771-1855. https://doi.org/10.1111/j.1468-0262.2007.00811.x.
  • Philips, P.C. ve Sul, D. (2009). Economic Transiton and Growth. Journal of Applied Econometrics, 24, 1153-1185. https://doi.org/10.1002/jae.1080.
  • Rassekh, F. (1998). The Convergence Hypothesis: History, Theory, and Evidence. Open Economies Review, 9, 85-105.
  • Romer, P. (1986). Increasing Returns and Long Run Growth. Journal of Political Economy, 94, 1002-1036.
  • Romer, P. (1994). The Origins of the Endogenous Growth. Journal of Economic Perspectives, 8(1), 3-22.
  • Solow, R.M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70(1), 65-94.
  • TCMB (2023). Elektronik Veri Dağıtım Sistemi (Reel Sektör İstatistikleri). https://evds2.tcmb.gov.tr/index.php?/evds/dashboard/310.
  • Tomal, M. (2019). House Price Convergence on the Primary and Secondary Markets: Evidence From Polish Provincial Capitals. Real Estate Management and Valuation, 27(4), 62-73. https://doi.org/10.2478/remav- 2019-0036.
  • Tsai, I. (2018). House Price Convergence in Euro Zone and Non Euro Zone Countries. Economic Systems, 42, 269-281. https://doi.org/10.1016/j.ecosys.2017.05.010.
  • TUİK (2023). Türkiye İstatistik Veri Tabanı, https://biruni.tuik.gov.tr/medas/?kn=102&locale=tr.
  • Ulucak, R. (2017). Çevre Kalitesi Açısından Yakınsama Hipotezine Yeni Bir Bakış: Ekolojik Ayak İzi ve Kulüp Yakınsamaya Dayalı Ampirik Bir Analiz. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 29-38. https://doi.org/10.18037/ausbd.552674.
  • Unal, U., Hayo, B. ve Erol, I. (2022). Housing Market Convergence: Evidence from Germany. Joint Discussion Paper Series in Economics, 44. Available at SSRN 4373400. http://dx.doi.org/10.2139/ssrn.4373400.
  • Von Lyncker, K. ve Thoennessen, R. (2017). Regional Club Convergence in the EU: Evidence From a Panel Data Analysis. Empirical Economics, 52, 525-553.
  • Yıldırım, A. ve Kaya, A. A. (2020). Türkiye’de Bölgesel Konut Piyasası: Düzey II Bölgeleri için Yakınsama Analizi. Sosyoekonomi, 28(46), 157-172. https://doi.org/10.17233/sosyoekonomi.2020.04.08.
  • Zulfiqar, K., Chaudhary, M.A. ve Aslam, A. (2017). Convergence Hypothesis. Pakistan Economic and Social Review, 55(1), 229-250.
There are 42 citations in total.

Details

Primary Language Turkish
Subjects Microeconomics (Other)
Journal Section Research Article
Authors

Arif İğdeli 0000-0002-5926-425X

Early Pub Date June 28, 2024
Publication Date June 30, 2024
Published in Issue Year 2024 Volume: 26 Issue: 46

Cite

APA İğdeli, A. (2024). TÜRKİYE’DE BÖLGESEL KONUT FİYATLARININ KULÜP YAKINSAMASI. Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi, 26(46), 93-115.

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