Rental price convergence in a developing economy: New evidence from nonlinear panel unit root test

Mehmet Huseyin Bilgin, Chi Keung Marco Lau, Ender Demir, Nijole Astrauskiene

Research output: Contribution to journalArticle

2 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)245-257
Number of pages13
JournalInternational Journal of Strategic Property Management
Issue number3
Publication statusPublished - 2010
Externally publishedYes


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