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Housing Submarkets in Istanbul

Author

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  • Elif Alkay

    (Istanbul Technical University, Faculty of Architecture, Department of Urban and Regional Planning, Taskisla, 34437 Taksim / Istanbul, Turkey)

Abstract

This 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.

Suggested Citation

  • Elif Alkay, 2008. "Housing Submarkets in Istanbul," International Real Estate Review, Global Social Science Institute, vol. 11(1), pages 113-127.
    • Handle: RePEc:ire:issued:v:11:n:01:2008:p:113-127
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    References listed on IDEAS

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    Cited by:

    1. Renigier-Biłozor, Małgorzata & Janowski, Artur & Walacik, Marek & Chmielewska, Aneta, 2022. "Modern challenges of property market analysis- homogeneous areas determination," Land Use Policy, Elsevier, vol. 119(C).
    2. Berna Keskin & Craig Watkins, 2017. "Defining spatial housing submarkets: Exploring the case for expert delineated boundaries," Urban Studies, Urban Studies Journal Limited, vol. 54(6), pages 1446-1462, May.
    3. Tuğçe Acar, 2021. "Determining Housing Prices Using The Semiparametric Estimation Within The Hedonic Price Model Framework: Case Study of Istanbul Housing Market Example," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 5(3), pages 561-575.
    4. Turgay Kerem Koramaz, 2013. "A Dualistic Manner In Spatial Analysis: Location And Sector Based Investigations For Housing Price Determinants," ERSA conference papers ersa13p1062, European Regional Science Association.
    5. Tuğçe Acar, 2020. "Determining Housing Prices Using The Semiparametric Estimation Within The Hedonic Price Model Framework: Case Study of Istanbul Housing Market Example," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 5(3), pages 561-575.

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    More about this item

    Keywords

    housing submarkets; average household income in neighbourhoods; Istanbul;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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