Abstract:

In this study, after 2008 the Mortgage housing crisis in the years 2010-2019 aimed to examine the macroeconomic indicators that determine the price of housing in Turkey. By using macroeconomic indicators such as Exchange Rate, Interest Rate, Money Supply, Economic Growth and Consumer Price Index as explanatory variables, the effects of determining housing prices were tried to be revealed. Maki Cointegration Test (2012) or ARDL Boundary Test was used to examine the long-term relationship between the housing market and selected macroeconomic indicators, taking into account the unit root test results. In addition to Bootstrap Toda-Yamamato causality test developed by Hacker and Hatemi-J (2008) was used to determine the causality relationship between the variables. The results of the study show that there is a long-term cointegration relationship between housing prices and all macroeconomic indicators. Moreover, the existence of a two-way causality relationship between the housing price index and interest rates economic growth, consumer price index and money supply, and one-way causality from the housing prices to the exchange rates were determined. The findings obtained provide valuable information to investors in the housing sector.

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