Abstract
This paper investigates the housing market bubbles and the predictive nature of returns in Turkey by employing the Fully Modified OLS and the Dynamic OLS on time series data from January 2010-January 2019.The study provides new evidence on the long run boom in Turkish house prices. The drivers behind changes in house prises are discussed, ranging from accommodation services, construction and business tendency to changes in rent for housing. The results reveal a positive relationship between accommodation services and house prices at a significance level of 1%. Accordingly, a positive association exists amid construction and business tendency with house sales price. On a final note, average housing rents show a negative and insignificant response to changes in house sale prices in Turkey.
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