Housing Submarkets in Istanbul

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

International Real Estate Review, 2008, vol. 11, issue 1, 113-127

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.

Keywords: housing submarkets; average household income in neighbourhoods; Istanbul (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (5)

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