Türkiye Konut Sektörü Performans Analizi

Bu çalışma Konut Fiyat Endekslerini kullanarak konut sektörünün performansını diğer finansal piyasalarla karşılaştırmayı amaçlamıştır. Bu amaçla öncelikle Türkiye'de konut piyasası diğer finansal piyasalarla risk/getiri yönünden karşılaştırılmış ve korelasyon ilişkisi açısından incelenmiştir. Ayrıca Sermaye Varlıkları Fiyatlandırma Modelinin çeşitli versiyonları kullanılarak Türk Konut sektörünün piyasa portföyüne göre performansı ölçülmeye çalışılmıştır. Bir diğer analiz ise konut sektörü endekslerinin enflasyon karşısındaki koruyuculuğu üzerine yapılmıştır. Sonuçlar analiz edilen 2010-17 dönemi için konut piyasasının diğer finansal piyasalara göre getiri ve risk göstergelerine göre avantajlı bir yatırım aracı olduğunu göstermektedir. Diğer yandan konut piyasasının enflasyon ile pozitif bir ilişkisi olmadığı ve bu nedenle teorik beklentinin aksine yatırımcıyı enflasyon riskine karşı koruyamadığı saptanmıştır.

Performance Analysis Of Property Sector in Turkey

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.

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