Land Price Index for Türkiye
Abstract
Countries produce commercial property price indices mainly for offices and retail properties due to the availability of data while land price indices are widely unavailable. Currently, there are only 9 countries reporting land price indicators to BIS compared to about 20 countries reporting other types of commercial property price indicators. Nevertheless, compilation of land price index is of importance for policy measures since it can be used as a leading indicator for tracking real estate market as the land price is one of the most significant components of property price. This paper aims to analyze the land price developments and determinants in Türkiye for informing policy making. It uses valuation data and hedonic price model to reveal the contribution of land attributes to the price. It also compares the results with median land price developments and other types of properties.