TY - JOUR
T1 - Rental price convergence in a developing economy
T2 - New evidence from nonlinear panel unit root test
AU - Bilgin, Mehmet Huseyin
AU - Lau, Chi Keung Marco
AU - Demir, Ender
AU - Astrauskiene, Nijole
PY - 2010
Y1 - 2010
N2 - 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.
AB - 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.
KW - Housing industry
KW - Major cities of turkey
KW - Panel unit root test
KW - Rental price movement
KW - Turkey
UR - http://www.scopus.com/inward/record.url?scp=77956626541&partnerID=8YFLogxK
UR - http://www.tandfonline.com/toc/tspm20/current
U2 - 10.3846/ijspm.2010.18
DO - 10.3846/ijspm.2010.18
M3 - Article
AN - SCOPUS:77956626541
VL - 14
SP - 245
EP - 257
JO - International Journal of Strategic Property Management
JF - International Journal of Strategic Property Management
SN - 1648-715X
IS - 3
ER -