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ANALYSING THE HOUSING MARKET STRUCTURE IN ROMANIA AND TURKEY UNDER THE GLOBAL FINANCIAL CRISIS EFFECT

By Murat Kıyılar and Ali Hepsen

Abstract

Housing is the most important asset in the portfolio of most households. For allhouseholds it is an important determinant of quality of life. It is a relatively illiquid investment, withan uncertain capital value, and it is generally highly leveraged, which makes it a potentially importantchannel of transmission of monetary policy. On the other hand, housing finance is a crucialimportance to the macro-economic system as mortgage loans account for a large proportion ofbank lending. Indicators related to mortgage market activities and banks’ exposures to real estatelending are also useful indicators for monitoring the health of the banking sector. This article aimsto present a comparative analysis of the housing market structure in Romania and Turkey beforeand after the global financial crisis.Housing Market, Mortgage Loans, Bank Lending, Financial Crisis, Romania, Turkey

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Citations

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