Türkiye konut piyasasının analizi ve alternatif konut finansman modelleri

dc.contributor.advisor Çıracı, Murat
dc.contributor.author Mutluay, Semra
dc.contributor.authorID 21756
dc.contributor.department Mimarlık
dc.date.accessioned 2023-03-02T13:24:05Z
dc.date.available 2023-03-02T13:24:05Z
dc.date.issued 1992
dc.description Tez (Yüksek Lisans) -- İstanbul Teknik Üniversitesi, Fen Bilimleri Enstitüsü, 1992 tr_TR
dc.description.abstract İnsanın temel gereksinmelerinden biri olan barınma gereksinme si, ekonomik bir mal olan konut tarafından karşılanır ve bu gereksin me başka bir nesneyle ikame edilemez. Konutun diğer mallardan farklı olan özellikleri piyasa sürecini etkilemekte, böylece konut piyasası diğer mal piyasalarından farklı bir niteliğe bürünmektedir. Konut sorununa yol açan nedenlerden bazıları piyasanın bu kendine özgü" özel liklerinden kaynaklanmaktadır. Bu nedenle Türkiye konut piyasası bir sistem çerçevesi içinde ele alınmış ve. dinamiği, buna bağlı olarak da problematiği ortaya konmuştur. Konutun ikame edilemeyen bir temel gereksinme oluşu, devletin konut piyasasına müdahalesini zorunlu kılmaktadır. Ancak devletin konut politikalarının başarısı ülkenin sosyo-ekonomik koşullarına ve bu politikalara yeterli işlerliğin kazandırılmasına bağlıdır. Türki ye'de bugüne kadar konut konusuyla ilgili olarak bir çok uygulama yü rürlüğe konmuştur. Ancak bu uygulamaların aksaklıklar ve yanlışlık lar içermesi ve yüksek enflasyonun hane halklarının tasarruf ve satın alma gücünü büyük ölçüde azaltması istenen başarı düzeyine ulaşılması nı engellemiştir. Türkiye'de konut finansman modellerinin aksaklıklarını ortaya koymak ve bu konularda önerilerde bulunabilmek için dış ülkelerdeki başarılı uygulamalarla karşılaştırılması gereklidir. Bu amaçla yapı lan çalışmada önce konut finansman modellerinin temel özellikleri saptanmış, daha sonra- Türkiye ve dış ülkelerdeki mevcut uygulamalar önemli temel özelliklere göre tipleştirilmişti.r. Elde edilen tiple rin karşılaştırılması ve değerlendirilmesi sonucunda Türkiye'deki ko nut finansman modellerinin aksaklıkları ve darboğazları belirlenmiş tir. Bu konularla ilgili olarak gereken araştırma ve düzenlemelerin yapılmasıyla konut sorununda önemli gelişmeler sağlamak mümkündür. tr_TR
dc.description.abstract Therefore, the balance can only be realized in the locally differing submarkets. Balanced and unbalanced sub- markets can exist at the same time (A balanced housing market means that the supply is equal to the demand, so there is not any housing deficit). The house is a durable and long living good. In addition, its life can be prolonged by maintenance and reparation. Because of the du­rability and longevity, a house can be active in the market for a long time and supplied many times during its life. So the housing market is divided into new and second-hand housing markets. On average, the production of a house takes two years. Because of the long production period of the good, it is difficult to estimate its marketing chance after being completed. Therefore, the supplier must consider the changes and trends in the demand. In addition, there is a time interval between the moment at which it is noted that the demand is declining and the moment at which the supply beings to decline. Therefore, sudden interventions are impossible and it is difficult to adjust the production to the changing market conditions. The production costs of the house are high. This makes it extremely difficult for both suppliers and demanders to finance the whole cost of the house from their own financial sources. They need long-term credits with a low interest rate. So, the housing market becomes dependent on the behaviours and trends in the capital market. The amounts of the interests paid for the credits used lead the house­holds to higher housing costs or housing expenses. Houses are heterogen goods. The heterogenity of the houses divides the housing market into a number of submarkets differing from each other in respect of the subject. There is a difference between the freehold and leasehold houses and between the new and second-hand houses. In addition, the characteristics like square, quality, age, location, etc. makes it necessary to treat each house as an individ­ual good. Some problems in the housing market stem from these character­istics. Even in countries without a numeral housing deficit, there are locations of which the housing need is not met completely yet. The same can be said for some income groups or for some household types. So it can be suggested that there is a housing problem in every country. The demander in the housing market is the household. The de­velopments in the qualitative and quantitative structure of the house­holds in the country are the determinants of the housing need. The trends therein must be taken into account when estimating the housing need of the society in the future. In Turkey, rapid population in­crease and urbanization are most important factors in this respect. Only in cities, the housing need arising from these two factors is about 400.000 units per year. But this need cannot be converted into demand by supporting the purchase power of the households. As there is not a strong demand the supply decreases and the housing deficit grows. In the housing market, there are several groups supplying houses to households. Before supplying the good they demand some inputs, such as land, building material, labour, equipment, energy and capital in order to produce the good. As a result, the suppliers are affected by the submarket conditions when determining the prices. The suppliers in the housing market differ in respect of investment determinants, structures of organization, behaviors and types of houses they supply. It must be also considered that the supplier and the producer of the houses can be different groups. The housing market itself is a submarket of the general economy and is affected by its conditions and dynamics, so the demand and the supply in the housing market increases or decreases. The main macro- economic factors affecting the housing market in Turkey are gross na­tional product (GNP) per head, distribution of income and rate of inflation. The low GNP in Turkey makes the savings and the funds to fi­nance the investments insufficient. The insufficiency of the funds to be 1 ended affects the speed of investments and growth negatively. Even the level of investments can be increased by means of other possibilities, housing sector cannot get any priority. The inequity of the income distribution in Turkey and that only the one-fifth of the population receives more than the half of the total income cause the production of expensive houses according to the consumption forms and preferences of this small group. It is clear that the rest of the population cannot demand these expensive houses. The high inflation rate in Turkey affects both the households and the suppliers negatively. On the household side, inflation for­tifies the willingness for ownership, but on the other side, the real income of the household decreases and it becomes difficult to save money for house. Purchase and/or the savings become insufficient. On the sup­plier side, the interest rates increasing because of the inflation let the suppliers to face a cash-flow problem. The suppliers de­crease their production because of the scarcity of cash sources while the demand is also decreasing at the same time. As a result, housing deficit grows. The growth of the housing deficit results in higher rents and in stronger need for ownership. But this need cannot be converted into demand because of the reasons stated above. Housing is an insubstitutable basic need. Therefore, the state has to constitute social policies and legal arrangements in order to meet the housing need of the population. In Turkey, a num­ber of legislation have been put into effect until 1984, but they have been insufficient to meet the need. The main reason for this was that the sources of the funds for housing finance were depending on the Treasury. As the public revenues was restricted, the sources transfered to these funds could not be sufficient. Housing Act Nr. 2985 legislated in 1984 is a positive arrangement in this respect. The fund constituted according to this Act is independent from the Treasury, but its sources are fortuitous and not able to finance itself automatically. For instance, 27 per cent of the revenues of the fund is transfered from the funds received by the fuel-oil sales. Similarly, 34 per cent is received from the sales of domestic and imported Monopoly materials. A scarcity in fuel-oil sales or in foreign exchange reserves like during the 1970s can restrict the rev­enues of the fund extremely. New arrangements are necessary to obtain that the fund becomes independent from certain sources and can finance itself automatically. In addition, some defaults in the credit system obstruct the level of success wanted. For instance, there is not any method to compare the value of. the house to the income of the credit demander. Therefore, individuals intend houses of a price exceeding their sol­vency. In this case, instalments are not paid regularly and sometimes not at all. In short, radical changes in the credit system are neces­sary. In order to decide what the new arrangements can be, the housing finance systems in Turkey should be compared to the systems being practised in developed countries. And in order to achieve this, the systems in those countries should be studied. Germany and Great Britain are countries which have been de­stroyed seriously during the Second World War, but have been very successfull in solving the housing problem in spite of the difficul­ties they had faced after the war. In Germany, the state has not entered into the housing market as an investor, but has obtained the transfer of private funds to house-building by means of tax reliefs. Both the production and the ownership of houses have remained also to individuals. In Great Britain, the intervention of the state to the housing market is directly. There are some tax relief to house­building and ownership, but the state itself build houses in order to lease them to low income groups. In both countries, there are several institutions giving housing credits to households. The main, reason of the great success of these two countries in solving the housing problem is that an effective "saving-for-housing" system is realized. As said before, the housing finance models in Turkey should be compared to the successfull models in foreign countries in order to find out the insufficient aspects they contain and to propose some solutions. To achieve this comparison, the models of three countries must be typificated in respect of the basic characteristics in a housing finance model. By comparison and valuation of the types obtained in this way, it is possible to suggest new solutions about the irrational events. The basic characteristics in a housing finance model are: Sources of funds Terms of the credits Interest rates of the credits Savings for housing Subsidies. When the credit model of the Housing Act Nr. 2985 is compared to the German and British models, it can be seen that it is a saving -for-housing model, but its running contains some insufficiencies and defaults. The problems in the system stem from these aspects. The insufficient aspects of the Act which need to be improved are as follows: The sources of the fund are independent from the Treasury. Instead, they are dependent on conjuncture and on government policies. The fund cannot finance itself. In addition, more than half of the total amount is transferred to other subjects but housing. The amount of the credit is not determined as a percentage of the value of the house credited, but as a sum of money. In addition, the amount of'.the saving-for-housing is .also not a percentage of the value of the house, but a percentage of the credit amount. Therefore, the contribution of the instalments to the fund and to the cost of the house is low. The value of the house wanted to purchase and the income level of the credit demander are not compared. In addition, the income level of the credit demander is not considered when determining the instalments of saving-for-housing and back-paying. Therefore, in­dividuals intend houses of prices exceeding their solvency. In this case, instalments are paid irregularly during the saving-for- housing period and also during the back-paying period. The square of the house is the only criterion taken into considera­tion while determining the credit amount. Any other factor, such as location of the house, income of the individual, size of the household, etc. is not considered. Therefore, the credits are sometimes transferred to houses or households which do not need any credit in deed. Interest rates are indexed to inflation rates. This attitude is a must. Otherwise, it is impossible to keep the fund in its real value. But the high inflation rate in Turkey results in high in­terest amounts paid for the credits used and therefore, the housing expenses of the households become higher. Any subsidy, like housing premium or tax relief, does not exist. The housing relief paid for the working class is not a subsidy of the state in fact, because it is paid by the employer. In order to improve the saving-for-housing model in Turkey, German and English models should be taken as examples. The principles which must be adopted in such a model are as follows: The sources of the housing funds must be chosen carefully, so it can be obtained that the funds finance themselves. For instance, securities or obligations can be emited. Methods should be developed for comparison of the house value to the income of the credit demander. So, it can be obtained that in­dividuals do not intend houses exceeding their solvency and that instalments can be paid regularly. Regular payments would keep the funds in a certain level. - Each house should be treated and valuated as an individual good. The credit amount should be determined as a percentage of the value. The difference between the house value and the credit amount should be saved by regular payments. When determining the amount of inr stalments, the income level of the credit demander should be taken into consideration. In addition to these improvements, the feasability of other applications, such as emission of obligations with property guarantee, public security, insurance policy, state subsidies, etc. should be researched. If legal arrangements consisting with the conditions of Turkey can be developed the housing market can be brought into action in all respects en_US
dc.description.degree Yüksek Lisans
dc.identifier.uri http://hdl.handle.net/11527/22238
dc.language.iso tr
dc.publisher Fen Bilimleri Enstitüsü
dc.rights Kurumsal arşive yüklenen tüm eserler telif hakkı ile korunmaktadır. Bunlar, bu kaynak üzerinden herhangi bir amaçla görüntülenebilir, ancak yazılı izin alınmadan herhangi bir biçimde yeniden oluşturulması veya dağıtılması yasaklanmıştır. tr_TR
dc.rights All works uploaded to the institutional repository are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. en_US
dc.subject Gelişmiş ülkeler tr_TR
dc.subject Konut finansmanı tr_TR
dc.subject Konut piyasası tr_TR
dc.subject Türkiye tr_TR
dc.subject Developed countries en_US
dc.subject Housing finance en_US
dc.subject Housing market en_US
dc.subject Turkey en_US
dc.title Türkiye konut piyasasının analizi ve alternatif konut finansman modelleri
dc.title.alternative The Analysis of the housing market in Turkey and alternative models for housing finance
dc.type Tez
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