Hedonic Analysis of Price in the Istanbul Housing Market

• Authors: Berna Keskin

Title variants

LT

Stambulo Būsto Rinkos Kainų Hedoninė Analizė

Abstracts

EN

The purpose of this paper is to explore the factors that affect housing prices in Istanbul. A hedonic price model is employed in order to examine housing price determinants with respect to property characteristics, socio-economic characteristics, neighbourhood quality characteristics, and locational factors. The results reveal that housing prices are affected by these factors: living area size, being in a low storey building, being in a secured site (with swimming pool and garage), and age of the building. In addition to these determinants, the length of time the inhabitants have lived in Istanbul, the average income of the household, neighbour satisfaction and earthquake risk of the area have effects on the residential prices in Istanbul. Further research is suggested by constructing a second model that includes neighbourhood dummy variables as a proxy for submarkets, and a multi-level modelling framework will be employed in order to analyse the urban housing submarket system.

LT

Šiame darbe siekiama išnagrinėti veiksnius, kurie daro įtaką būsto kainoms Stambule. Pasitelkus hedoninį kainų modelį, tyrinėjami būsto kainas lemiantys veiksniai, atsižvelgiant į nekilnojamojo turto charakteristikas, socialinius-ekonominius veiksnius, apylinkių kokybės bruožus ir vietos veiksnius. Rezultatai rodo, kad būsto kainoms įtaką daro tokie veiksniai: gyvenamosios teritorijos dydis, pastato aukštingumas, buvimas sklype ir pastato amžius. Be šių veiksnių, būsto kainas Stambule veikia ir laikas gyventas mieste, vidutinės namų ūkio pajamos, patinkantys kaimynai bei žemės drebėjimų rizika toje teritorijoje. Siūloma atlikti tolesnius tyrimus, suformuojant antrą fiktyviuosius apylinkių kintamuosius apimantį modelį, kuris bus taikomas kaip subrinkų pakaitalas, o naudojant daugialypę modeliavimo struktūrą bus siekiama išanalizuoti miesto būsto subrinkos sistemą.

Keywords

EN

Residential property market; Housing prices; Hedonic price models; Istanbul

• Publisher: Sciendo
• Journal: International Journal of Strategic Property Management
• Year: 2008
• Volume: 12
• Issue: 2
• Pages: 125-138

Contributors

author

Berna Keskin

• Department of Town and Regional Planning, University of Sheffield, Western Bank, Sheffield, S10 2TN, United Kingdom

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Identifiers

DOI

10.3846/1648-715X.2008.12.125-138