Determination of the project values of the housing industry: İstanbul case

Housing, physical structures that meet the needs of people with spatial size of the shelter. On the basis of the housing needs of the people, it is necessary to determine the value of the property, which also has the property of being a means of return for investors. In today's market conditions, each product supplied has value. This value is necessary to cover labor, capital, operating profits, the risk incurred and the cost of inputs used in production at the point of supply of these products. As a result of the rapid expansion of branded housing projects, which have increased in recent years, many developments have been experienced in the housing sector in macro scale. Specifically, in spite of the increasing population in Istanbul, the determination of the values of the housing projects constructed is necessary for the market balance. In this study, econometric analysis has been carried out with reference to Istanbul example on determination of project values of housing sector. In this study, which is called hedonic regression or hedonic pricing model, the data of 3315 housing projects built in Istanbul as of March 2019 were obtained from internet sites subject to purchase and sale by means of data mining method. The raw data obtained as 7 quantitative & 158 dummy variables were reduced to 5 quantitative & 31 dummy variables according to the characteristics of value determining factors and step-by-step regression model in today's conditions. In the study, which uses the unit prices per square meter as the dependent variable, the housing projects have built-in kitchens, elevators, terraces, bathrooms, and increase in the width of the house, the floor where the house is located, the house is located on the south and north front, the house has sea view, the house is on the beach, the dolmus stop, the district market, train station, airport, parent bathroom, dressing room, air conditioning, increase in the number of rooms in the residence, the house with an outdoor pool, generator, car park, water park, playground, tennis court, the project includes, and the value of the house a significant relationship was found. In our horizontal cross-sectional study, it was concluded that the model was generally significant. The results obtained in this study showed similar results to those in the literature.