Master Degree / Yüksek Lisans Tezleri
Permanent URI for this collectionhttps://hdl.handle.net/11147/3008
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Master Thesis House Price Dynamics in Izmir's Neighborhoods: a Comprehensive Approach(01. Izmir Institute of Technology, 2021) Sayın, Zeynep Melike; Elburz, Zeynep; Duran, Hasan EnginThe determinants of housing prices have a large place in empirical studies in the literature on housing markets. In the hedonic price modeling studies, structural and location-specific characteristics are considered as determinants under a cross-sectional study framework. Under another category, an approach is applied in which the effects of macroeconomic variables on housing prices are examined. The aim of this study is to examine the housing prices with a dynamic panel data set in Izmir through macroeconomic, neighborhood-specific and housing structural variables, to expand the scope of the related literature and to determine the effect level of these variables. Since spatial autocorrelation has been determined, the study has been extended within the scope of spatial models. The study area consists of 212 neighborhoods located in different districts of Izmir. The average housing sales data of these neighborhoods for 30 months in the 05.2017-10.2019 period were examined with 4 macroeconomic, 11 neighborhood-specific, and 9 housing structural characteristic variables, with descriptive analyses, panel linear regression, spatial autocorrelation tests, spatial panel regression, and geographically weighted regression (GWR). The results of the variables in the macroeconomic and the housing structural characteristics categories are consistent with the expectations formed as a result of the empirical literature review. The results of the neighborhood-specific variables raise new research questions. As a result of the spatial methods, a high level of spatial dependence and positive spatial spillover effects were determined. This study proves the validity of the use of spatial models in housing price research in Izmir..Master Thesis Hedonic Price Modelling in Turkish Real Estate Markets: the Case of Bayraklı, Izmir(Izmir Institute of Technology, 2019) Akçay, Nilay; Duran, Hasan EnginHousing markets are often recognized as heterogenous structures that varies across spatial units and time. The determinants of house prices have been increasingly analzed recently in the literature, but, mostly in a linear setting, in almost all studies. Purpose of the current study is to investigate the micro-determinants of house prices in Adalet and Mansuroğlu Neighborhoods located in Bayraklı District of İzmir Province by using both linear Hedonic and nonlinear methods. In total, 278 apartments are analyzed. The data is collected in a period November 2018 - March 2019. The semi-logarithmic linear and non-parametric nonlinear forms were used as a functional form in order to analyze the significance of physical and environmental characteristics of the apartments. As a result, nonlinearity is found as weakly evident which fails to alter the results obtained from linear method. In terms of determinants, structural carachteristics (i.e. size, rooms and age of the building) are found as more significant determinants than locational caractheristics (i.e. distance from CBD).