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An Analysis of the Strenghts and Weaknesses of the Turkish Real Estate Market

Author

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  • Coskun, Yener

Abstract

Real estate is one of the foremost and traditional investments for Turkish household. In addition to this traditional demand, it has also observed that Turkish real estate market becomes one of the popular investment destination for foreign investors. 2003-2007 period would be accepted as the boom period for Turkish economy in general and real estate sector in specific. Although there are considerable opportunities in the market, both Turkish economy and real estate sector suffer important structural problems. Hence, the objective assesment for the Turkish real estate market requires a costbenefit analysis. In this paper, the author is attempting to reach an objective approach presenting both strong and also weak sides of market. The critical point is current deficiencies of the market may result negative impacts on further development. As a solution, we suggest that Real Estate Regulation and Supervision Agency should be established as a new government agency. To our view, primary expectation of this agency is to issue regulations/standards for real estate brokerage/ marketing/appraisal,and also housing finance to enhance consumer protection, public interest and market efficiency.

Suggested Citation

  • Coskun, Yener, 2010. "An Analysis of the Strenghts and Weaknesses of the Turkish Real Estate Market," MPRA Paper 28361, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:28361
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    File URL: https://mpra.ub.uni-muenchen.de/28361/1/MPRA_paper_28361.pdf
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    References listed on IDEAS

    as
    1. Coskun, Yener, 2010. "Global Financial Crisis and Mortgage Finance and Valuation Problems: An Assesment of the US and Turkish Mortgage Systems," MPRA Paper 35301, University Library of Munich, Germany.
    2. Galal, Ahmed & Razzaz, Omar, 2001. "Reforming land and real estate markets," Policy Research Working Paper Series 2616, The World Bank.
    3. Sukru Binay & Ferhan Salman, 2007. "A Critique on Turkish Real Estate Market," Working Papers 2008/8, Turkish Economic Association.
    4. Ali Askin Culha, 2006. "A Structural VAR Analysis of the Determinants of Capital Flows into Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 6(2), pages 11-35.
    5. Ali Askin Culha, 2006. "A Structural VAR Analysis of the Determinants of Capital Flows Into Turkey," Working Papers 0605, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    6. Isil Erol & Dogan Tirtiroglu, 2008. "The inflation-hedging properties of Turkish REITs," Applied Economics, Taylor & Francis Journals, vol. 40(20), pages 2671-2696.
    7. Ferda Halicioglu, 2007. "The demand for new housing in Turkey: an application of ARDL model," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(1), pages 62-74.
    8. Zeynep Onder, 2000. "High inflation and returns on residential real estate: evidence from Turkey," Applied Economics, Taylor & Francis Journals, vol. 32(7), pages 917-931.
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    Cited by:

    1. Coskun, Yener, 2011. "Does Power of Political Economy and Regulation Make Istanbul a Financial Center? (Ekonomi Politik ve Düzenlemenin Gücü Istanbul’u Finans Merkezi Yapabilir Mi?) [Does Power of Political Economy and ," MPRA Paper 36847, University Library of Munich, Germany.

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    More about this item

    Keywords

    Turkish real estate market; consumer protection in real estate; real estate appraisal; Real Estate Regulation and Supervision Agency;
    All these keywords.

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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