Abstract
The housing market consists of heterogeneous products with different characteristics of housing. Due to its heterogeneity, the housing market can be better analyzed by breaking it down into different homogeneous groups, specifically into submarkets with similar spatial, environmental, locational, and physical characteristics, rather than as a single homogeneous market. This paper investigates the housing submarkets through an analysis of advertisements for residential real estate in urban Ankara. To this end, data is collected from one of Turkey's largest real estate websites on the dwelling units being advertised for sale between September and December 2020. Data from different neighbourhoods in the eight central districts of Ankara are analyzed with a hedonic regression model. The empirical results reveal that, while a single market does not effectively reflect a realistic price structure, the location by district, and the average household income by neighbourhood affect the price of housing in each submarket. Spatial submarkets have more explanatory power than socio-economic submarkets for Ankara. It was concluded from the study that each submarket has its own dynamics, and that the housing price structure in each submarket is dependent on different variables.
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