Konut Alt Piyasalarının Ankara Metropolitan Alanı Örneği Üzerinden Değerlendirilmesi

The housing market consists of heterogeneous products with different housing characteristics. Due to its heterogeneity, the housing market is better analyzed by dividing it into different homogeneous groups, especially submarkets with similar spatial, environmental and physical characteristics, rather than a single homogeneous market. This article discusses the housing submarkets by using the current housing supply in Ankara. In this context, it investigates whether the analysis for the city as a whole reflects a realistic housing price structure. Moreover, it seeks an answer the question of whether socio-economic submarkets based on average household income by neighborhood and spatial submarkets based on location by district are determinant for Ankara. Data were collected from one of Turkey's largest real estate websites on the dwelling units being advertised for sale in the nine central districts of Ankara between January and September 2021. Data were analyzed by hedonic regression model. Empirical results reveal that although a single market does not effectively reflect a realistic price structure, location by districts and average household income by neighborhood do affect the price of housing in each submarket. Each submarket has its own dynamics and the housing price structure in each submarket depends on different variables. For Ankara, spatial submarkets have more explanatory power than socio-economic submarkets.