An Expert-based Perspective for Investigating Factors Affecting Residential Property Prices: A Case from Beylikduzu and Esenyurt, Istanbul

Abstract

Residential property prices have been the subject of interest in various domains, including economics, policy development, construction, and social welfare. Hence, it is of paramount and multifaceted importance to investigate factors affecting residential property prices. Despite the growing attention given by scholars to the topic, many of the past attempts collected real data in study areas to examine influential factors. However, consulting real estate experts to have their opinions about factors and their impact on the house prices can be very beneficial, particularly in data scarce regions. The major aim of this study is to examine factors affecting residential property prices based on the opinions of real estate agents, in contrast to traditional manner of the investigations based on sale or transaction prices. This approach is essential in the real estate sector since transaction process requires the involvement of both buyers and sellers, with whom real estate agents usually interact. To provide an altered perspective to the effects of transportation facilities on real estate prices, a data from 81 real estate agents collected through a questionnaire. Then, ANOVA tests were conducted to observe whether there was a perception difference on the importance of factors between experts who had different levels of experience. The findings of this study can be used as a guide for the decision makers to understand the expectations of stakeholders on their housing needs and develop more expectation-oriented future transportation project planning.