Analysis of Spatial Dependence in Real Estate Prices: Evidence from an Emerging Market

Orcun Morali () and Neslihan Yilmaz ()
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Orcun Morali: Bogazici University
Neslihan Yilmaz: Bogazici University

No 8209533, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: Real estate properties are naturally location-fixed, therefore, a spatial dependence is expected. When location-specific factors persist over time, spatial autocorrelation is likely to exist in a hedonic pricing regression. Spatial autocorrelation causes problems in the interpretation of the regression results due to inefficient estimators or complex models. The focus of this study is to identify and test the determinants of spatial dependence in the real estate market. Using a novel data set, our study contributes to the literature as we identify the specific spatial dependence factors through the analysis of different types of housing markets and extend the literature to an emerging market.

Keywords: Real estate; Spatial Autocorrelation; Emerging Markets (search for similar items in EconPapers)
JEL-codes: G19 (search for similar items in EconPapers)
Pages: 1 page
Date: 2018-07
New Economics Papers: this item is included in nep-ure
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Published in Proceedings of the Proceedings of the 39th International Academic Conference, Amsterdam, Jul 2018, pages 153-153

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:8209533

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