摘要: |
This study uses a multilevel hedonic model to examine information from official sources including the population census, the land-use map, and the field survey to draw conclusions about the 32,108 Tehran residences that make up the statistical sample. These results show that other factors besides proximity to urban facilities are important in determining the value of a home in Tehran, Iran. The results show that proximity to education, culture, entertainment, tourism, administration, and social service centers has a positive effect on housing prices, while proximity to some urban amenities, such as medical centers, commercial strips, and parks, has a negative effect on housing prices. This gap can be explained in part by the externalities of these facilities, including the creation of through traffic, congestion, and reduced security levels, which discourage home buyers from getting too close to these amenities. Furthermore, the study found that the effect of proximity differs from that of service provision at the neighborhood level. For example, while the presence of a medical/health center at neighborhood level was found to be a positive determinant of house prices, its proximity had a negative effect on house prices. In fact, home buyers prefer to purchase properties in neighborhoods that offer such amenities but are less likely to purchase properties in areas adjacent to such amenities. The higher the ratio of nonresidential to residential uses, the higher the price of housing in those areas. In fact, this shows the advantage of neighborhoods with a variety of uses more than single-use neighborhoods. The data also demonstrate that the variances across neighborhoods in Tehran account for a significant amount of the housing price variation, with 11 % and 48% of the total variance attributed to local and regional levels of analysis, respectively. This highlights the nested and hierarchical nature of housing price data and the use of multilevel modeling for estimating home prices in Tehran. The results presented in this work may have theoretical and practical uses for scholars, insurance firms, banks, real estate developers, and others in the field of property economics. |