For further studies, a second model will be employed, which includes neighbourhood dummy variables as a proxy for submarkets, and a multi-level modelling framework as the main analytical tool. The results of this can then be compared to those generated by two different forms of the standard hedonic model. The comparative analysis focuses on the estimated coefficients, significance and explanatory power of the models. Furthermore, the spatial pattern of the residuals will be explored and GIS techniques will be used to systematically examine the weaknesses of the different modelling approaches.
ACKNOWLEDGEMENTS
I would like to thank two anonymous referees and Dr. Tom Kauko for their helpful, constructive comments. I am grateful to my PhD supervisor Dr. Craig Watkins who provided valuable suggestions that considerably improved this paper and the research. Any errors are naturally my own responsibility.
Received 9 January 2008; accepted 27 March 2008
REFERENCES
Adair, A., Berry, J. and McGreal, W.S. (1996) Hedonic modelling, housing submarkets and residential valuation, Journal of Property Research, 13(1), pp. 67-83.
Basu, S. and Thibodeau, T.G. (1998) Analysis of spatial autocorrelation in house prices, Journal of Real Estate Finance and Economics, 17(1), pp. 61-85.
Bourassa, S.C, Hamelink, F., Hoesli, M. and MacGregor, B. (1999) Defining housing submarkets, Journal of Housing Economics, 8(2), pp. 160-183.
Bourassa, S.C., Cantoni, E. and Hoesli, M. (2007) Spatial dependence, housing submarkets, and house price prediction, Journal of Real Estate Finance and Economics, 35(2), pp. 143-160.
Clapp, J.M. and Wang, Y. (2006) Defining neighbourhood boundaries: Are census tracts obsolete? Journal of Urban Economics, 59(2), pp. 259-284.
Eurostat (2007) Statistical Office of the European Communities. [Online] Available at: http:// ec.europa.eu/eurostat/
Fletcher, M., Gallimore, P. and Mangan, J. (2000) The modelling of housing submarkets, Journal of Property Investment and Finance, 18(4), pp. 473-487.
Gallimore, P., Fletcher, M. and Carter, M. (1996) Modelling the influence of location on value, Journal of Property Valuation and Investment, 14(1), pp. 6-19.
Goodman, A.C. and Thibodeau, T.G. (1998) Housing market segmentation, Journal of Housing Economics, 7(2), pp. 121-143.
Goodman, A.C. and Thibodeau, T.G. (2003) Housing market segmentation and hedonic prediction accuracy, Journal of Housing Economics, 12(3), pp. 181-201.
Gokmen, G.P., Yuksel, D.Y., Erkok, F., Alkiser, Y. and Keskin, B. (2006) Evaluating and reducing earthquake risks of squatter settlements in Istanbul, Open House International, 31(1), pp. 116-124.
IBB (2007) Istanbul Buyuksehir Belediyesi [Istanbul Metropolitan Municipality]. [Online] Available at: www.ibb.gov.tr.
Ioannides, Y.M. (2002) Residential neighborhood effects, Regional Science and Urban Economics, 32(2), pp. 145-165.
Kauko, T. (2004) A comparative perspective on urban spatial housing market structure: Some more evidence of local sub-markets based on a neural networks classification of Amsterdam, Urban Studies, 41(13), pp. 2555-2579.
Keyder, C. (2005) Globalization and social exclusion in Istanbul, International Journal of Urban and Regional Research, 29(1), pp. 124-134.
Malpezzi, S. (2003) Hedonic Pricing Models: A Selective and Applied Review. In: O'Sullivan, A. and Gibb, K. (eds.) Housing Economics and Public Policy, Blackwells, Oxford.
Onder, Z., Dokmeci, V. and Keskin, B. (2004) The impact of public perception of earthquake risk on Istanbul's housing market, Journal of Real Estate Literature, 12(2), pp. 181-194.
Ozus, E., Dokmeci, V., Kiroglu, G. and Egdemir, G. (2007) Spatial analysis of residential prices in Istanbul, European Planning Studies, 15(5), pp. 707-721.
Rephann, T.J. (1998) Explaining property values: Quantitative evidence from Sweden, Paper presented at the 45th annual meeting of the North American Regional Science Association International in Santa Fe, New Mexico, USA on November 11-14, 1998.
Richardson, H.W., Gordon, P., Jun, M.J., Heikkila, E., Peiser, R. and Dale-Johnson, D. (1990) Residential property values, the CBD, and multiple nodes: further analysis, Environment and Planning A, 22(6), pp. 829- 833.
Rosen, S. (1974) Hedonic prices and implicit markets: Product differentiation in pure competition, Journal of Political Economy, 82(1), pp. 34-55.
Rothenberg, J., Galster, G., Butler, R. and Pitkin, J. (1991) The Maze of Urban Housing Markets, Chicago: University of Chicago Press.
So, H.M., Tse, R.Y.C. and Ganesan, S. (1997) Estimating the influence of transport on house prices: evidence from Hong Kong, Journal of Property Valuation and Investment, 15(1), pp. 40-47.
Turkstat (2007) Turkish Statistical Institute. [Online] Available at: http://www.turkstat.gov.tr/ Start.do
Watkins, C. (1998) Are new entrants to the residential property market informationally disadvantaged? Journal of Property Research, 15(1), pp. 57-70.
Watkins, C. (2001) The definition and identification of housing submarkets, Environment and Planning A, 33(12), pp. 2235-2253.
Berna KESKIN
Department of Town and Regional Planning, University of Sheffield, Western Bank, Sheffield, S10 2TN, United Kingdom E-mail: trp05bk@shef.ac.uk
SANTRAUKA
STAMBULO BUSTO RINKOS KAINY HEDONINE ANALIZE
Berna KESKIN
Siame darbe siekiama isnagrineti veiksnius, kurie daro itaka busto kainoms Stambule. Pasitelkus hedonini kainu modeli, tyrinejami busto kainas lemiantys veiksniai, atsizvelgiant i nekilnojamojo turto charakteristikas, socialinius-ekonominius veiksnius, apylinkiu kokybes bruozus ir vietos veiksnius. Rezultatai rodo, kad busto kainoms itaka daro tokie veiksniai: gyvenamosios teritorijos dydis, pastato aukstingumas, buvimas sklype ir pastato amzius. Be siu veiksniu, busto kainas Stambule veikia ir laikas gyventas mieste, vidutines namu ukio pajamos, patinkantys kaimynai bei zemes drebejimu rizika toje teritorijoje. Siuloma atlikti tolesnius tyrimus, suformuojant antra fiktyviuosius apylinkiu kintamuosius apimantj modeli, kuris bus taikomas kaip subrinku pakaitalas, o naudojant daugialype modeliavimo struktura bus siekiama isanalizuoti miesto busto subrinkos sistema.




Mobile Edition
Print
Get the Mag
Weekly Updates