ESTIMATION OF THE HEDONIC VALUATION MODEL IN HOUSING MARKETS: THE CASE OF CUKURAMBAR REGION IN CANKAYA DISTRICT OF ANKARA PROVINCE

Authors

  • Gizem Hayrullahoğlu Ankara University
  • Yeşim Aliefendioğlu Ankara University
  • Harun Tanrıvermiş Ankara University
  • Ahmet Cevdet Hayrullahoğlu

Keywords:

Hedonic valuation, housing market, model estimation, Monte Carlo simulation, stepwise regression

Abstract

In the case study, estimation, contributions and related issues of the hedonic valuation model in housing markets were analyzed by means of hedonic models developed for the Cukurambar Region in Cankaya District of Ankara Province. The marginal effect of housing characteristics on house prices were examined by the hedonic valuation model, and structural, environmental and spatial factors that affect value in the housing market were analyzed.

In the case study analysis, the predictive performances and also, the results of the CLLS, stepwise regression and ANN models were compared with the Monte Carlo method, which is a model simulation technique, and the optimal model alternative in estimating the residential sales value was determined as the stepwise regression model. Although the use of spatial data in model increases the adjusted R², the conclusion is that the structural characteristics have a higher (46%) contribution over value compared to environmental and spatial characteristics.

Author Biographies

Gizem Hayrullahoğlu, Ankara University

I have chosen Urban and Regional Planning as my field and graduated from Yildiz Technical University, Turkey, Faculty of Architecture in 2013. Soon afterwards, I worked as a real estate appraiser at TSKB Real Estate Appraisal Company, Turkey, between 2014-2016. Since it's a must to look at real estate and its impact on planning and development processes, these properties made me concentrate on relation between Real Estate Development and Urban and Regional Planning as a study choice. I am currently working on a Master of Science Degree in Real Estate Development and Management at Ankara University. Since 2016, I have been working at Ankara University as a research assistant. I am interested in area of urban economics, urban development and real estate markets.

Yeşim Aliefendioğlu, Ankara University

Academic staff at Ankara University Department of Real Estate Development and ManagementExpertises: Economics of Engineering, Land Economics and Management, Expropriation and Resettlement, Conservation Policies and Management of Conservation Sites

Harun Tanrıvermiş, Ankara University

Academic staff at Ankara University Department of Real Estate Development and ManagementExpertises: Real Estate and Asset Valuation, Project Development and Appraisal, Real Estate Economics and Management, Expropriation and Resettlement Policies

Ahmet Cevdet Hayrullahoğlu

Project Engineer at Roketsan Missiles Inc.

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Published

30.01.2018

Issue

Vol. 7 No. 1 (2018)

Section

Accounting, Finance, Statistics and Economic informatics

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