An Empirical Investigation of the Housing Price Dynamics across the Districts of Izmir

Tuğçe Pekdoğan, Gülçin Özen, İlker Güçü, Mümine Gerçek

Abstract


The growth in the population of Turkey leads to increasing demand for housing. Therefore, construction sector within this field gain importance as well as caused huge fluctuations in the prices of buildings. In order to understand the logic behind these economic changes, it is important to examine the parameters affecting the decisions of housing prices. Some of these parameters are the location, physical condition of the house, landscape condition, proximity to public transportation, etc. In the literature, many studies on housing prices have been made and detailed by the architects, city planners, and economists in theoretical and practical terms. The focus has been given on Izmir which is one of the most crowded cities in Turkey and the aim of this study is to investigate the factors affecting the apartment prices of twenty-seven districts in Izmir province. For this purpose, m2 prices compiled from the top real estate websites and data were analyzed by two independent sample t-test methods in Microsoft Excel. The analyses were performed according to nine different parameters. For each analysis, these twenty-seven districts are divided into distinct groups according to their characteristics. The empirical analysis results indicate that, the most important factors affecting housing m2 prices in Izmir are closeness to the sea, settlement around university campuses, mass transit rail system, population density and agricultural and industrial zones.


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