Türkiye konut sektörü performans analizi
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Dosyalar
Tarih
2019
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Finans Politik ve Ekonomik Yorumlar Dergisi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
ÖZET: Bu çalúma Konut Fiyat Endekslerini kullanarak konut sektörünün performansn di÷er finansal piyasalarla karúlaútrmay amaçlamútr. Bu amaçla öncelikle Türkiye’de konut piyasas di÷er finansal piyasalarla risk/getiri yönünden karúlaútrlmú ve korelasyon iliúkisi açsndan incelenmiútir. Ayrca Sermaye Varlklar Fiyatlandrma Modelinin çeúitli versiyonlar kullanlarak Türk Konut sektörünün piyasa portföyüne göre performans ölçülmeye çalúlmútr. Bir di÷er analiz ise konut sektörü endekslerinin enflasyon karúsndaki koruyuculu÷u üzerine yaplmútr. Sonuçlar analiz edilen 2010-17 dönemi için konut piyasasnn di÷er finansal piyasalara göre getiri ve risk göstergelerine göre avantajl bir yatrm arac oldu÷unu göstermektedir. Di÷er yandan konut piyasasnn enflasyon ile pozitif bir iliúkisi olmad÷ ve bu nedenle teorik beklentinin aksine yatrmcy enflasyon riskine karú koruyamad÷ saptanmútr.
ABSTRACT: This study, by using House Price Indices, analyzes Turkish residential property sector performance in comparison with other financial markets. To this end, the study compared the housing market and other financial markets in Turkey in terms of risk/return relationship and examined the correlation structure of the markets. Furthermore, by using various versions of the Capital Asset Pricing Model, the study analyzes whether the Turkish Housing sector provides abnormal return with respect to the market portfolio. Another relevant question in the study is whether the housing sector provides protection against inflation. The results show that, for the 2010-17 period analyzed, the housing market is an advantageous investment instrument as compared to the other financial markets. On the other hand, contrary to theoretical expectations, it has been found that the housing sector is not positively related to inflation, thus does not provide a hedge against it.
ABSTRACT: This study, by using House Price Indices, analyzes Turkish residential property sector performance in comparison with other financial markets. To this end, the study compared the housing market and other financial markets in Turkey in terms of risk/return relationship and examined the correlation structure of the markets. Furthermore, by using various versions of the Capital Asset Pricing Model, the study analyzes whether the Turkish Housing sector provides abnormal return with respect to the market portfolio. Another relevant question in the study is whether the housing sector provides protection against inflation. The results show that, for the 2010-17 period analyzed, the housing market is an advantageous investment instrument as compared to the other financial markets. On the other hand, contrary to theoretical expectations, it has been found that the housing sector is not positively related to inflation, thus does not provide a hedge against it.
Açıklama
Anahtar Kelimeler
Konut Piyasası, Hisse Senedi Piyasası, Risk, Getiri, Performans, Türkiye, Housing Markets, Equity Markets, Risk, Return, Performance, Turkey
Kaynak
Finans Politik ve Ekonomik Yorumlar Dergisi
