The effect of COVID-19 pandemic on residential real estate prices: Turkish case

This study investigates the effect of the COVID-19 pandemic on the residential real estate prices in Turkey. This study indicates the effect of COVID-19, loan package, macroeconomic and behavioral control variables on abnormal returns of residential real estate prices during the event window. This s...

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Bibliographic Details
Published inQuantitative finance and economics Vol. 5; no. 4; pp. 623 - 639
Main Authors Kaynak, Selahattin, Ekinci, Aykut, Kaya, Havvanur Feyza
Format Journal Article
LanguageEnglish
Published AIMS Press 01.01.2021
Subjects
covid-19
event study
panel data
the residential real estate prices
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Summary:This study investigates the effect of the COVID-19 pandemic on the residential real estate prices in Turkey. This study indicates the effect of COVID-19, loan package, macroeconomic and behavioral control variables on abnormal returns of residential real estate prices during the event window. This study consists of three econometric steps. Firstly, the abnormal returns of the residential real estate prices are obtained by using an event study. Secondly, the effect of the COVID-19 pandemic on abnormal returns of residential real estate prices was estimated by panel data analysis for regional and city levels. According to the findings of the city level, the COVID-19 pandemic has a negative effect on abnormal returns of residential prices, as expected. However, the regional analysis shows mainly a positive COVID-19 effect.
ISSN:2573-0134
2573-0134
DOI:10.3934/QFE.2021028