Efficiency in real estate market: A field study on the real estate market in Turkey

Real estate markets, with their pioneering feature, are one of the most important markets of the economy in terms of macroeconomic balances such as growth, development and employment. The increase in the efficiency level of the real estate sector creates positive effects on all these macroeconomic indicators, causing a revival in the economy in general. The indexes published by the CBRT and TÜİK on real estate markets in Turkey either represent only a narrow single dimension of the market or are weak to use because they are based on perception. In this thesis study, "Turkey Real Estate Markets Composite Index" was prepared by using the methodology of preparing a combined indicators index with ten variables taken to represent these dimensions in ten dimensions that are thought to affect the real estate markets in general in Turkey. The year 2010 was taken as the base year for the variables used in the preparation of the index. The benchmarking of the prepared index with selected indicators and its predictive power for the years 2021-2022 were tested. As a result of the study, the three strongest variables affecting this index were determined. Accordingly, housing loan interests come first, representing the sustainable finance dimension. In the second place, the variable of issuance of real estate-based financial instruments, representing the advanced financial instruments dimension, comes. In the third place, it has been determined that the number of real estate appraisers represents the real estate valuation dimension.