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The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries

Sayı: 20 27 Haziran 2026
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The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries

Öz

The housing sector stands out as a key factor in modern economies, playing a decisive role in aggregate demand and economic activity, and this impact manifests itself through both investment and consumption channels. Increases in housing prices increase household wealth, stimulating consumption expenditures and directly supporting economic growth. Similarly, housing market developments such as construction and real estate investments generate positive externalities in production levels, employment, and related sectors, thereby expanding economic activity. In this context, the housing sector is considered a critical area that influences not only individual and institutional investment decisions but also macroeconomic policy and planning processes. In this study, panel data analysis was performed for thirty OECD countries using annual data from 2005–2024, and the dynamic relationship between housing prices and economic growth was examined. The Dumitrescu-Hurlin panel causality test, applied to determine the direction of the effect, revealed a bidirectional causal relationship between housing prices and economic growth. The findings emphasize the importance of the housing market as a leading indicator of macroeconomic performance. Therefore, it is crucial for policymakers to closely monitor housing market developments and develop coordinated and holistic strategies in areas such as interest rates, credit policies, housing supply, and urban planning. Such an approach would not only supports sustainable economic growth but also enhance the resilience of the economy against fluctuations in the housing market.

Anahtar Kelimeler

Housing prices, Economic growth, Dumitrescu-Hurlin Panel Causality Test

Kaynakça

  1. Afsheen, S.,& Diah, M. L. M. (2022). The relationship between house prices and economic growth in Malaysia: An empirical analysis, Proceedings of the 7th North American International Conference on Industrial Engineering and Operations Management, Orlando, Florida, USA, June 12-14, IEOM Society International, 2812-2823.
  2. Albuquerque, B., Cerutti, E., Kido, Y., & Varghese, R. (2026). Not all housing cycles are created equal: Macroeconomic consequences of housing booms. Journal of International Money and Finance, 161: Article 103496.
  3. Asadov, A.I., Ibrahim, M.H., & Yildirim, R. (2023). Impact of house price on economic stability: Some lessons from OECD countries. The Journal of Real Estate Finance and Economics,71(2), 254-284.
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  5. Batayneh, K. I., & Al-Malki, A. M. (2015). The relationship between house prices and stock prices in Saudi Arabia: An empirical analysis. International Journal of Economics and Finance, 7(2), 156-167.
  6. Chang, T., Simo-Kengne, B. D., & Gupta, R. (2014). The causal relationship between house prices and growth in the nine provinces of South Africa: Evidence from panel-Granger causality tests. International Journal of Sustainable Economy, 6(4), 345-358.
  7. Canbay, Ş., & Mercan, D. (2020). Türkiye’de konut fiyatları, büyüme ve makroekonomik değişkenler arasındaki ilişkinin ekonometrik analizi. Yönetim ve Ekonomi Araştırmaları Dergisi, 18(1), 176-200.
  8. Chorley, F., & Liu, C. (2021). Does UK social housing affect housing prices and economic growth? An application of the ARDL model. Economic Issues, 26(1), 21-43, http://www.economicissues.org.uk/Files/2021/EI_March2021_chorley.pdf.
  9. Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460.
  10. Ersen, M. (2026). Examining the effect of specific macroeconomic determinants on housing prices using the ARDL bound test approach: The case of the TR3 region. Bulletin of Economic Theory and Analysis, 11(1), 625-652.

Kaynak Göster

APA
Korkmaz, S. (2026). The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 20, 1-11. https://doi.org/10.25287/ohuiibf.1920677
AMA
1.Korkmaz S. The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries. ÖHÜİİBFD. 2026;(20):1-11. doi:10.25287/ohuiibf.1920677
Chicago
Korkmaz, Suna. 2026. “The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries”. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, sy 20: 1-11. https://doi.org/10.25287/ohuiibf.1920677.
EndNote
Korkmaz S (01 Haziran 2026) The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 20 1–11.
IEEE
[1]S. Korkmaz, “The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries”, ÖHÜİİBFD, sy 20, ss. 1–11, Haz. 2026, doi: 10.25287/ohuiibf.1920677.
ISNAD
Korkmaz, Suna. “The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries”. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 20 (01 Haziran 2026): 1-11. https://doi.org/10.25287/ohuiibf.1920677.
JAMA
1.Korkmaz S. The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries. ÖHÜİİBFD. 2026;:1–11.
MLA
Korkmaz, Suna. “The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries”. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, sy 20, Haziran 2026, ss. 1-11, doi:10.25287/ohuiibf.1920677.
Vancouver
1.Suna Korkmaz. The Concrete Economy: The Relationship between the Housing Price and Economic Growth in OECD Countries. ÖHÜİİBFD. 01 Haziran 2026;(20):1-11. doi:10.25287/ohuiibf.1920677