64th ISI World Statistics Congress - Ottawa, Canada

64th ISI World Statistics Congress - Ottawa, Canada

A Hedonic Rent Index for Retail Properties in İstanbul

Conference

64th ISI World Statistics Congress - Ottawa, Canada

Format: IPS Abstract

Abstract

Timely and reliable data are pivotal for effective policy and decision-making. They support policy initiatives to monitor macroeconomic and financial stability. Price movements in commercial real estate markets play an essential role in policymaking due to their strong interconnectivity with the financial system, and they must be monitored using a reliable indicator. Constructing commercial property price indices (CPPIs) is therefore of critical importance for informing policy decisions. Central Bank of the Republic of Turkey (CBRT) has made substantial progress in the development of the CPPI. To support these studies and provide a complementary indicator for tracking commercial property markets, this study aims to close the existing gap and constructs a quarterly rental price index for retail properties in İstanbul. In this regard, it uses hedonic price method and valuation data.