Assessment framework of economic sustainability for current housing stock: case of Türkiye

Abstract

PurposeSustainable development requires a healthy housing stock and market for nations. However, economic conditions pose major obstacles in the housing sector particularly in T & uuml;rkiye. To ensure that sustainability is measurable, the use of sustainability indicators and the evaluation of their impacts are gaining importance. This study aims to create a framework for economic sustainability in the housing stock, identifying and prioritizing key indicators and creating a database by compiling certain indicators from the literature so that economic sustainability can be measured, particularly in the context of current housing stock and real estate.Design/methodology/approachFor the aim of developing primary themes and establishing a framework to enhance the economic sustainability of the housing stock, identifying solution categories associated with these themes and indicating potential areas for addressing the identified issues is crucial. After predicting the problem, first, a systematic literature review was conducted and selected studies were utilized to compile a comprehensive list of economic sustainability indicators for the housing stock. To avoid redundancy, indicators with overlapping meanings were consolidated or redefined. Secondly, a Delphi survey was conducted to rank the economic sustainability indicators, which were compiled through the literature review, according to their importance and priority as assessed by experts and to statistically analyze their responses.FindingsAccording to the Delphi survey results, mortgage interest rates, categorized under the theme of affordability and availability, emerged as a critical indicator of the economic sustainability of housing stock in T & uuml;rkiye. Inflation rates indicator, which is under the financial reliability title, is the second most important indicator by a small margin. In addition, according to the averages of these two topics, affordability and availability and financial reliability are more decisive than other themes in this order. These survey results underline the centrality of economic factors, particularly mortgage interest rates and inflation, in ensuring the sustainability of housing stock. The emphasis on affordability and financial reliability highlights the necessity of targeted policy measures to address economic vulnerabilities and stabilize housing markets in T & uuml;rkiye. Consequently, this study approached economic sustainability from a housing stock perspective, offering a broader, macro-scale analysis of the issue.Originality/valueTo achieve economic sustainability in housing stock, a coordinated approach involving the government, financial institutions, community, real estate market and the private sector is essential. The government must implement policies that regulate mortgage rates, inflation and infrastructure development, while financial institutions should provide affordable housing finance options. The community plays a key role in supporting sustainable housing initiatives, and the real estate market must adapt to demand to ensure stability. The private sector can drive innovation, particularly in appropriate technology and housing quality, helping to improve affordability and efficiency. Together, these sectors can foster a stable, sustainable housing market that benefits future generations. However, the results suggest that government, financial institutions and the real estate market play critical roles in ensuring economic sustainability.