Housing Submarkets in Istanbul

Elif Alkay*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

19 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)113-127
Number of pages15
JournalInternational Real Estate Review
Volume11
Issue number1
DOIs
Publication statusPublished - 1 Jun 2008

Bibliographical note

Publisher Copyright:
© 2008, Global Social Science Institute. All rights reserved.

Keywords

  • average household income in neighbourhoods
  • Housing submarkets
  • Istanbul

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