Effects of Urban Planning on Real Estate Property Values

Kerem Yavuz Arslanli, Denizhan Yalyn and Vedia Dokmeci

ERES from European Real Estate Society (ERES)

Abstract: Urban Planning and Real Estate values, are became essential to be researched deeply on a basis of the economic structure, which is shaped by the variable conditions of the country and the world which are lately having an increasing importance in our country. In the same way, the arrangements on the real estate which are made considering the decisions taken from the planning activities on the urban and rural areas, and the new structure considering this, make the real estate valuation and the planning activities necessary to be studied together. Real estate valuation, which has many lacks about the legal arrangements in our country, makes the problems worse due to the false applications of the laws and regulations. This paper will evaluate the effects of urban planning on the price of newly zoned rural areas of Istanbul. In this study, urban planning applications in small town at the periphery of Istanbul Metropolitan Area have been examined. Industrial zoned area well developed under very short period of time after planning application. Although surrounded by industrial vacant land, application of urban plans gets attraction of local and international companies. Infrastructure and amenities that provided by municipality leveraged the value of property values both on industrial and housing zones. Statistical analysis and geographical information systems (GIS) used to find out the evidence of value changes caused by urban planning. Data collection and statistical analysis are combined with GIS applications to reveal more sophisticated results. Another finding of the study is the social feedback from urban plans. Premium that gained by controlled growth; lead peoples prejudice on Urban Planning to change and surrounding towns start a development under Master Plan for more strong sustainable city development.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2005-01-01
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