The Impact of The February 6 Earthquakes on Housing Demand in Kahramanmaras Province
Öz
This study examines the impact of the February 6, 2023 Kahramanmaraş earthquakes on housing demand. Using the ARDL method, housing demand was modeled by considering housing prices, interest rates, and earthquake effects, with an analysis of price-earthquake interactions. Findings indicate that, in the long term, housing prices positively affect demand, while interest rates and the interaction term have negative effects. The negative post-earthquake price-demand interaction suggests heightened risk perception, making consumers more sensitive to high prices and shifting preferences toward non-price factors like safety and durability. This implies that post-disaster demand becomes more price-sensitive, with greater reliance on structural resilience. The results highlight the need for policymakers to implement structural interventions promoting safe housing supply, beyond mere price and interest rate adjustments.
Anahtar Kelimeler
Housing Demand, Housing Prices, Earthquake Risk, Consumer Behavior, Demand Theory
Kaynakça
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