Housing Submarkets in Istanbul
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.
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/
|Order Information:|| Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA|
Web: http://www.asres.org/ Email:
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vladimir Bajic, 1985. "Housing-Market Segmentation and Demand for Housing Attributes: Some Empirical Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 58-75.
- Dale-Johnson, David, 1982. "An alternative approach to housing market segmentation using hedonic price data," Journal of Urban Economics, Elsevier, vol. 11(3), pages 311-332, May.
- Goodman, Allen C. & Thibodeau, Thomas G., 1998. "Housing Market Segmentation," Journal of Housing Economics, Elsevier, vol. 7(2), pages 121-143, June.
- Sonstelie, Jon C. & Portney, Paul R., 1980. "Gross rents and market values: Testing the implications of Tiebout's hypothesis," Journal of Urban Economics, Elsevier, vol. 7(1), pages 102-118, January.
- Goodman, Allen C. & Thibodeau, Thomas G., 2003. "Housing market segmentation and hedonic prediction accuracy," Journal of Housing Economics, Elsevier, vol. 12(3), pages 181-201, September.
- Rothenberg, Jerome & Galster, George C. & Butler, Richard V. & Pitkin, John R., 1991. "The Maze of Urban Housing Markets," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226729510, July.
- Schnare, Ann B. & Struyk, Raymond J., 1976. "Segmentation in urban housing markets," Journal of Urban Economics, Elsevier, vol. 3(2), pages 146-166, April.
- Steven C. Bourassa & Eva Cantoni & Martin Hoesli, 2005. "Spatial Dependence, Housing Submarkets, and House Prices," FAME Research Paper Series rp151, International Center for Financial Asset Management and Engineering.
- Allen, Marcus T & Springer, Thomas M & Waller, Neil G, 1995. "Implicit Pricing across Residential Rental Submarkets," The Journal of Real Estate Finance and Economics, Springer, vol. 11(2), pages 137-151, September.
- Mahlon R. Straszheim, 1975. "An Econometric Analysis of the Urban Housing Market," NBER Books, National Bureau of Economic Research, Inc, number stra75-1.
- Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-222, Jan.-Marc.
- M.J. Ball & R.M. Kirwan, 1977. "Accessibility and Supply Constraints in the Urban Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 14(1), pages 11-32, February.
- Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
- Bourassa, Steven C. & Hoesli, Martin & Peng, Vincent S., 2003.
"Do housing submarkets really matter?,"
Journal of Housing Economics,
Elsevier, vol. 12(1), pages 12-28, March.
- Craig A Watkins, 2001. "The definition and identification of housing submarkets," Environment and Planning A, Pion Ltd, London, vol. 33(12), pages 2235-2253, December.
When requesting a correction, please mention this item's handle: RePEc:ire:issued:v:11:n:01:2008:p:113-127. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (IRER Secretary Office/Webmaster)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.