RESIDENTIAL LOCATION AND HOUSING VALUES: AN ASSESSMENT OF REAL ESTATE VALUE DISTRUBITION IN ISTANBUL

Kerem Yavuz Arslanli, Vedia Dokmeci and Ferhan Gezici

ERES from European Real Estate Society (ERES)

Abstract: The aim of this paper is to examine residential location and housing value relations in Istanbul. In order to assess the degree of relation the MoraníI test of statistical distribution method is used. The dataset gathered from real estate agencies and weekly press releases covering 4 municipalities and 1.2 million households in 63 sub-districts. From 2000 to 2005 the change in the sales prices of the house values after the 1999 earthquake and before the 2001 economic crisis to the real estate boom of 2004. The type of the houses that were located among highly dense population lost more value than others in less dense areas of Istanbul. Fact that Istanbul separated into two continents, location and the distribution of the housing supply were unbalanced between Europe and Asia. European side is highly concentrated on office and industrial locations besides Asian side is more on housing. This factor stimulates the land values on each side of Istanbul to follow the trend in all cases. Distribution of the house values highly correlated to transportation, land use, population and density. Findings of the analysis indicates that residential location and housing values are correlated in acceptable significance value in MoraníI test (R=0.6954), but even this shows the positive interaction between residential location and housing value relation.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2006-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2006_118

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