Evaluation of geological factors affecting the real estate value by AHP analysis: Ankara-Konya-Bolu example

Determining the geological factors affecting the real estate value and determining their priorities are of great importance in terms of determining the housing value and appropriately evaluating the investments in this context. While evaluating the geological factors affecting the real estate value, it is also important to determine the hierarchies of these factors among themselves. Although many criteria are evaluated in real estate valuation studies applied in Turkey, the effects of geological factors on real estate valuation are ignored. While determining the value of the house, its location, floor, facade, legal features and distances to shopping centers and public transportation are determined as factors that will affect the value of the house, while geological factors that will affect the same house are not included in the valuation in general. While conducting this study, first of all, the geological factors that will affect the real estate value, and then the priorities of the effects of these factors on the housing values were determined by using the AHP method. XLSAT 2021.1.1 software was used for AHP analysis and comparison matrices were created through this software. With the comparison matrices created, the priorities of the geological factors affecting the real estate value were determined. Due to the spatial variation of the geological factors affecting the real estate value, three different test areas from Turkey in the study; Ankara, Bolu and Konya provinces, the effects of the residences in these areas were compared. In the study, the priorities of the geological factors that the residences in Ankara province, Çankaya district, İlkbahar neighbourhood, Bolu province Gerede district and Konya province Karapinar district will be exposed to depending on their floor heights and locations are listed. As a result of the study, the priorities of the geological factors affecting the real estate value depending on the location were determined separately for each study area. Surface and underground waters in and around İlkbahar neighbourhood in Ankara province, seismicity, and faults in Bolu province Gerede district, collapses caused by karstic structures (sink holes) in Konya province Karapinar district were determined as the most important geological factors affecting real estate values. With the study, it was concluded that valuation studies should not be carried out individually but should be carried out and implemented in an interdisciplinary way with expert committees. During the real estate valuation, the effects that are of interest to other professional disciplines, especially the geological factors that are the subject of study, should be examined in detail and real estate valuation studies should be carried out in a technical and scientific environment in accordance with legal regulations.