Hedonic price analysis of office rents : a case study of the office market in Ankara

Download

index.pdf

Date

2003

Author

Ustaoğlu, Eda

Metadata

Show full item record

Item Usage Stats

238
views

117
downloads

This thesis analyzes variations in office rents in Ankara. The theoretical background of this study is related to the hedonic methodology, which is extensively applied for explaining price or rental price variations of the real property. Given this theoretical framework, hedonic regression model is utilized for the estimation of hedonic price indices by using the cross sectional data of the office market in Ankara for the year 2002. Hedonic price function is specified in the log linear functional form and is estimated with the Ordinary Least Squares technique for two models. The models include the same variables; however, Model 1 differs from Model 2 in including the location variables. The estimation results obtained from the models suggest that height and construction quality of the building act as proxies for the locational characteristics. Also, it is found from Model 1 that locational characteristics have the greatest effect on the rental prices of the office units. In order to verify this fact, Model 1 is tested against Model 2 and vice versa based on alternative tests for non-nested models. The results of non-nested tests indicate that Model 1 is preferred to Model 2. This result is important in the sense that locational characteristics are found to be significant in explaining the rental price variations. Besides location variables, the other variables related to physical attributes and lease characteristics of the office property are also evaluated from the estimation results of Model 1. From the empirical results, it is finally concluded that locational characteristics explain the spatial rent variations of the office property in Ankara to a large extent.

Subject Keywords

Rent (Economic theory), Rent control, Rental price variations, Hedonic price function, Hedonic price index

URI

http://etd.lib.metu.edu.tr/upload/1079342/index.pdf
https://hdl.handle.net/11511/13350

Collections

Graduate School of Social Sciences, Thesis

Suggestions

OpenMETU
Core

Case study paper relating financialisation of the built environment to changing urban politics, social geographies, material flows and environmental improvement/degradation in Ankara Topal Yılmaz, Aylin; Çelik, Özlem (2015-01-01) This paper examines transformation of urban development in its repercussions in urban politics in Ankara since the 1920s with particular emphasis on the post-1980 period. It focuses on management mentality and finance mechanisms of housing policy in the city. This case study paper on Ankara shows that integration of urban land and housing with financial markets has been one of the central tendencies of neoliberal political economy particularly in the 2000s. The paper also notes that the case study epitomize...
Pluralism in science Bakdur, Eser; Sol, Ayhan; Department of Philosophy (2009) This thesis investigates the determinants of financial development in Turkey. Principle Component Analysis (PCA) is employed in order to examine the main determinants of financial sector development and shed light on the structure of the financial system in Turkey. The empirical studies on financial development suffer from the measurement problem. This study aims to remedy the measurement problem by providing proxies that explain different aspects of financial development more accurately than other proxies ...
Macroeconomic Effects of Information and Communication Technologies in Turkey and Other OECD Member Countries Karagöl, Burak; Erdil, Erkan (Science And Technology Policies Research Center, Middle East Technical University (Ankara, Turkey), 2012) This paper investigates the effects of ICT on economic growth in Turkey and other OECD member countries. After discussing the theoretical relationships between ICT usage and economic growth, we test the positive impact of ICT revolution on economic growth econometrically. In the empirical part of the study, we perform panel data analyses by employing data sets that belong to 30 OECD member countries for 1999-2008 period as well as carrying out time series analyses for only Turkey by using data between 1980 ...
Challenging Geographical Disadvantages and Social Exclusion: A Case Study of Gendered Rural Transformation in Mountain Villages in the Western Black Sea Region of Turkey Him, Miki Suzuki; Hoşgör, Hatice Ayşe (Wiley, 2019-07-01) This article discusses the gender-specific effect of the changing economic structure of mountain villages in Turkey. Rural women, who are conventionally unpaid family workers, have begun entering into off-farm work due to declining household incomes in recent years. The implications of this for gender relations are found to be contradictory in much recent research. In this study, we employed the concepts of the hybridity of rural communities and the multiplicity of social exclusion in a globalising countrys...
Hegemonic politics of homeownership and formation of neoliberal subjectivities: former gecekondu residents in Gulveren - Ankara İdel, Ceylin; Rittersberger Tılıç, Helga İda; Department of Sociology (2018) This thesis examines the new private property regime under AKP rule in the form of the TOKİ homeownership program for gecekondu residents, which initiates home-owning processes for gecekondu residents. Studies by critical urban and political-economy scholars have approached private property as taken-for-granted. By questioning the formation and dissemination of the ‘conception’ of private property in the form of homeownership among former gecekondu residents and its implications for their conduct , this stu...

Citation Formats

E. Ustaoğlu, “Hedonic price analysis of office rents : a case study of the office market in Ankara,” M.S. - Master of Science, Middle East Technical University, 2003.