Özet:

Bubble in asset prices; It is defined as the asset's excess of real value with rapid price increases. The recent rapid price increases in housing prices also cause the existence of a bubble in housing prices in Türkiye to be questioned. In the study, the presence of a housing price bubble between January 2010 and October 2022 in across Türkiye and 3 metropolitan cities, namely Istanbul, Ankara and Izmir, was analyzed with the SADF and GSADF test methods, which are Right-Tailed ADF tests. Nominal hedonic new house price indices, nominal hedonic non-new house price indices and nominal house unit prices data for the across Türkiye and 3 metropolitan cities are provided via the Central Bank of the Republic of Türkiye (CBRT) Electronic Data Distribution System (EDDS). Due to the inflation effect, which has been particularly striking in recent years, each of the variables has been used in real terms with monthly Producer Price Inflation (PPI). In the study, in which the multiple price bubbles was determined, it is seen that the effect of the bubble extending from 2020 to the present continues across Türkiye and in 3 metropolitan cities. Ankara was the province with the lowest price bubbles in new housing, non-new housing and housing unit prices. In terms of housing unit price, İzmir draws attention as the metropolitan city that reached the highest level by surpassing Istanbul in bubble formation.

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