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Original Article

Ekonomik Yaklasim. 2019; 30(112): 1-18

A Literature Review on Hedonic Price Model in Residences

Mehmet Erdemir GÜNDOĞMUŞ, Hatice BAŞKAYA, Serkan ÖZDEMİR.

Cited by 1 Articles

The independence of houses in real estate market from each other in terms of quality, quantity and location; their heterogeneity; uniqueness of parties in the real estate market, the characteristics of the market as well as variations attributed to the immovable properties create a value for each variable and thereby enabled the development of hedonic price model. This model is a significant tool in urban housing market researches where the location and the quality of the housing are analyzed in combination. However, the fact that the hedonic price model is not employed meticulously by every researcher, and is specific to the region/neighborhood where the data is collected affect the extensive use of the solution models by other researchers and decision-making bodies. For this purpose, producing a chronological list on use of hedonic price model for housing is significant in shedding light to future studies. Furthermore, the study aims to compile various researches in the world (in English and Turkish) conducted by using hedonic price model for housings (apartment house), identify the variables commonly used in the model, compare the conclusions and therefore contribute to the literature. In this study, 281 numbers of research articles published in English and Turkish using Hedonic Price Model have been found. Types and numbers of variables, the number of observations, research area, mathematical patterns used in these studies and so on comparisons were made in terms of features.

Key words: Housing, Housing market, Hedonic price model, Factors affecting house prices. JEL Codes: R31, C01

Article Language: EnglishTurkish

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