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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, Asian Real Estate Society, 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. 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.

    More about this item

    Keywords

    housing submarkets; average household income in neighbourhoods; Istanbul;

    JEL classification:

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

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