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Analysis of Spatial Dependence in Real Estate Prices: Evidence from an Emerging Market

Author

Listed:
  • Orcun Morali

    (Bogazici University)

  • Neslihan Yilmaz

    (Bogazici University)

Abstract

Real estate properties are naturally location-fixed, therefore, a spatial dependence is expected. When location-specific factors persist over time, spatial autocorrelation is likely to exist in a hedonic pricing regression. Spatial autocorrelation causes problems in the interpretation of the regression results due to inefficient estimators or complex models. The focus of this study is to identify and test the determinants of spatial dependence in the real estate market. Using a novel data set, our study contributes to the literature as we identify the specific spatial dependence factors through the analysis of different types of housing markets and extend the literature to an emerging market.

Suggested Citation

  • Orcun Morali & Neslihan Yilmaz, 2018. "Analysis of Spatial Dependence in Real Estate Prices: Evidence from an Emerging Market," Proceedings of International Academic Conferences 8209533, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:8209533
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    File URL: https://iises.net/proceedings/39th-international-academic-conference-amsterdam/table-of-content/detail?cid=82&iid=031&rid=9533
    File Function: First version, 2018
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    More about this item

    Keywords

    Real estate; Spatial Autocorrelation; Emerging Markets;
    All these keywords.

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other

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