ESTIMATION OF THE HEDONIC VALUATION MODEL IN HOUSING MARKETS: THE CASE OF CUKURAMBAR REGION IN CANKAYA DISTRICT OF ANKARA PROVINCE

In the case study, estimation, contributions and related issues of the hedonic valuation model in housing markets were analyzed by means of hedonic models developed for the Cukurambar Region in Cankaya District of Ankara Province. The marginal effect of housing characteristics on house prices were examined by the hedonic valuation model, and structural, environmental and spatial factors that affect value in the housing market were analyzed. In the case study analysis, the predictive performances and also, the results of the CLLS, stepwise regression and ANN models were compared with the Monte Carlo method, which is a model simulation technique, and the optimal model alternative in estimating the residential sales value was determined as the stepwise regression model. Although the use of spatial data in model increases the adjusted R², the conclusion is that the structural characteristics have a higher (46%) contribution over value compared to environmental and spatial characteristics.