50th. Congress of the European Regional Science Association ERSA 2010 Jonkoping/Sweeden


Spatial analysis of factors acting upon housing prices in Istanbul Istanbul is a rapidly growing world city. Situated in an important strategic position on the Bosphorus Strait straddling two continents, Europe and Asia, it has served as the capital of the Roman, Byzantine and Ottoman empires. Istanbul holds a highly rich culture and history. As for today, Istanbul is the most important trade, culture and tourism center of Turkey. Following the rural urban migration of mid 20th. century, housing prices increased rapidly. Lower income groups failed to catch up with this increase and squatter “gecekondu ” housing emerged. Hence, the city went through a process of growth without sufficient physical and social infrastructure. Lack of identity happened to be an important indication of the process. The historical neighborhoods also had their share of the negative impacts through this process. While the prices in the squatter housing areas were lower, modern housing areas proliferated with their new images and much higher prices, accordingly. New subcenters, augmented with the building of new bridges, new circular roads and their accompanying transportation facilities, caused the prices go even higher. Due to these reasons, cost of housing in Istanbul presents a wide variety according to locale and housing characteristics. This paper aims to analyze the factors acting upon housing prices according to location and find out guidelines that may direct investors for more efficient housing investments

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