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2010 | 14 | 3 | 245-257

Article title

Rental Price Convergence in a Developing Economy: New Evidence from Nonlinear Panel Unit Root Test


Title variants

Rentos kainų konvergencija besivystančioje ekonomikoje

Languages of publication


We examine the hypothesis of nonlinear rental price convergence using relative rental price index of three major cities of Turkey namely, Istanbul, Izmir, and Ankara span from the period from January 1994 to February 2010. Our results indicate that all cities exhibit rental price convergence towards its national mean level for the period of January 1994 to December 2004. In contrast, none of the cities show evidence of convergence from January 2005 to February 2010. The evidence clearly shows rental price divergence in Turkish property market.
Darbe tikrinama trijų pagrindinių Turkijos miestų - Stambulo, Izmiro ir Ankaros - netiesinės rentos kainų konvergencijos hipotezė nuo 1994 m. sausio mėn. iki 2010 m. vasario mėn., taikant santykinį rentos kainų indeksą. Tyrimų rezultatai rodo, kad nuo 1994 m. sausio mėn. iki 2004 m. gruodžio mėn. visuose miestuose rentos kainos artėjo prie vidutinio nacionalinio lygio. Priešingai, tokios konvergencijos įrodymų negauta nė vieno miesto atžvilgiu nuo 2005 m. sausio mėn. iki 2010 m. vasario mėn. Faktai aiškiai rodo Turkijos nekilnojamojo turto rinkos rentos kainų divergenciją.









Physical description


  • Kadir Has University, 34083 Cibali-Fatih, Istanbul, Turkey
  • Zirve University, Kızılhisar Campus, 27260 Gaziantep, Turkey
  • Università Ca'Foscari di Venezia, 30121 Venezia, Italy
  • Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania


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