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

• Authors: Mehmet Huseyin Bilgin , Chi Keung Marco Lau , Ender Demir , Nijolė Astrauskienė

Title variants

LT

Rentos kainų konvergencija besivystančioje ekonomikoje

Abstracts

EN

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.

LT

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.

Keywords

EN

Turkey; Housing industry; Major cities of Turkey; Panel unit root test; Rental price movement

• Publisher: Sciendo
• Journal: International Journal of Strategic Property Management
• Year: 2010
• Volume: 14
• Issue: 3
• Pages: 245-257

Contributors

author

Mehmet Huseyin Bilgin

• Kadir Has University, 34083 Cibali-Fatih, Istanbul, Turkey

author

Chi Keung Marco Lau

• Zirve University, Kızılhisar Campus, 27260 Gaziantep, Turkey

author

Ender Demir

• Università Ca'Foscari di Venezia, 30121 Venezia, Italy

author

Nijolė Astrauskienė

• Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania

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Identifiers

DOI

10.3846/ijspm.2010.18