The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkey

Abstract

Purpose This study aims to examine the impact of some real variables such as real effective exchange rates, real mortgage rates, real money supply, real construction cost index and housing sales on the real housing prices. Design/methodology/approach This study uses a nonlinear autoregressive distributed lag (NARDL) model in the monthly period of 2010:1–2021:10. Findings The real effective exchange rate has a positive and symmetric effect. The decreasing effect of negative changes in real money supply on real housing prices is higher than the increasing effect of positive changes. Only positive changes in the real construction cost index have an increasing and statistically significant effect on real house prices, while only negative changes in housing sales have a small negative sign and a small increasing effect on housing prices. The fact that the positive and negative changes in real mortgage rates are negative and positive, respectively, indicates that both have a reducing effect on real housing prices. Originality/value This study suggests the first NARDL model that investigates the asymmetric effects on real housing prices instead of nominal housing prices for Turkey. In addition, the study is the first, to the best of the authors’ knowledge, to examine the effects of the five real variables on real housing prices.

Bist Şi̇rketleri̇ni̇n Toplam Pi̇yasa Değerleri̇ni̇n Gsyi̇h Üzeri̇nde Etki̇si̇: Türki̇ye İçi̇n 1999-2022 Dönemi̇ Nardl Ve Nedenselli̇k Uygulamasi

“…Burada hem bağımlı hem de bağımsız değişkenler 𝛿 + = −𝜃𝜑 + + ve 𝛿 − = = −𝜃𝜑 − olarak sembolize edilir. 𝛽 𝑖 + ve 𝛽 𝑖 − açıklayıcı değişkenlerdeki pozitif ve negatif değişikliklere yapılan kısa dönem düzeltmelerdir (Akpolat, 2022).…”

A Study on the Determinants of the Housing Price Index: Asymmetric Co-Integration Analysis

“…Döviz kuru, bir ülkenin ticari ilişki içinde olduğu ülkelerin fiyatlarının yurt içi fiyatlara oranını temsil etmektedir. Bu göreli fiyattaki bir artış (azalış) sonucunda talep yurt dışından ülkeye kayarak konut fiyatlarını artırabilir (azaltabilir) (Akpolat, 2022).…”