Housing Submarkets in Istanbul
AbstractThis study tests the hypothesis that in a segmented housing market, housing price structure is different in each segment and whole market area price structure does not reflect a realistic housing price structure effectively. Submarket existence is tested in order to average household income in neighbourhoods in the Istanbul housing market. Whether the consequential variations in prices in each segment have large effects on the overall prices of housing is emphasized by the replication of the Schnare and Struyk (1976) process. The empirical results show that as a stratifier, average household income in neighbourhoods affects housing prices in each segment and, considering the submarkets based on average household income in neighbourhoods, is an effective for the Istanbul housing market. Implicit attribute prices vary and there is a statistically significant difference in the prices of each segment. These differences have a large effect on the overall price of housing.
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Bibliographic InfoArticle provided by Asian Real Estate Society in its journal International Real Estate Review.
Volume (Year): 11 (2008)
Issue (Month): 1 ()
Contact details of provider:
Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web page: http://www.asres.org/
Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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