Authors: Suat Teker; Ismail Onden
Addresses: Faculty of Economics and Administrative Sciences, Department of Economics, Isik University, Şile, İstanbul, 34980, Turkey ' Transportation and Logistics Research Group, TUBITAK TUSSIDE, Barış Mah. Koşuyolu Cad., No. 48 P.K. 14 41401, Gebze – Kocaeli, Turkey
Abstract: Real estate investments are one of the hardest decisions to make considering several aspects such as its long-term payment plans, uncertainty in economic returns and so on. Despite the difficulty of the decision, the decision-makers generally make their decisions with solely their personal thoughts which might cause missing critical overviews of the sophisticated decision environment. On the other hand, previous studies have shown that a variety of factors could affect the real estate prices. This study uses Istanbul Financial Centre (IFC) Project as a reference to address the critical factors which are expected to affect the real estate prices in a particular area. Moreover, it employs a form of spatial information to introduce the power of these criteria on real estate prices. The findings of this study can help real estate investors to earn good returns by pinpointing the most valuable regions in metropolitan areas.
Keywords: housing markets; GIS; geographic information systems; FAHP; fuzzy AHP; analytical hierarchy process; multicriteria spatial analysis; real estate investment; spatial information; real estate prices; house prices; Turkey; metropolitan areas.
International Journal of Engineering Management and Economics, 2016 Vol.6 No.1, pp.19 - 37
Received: 14 Jan 2015
Accepted: 12 Jul 2015
Published online: 17 Oct 2016 *