Yıl 2020, Cilt 12 , Sayı 22, Sayfalar 249 - 266 2020-01-01

THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES

Levent SUMER [1] , Beliz ÖZORHON [2]


Real estate is an important investment instrument, and homeownership has always been considered as a valuable investment tool in Turkey. Real Estate Investment Trusts (REITs) are one of the first real estate investment instruments that the Capital Market Board of Turkey (SPK) legally regulated. The exchange rate is an important factor that affects many industries including real estate, especially in emerging economies. This macroeconomic economic factor became more important for Turkish housing and real estate industries after the law issued in 2013 that enabled foreigners to purchase housing units in Turkey. The aim of this research is to examine the effect of exchange rates (USD/TL) on the return rates of REIT and housing sales price indices by using time series analysis covering the monthly period of January 2004-December 2016. VAR econometric model is used to test the effect of the exchange rates on the return rates of both indices, and Augmented Dickey-Fuller and Granger Causality Tests were also employed. The results of the study exhibited that while REIT index return rate is affected by exchange rates, there is no statistically significant effect of exchange rates on housing sales price return rates. This result may affect the perception of the investors about considering housing as an investment tool in Turkey and open a new discussion for alternative future retirement plans that may combine different real estate-based investment instruments.
REIT Index, Housing Prices, VAR model, exchange rates, returns
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Birincil Dil en
Konular Sosyal
Bölüm Makaleler
Yazarlar

Orcid: 0000-0002-2160-8803
Yazar: Levent SUMER
Kurum: İstinye Üniversitesi
Ülke: Turkey


Orcid: 0000-0002-4963-6937
Yazar: Beliz ÖZORHON
Kurum: Boğaziçi Üniversitesi
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 1 Ocak 2020

Bibtex @araştırma makalesi { marufacd688468, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, eissn = {2529-0029}, address = {}, publisher = {Marmara Üniversitesi}, year = {2020}, volume = {12}, pages = {249 - 266}, doi = {10.14784/marufacd.688468}, title = {THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES}, key = {cite}, author = {SUMER, Levent and ÖZORHON, Beliz} }
APA SUMER, L , ÖZORHON, B . (2020). THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES. Finansal Araştırmalar ve Çalışmalar Dergisi , 12 (22) , 249-266 . DOI: 10.14784/marufacd.688468
MLA SUMER, L , ÖZORHON, B . "THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES". Finansal Araştırmalar ve Çalışmalar Dergisi 12 (2020 ): 249-266 <https://dergipark.org.tr/tr/pub/marufacd/issue/52462/688468>
Chicago SUMER, L , ÖZORHON, B . "THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES". Finansal Araştırmalar ve Çalışmalar Dergisi 12 (2020 ): 249-266
RIS TY - JOUR T1 - THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES AU - Levent SUMER , Beliz ÖZORHON Y1 - 2020 PY - 2020 N1 - doi: 10.14784/marufacd.688468 DO - 10.14784/marufacd.688468 T2 - Finansal Araştırmalar ve Çalışmalar Dergisi JF - Journal JO - JOR SP - 249 EP - 266 VL - 12 IS - 22 SN - 1309-1123-2529-0029 M3 - doi: 10.14784/marufacd.688468 UR - https://doi.org/10.14784/marufacd.688468 Y2 - 2020 ER -
EndNote %0 Finansal Araştırmalar ve Çalışmalar Dergisi THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES %A Levent SUMER , Beliz ÖZORHON %T THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES %D 2020 %J Finansal Araştırmalar ve Çalışmalar Dergisi %P 1309-1123-2529-0029 %V 12 %N 22 %R doi: 10.14784/marufacd.688468 %U 10.14784/marufacd.688468
ISNAD SUMER, Levent , ÖZORHON, Beliz . "THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES". Finansal Araştırmalar ve Çalışmalar Dergisi 12 / 22 (Ocak 2020): 249-266 . https://doi.org/10.14784/marufacd.688468
AMA SUMER L , ÖZORHON B . THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES. JFRS. 2020; 12(22): 249-266.
Vancouver SUMER L , ÖZORHON B . THE EXCHANGE RATE EFFECT ON HOUSING PRICE INDEX AND REIT INDEX RETURN RATES. Finansal Araştırmalar ve Çalışmalar Dergisi. 2020; 12(22): 266-249.