Factors Affecting Housing Prices from the Perspective of Residents in Charandab Neighborhood of Tabriz City

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Zeynali Azim Ali; Mohammadian Bahram; Jadiri Abbasi Mohammad; Babazadeh Oskouei Solmaz; Akhlaghi Lida

Title

Factors Affecting Housing Prices from the Perspective of Residents in Charandab Neighborhood of Tabriz City

Author(s)

Keywords

household income

Housing Policy

housing price

Housing Satisfaction

Tabriz City

Abstract

Introduction Housing price fluctuations in recent years in the country have had extensive negative effects on households and the performance of various economic sectors, these fluctuations have always had negative effects on production, investment, employment, and other economic variables directly and indirectly. Therefore, considering the basic effects of housing prices in big cities on the well-being of households and different economic sectors, as well as its effects in creating boom and bust periods in the housing market, the necessity of research in this matter is evident.The analysis of factors and components influencing the determination of housing prices and their correct management prevents fluctuations in the housing market and significantly increases the success rate of housing construction programs and desirable housing plans. It can be said that controlling housing price fluctuations requires knowing the factors affecting them. High housing prices seriously affect the quality of life of urban residents, especially the lower class of society. Today, due to continuous urbanization and social and economic development in Tabriz City, the problem of housing prices as a stable social problem should still be addressed and improved. In this regard, the current research aims to analyze the factors influencing housing prices from the perspective of Tabriz residents. Factors affecting housing prices are organized by several variables specified in previous studies. According to the mentioned contents, the hypothesis is obtained that various factors are effective on the housing price according to the residents of the Cherandab neighborhood of Tabriz City. Analyzing the influencing factors and components in determining housing prices and their proper management in the neighborhoods of Tabriz can prevent fluctuations in the housing market to some extent. It can be said that controlling housing price fluctuations in urban areas requires knowing the factors affecting it, and one of these studies is from the perspective of urban residents. High housing prices seriously affect the quality of life of urban residents, especially the lower class of society.Materials and MethodsThe research method in this research is descriptive-analytical, and in terms of its purpose, it is considered part of applied research, and in terms of gathering information, it is survey research. The statistical population of 37,532 people in this research is the residents of the Charandab neighborhood in Tabriz City. According to Cochran’s formula, the sample size was 380 people. The samples were selected randomly. In this research, a questionnaire tool is used to collect data. After the above steps, data classification was done by analyzing structural equations using SPSS and Amos software. Cronbach’s alpha was used for the reliability of the questions. For data analysis, a structural equation modeling approach is used using Spss (version 19), Mplus (version 7.4), and Amos (version 22) software. Structural equation modeling (SEM) is one of the most original methods of analysis and multivariate analysis, which is used to examine the complex relationships between manifest and latent variables. It consists of two parts: the measurement model and the structural model. In this research, at first, using SPSS software, exploratory factor analysis was applied with the application of principal components extraction and varimax rotation, to discover the structure of factors influencing housing prices from the point of view of the residents of Cherandab neighborhood in Tabriz. Then, using the Mplus software, the confirmatory factor analysis method was used to confirm the exploratory factor structure and the fit indices were used to evaluate the fit of the final model obtained from the structural equation modeling approach. Confirmatory factor analysis has been used in this model because some of the observed data cannot be measured directly but have similar patterns in their values. This model was also used to evaluate the structure. This type of factor analysis tests the degree of conformity between the theoretical structure and the experimental structure of the research. Exploratory factor analysis has been used to reduce the number of variables and identify the main factors that are effective in determining housing prices.FindingsBased on the results of this study, it has been proven that residential satisfaction factors (HS) and household income (HI) have a significant relationship with housing prices. Because p values are less than 0.05, meanwhile, Housing Policy (HP) has no practical significance for house prices. The findings showed that among the three investigated components: satisfaction with housing and household income have an effect on the price of housing with a regression weight of 0.799 and 0.558 in the Cherandab neighborhood of Tabriz City, but Housing Policy with a regression weight of -0.252. It does not affect the housing price in any way. Among the following indicators, home buyers pay more attention to the security of the neighborhood, the level of crime in the neighborhood, the community of the neighborhood, and the internal and external structure of the houses. Providing housing at a reasonable price is always considered the most important necessity in urban housing planning. From the point of view of microeconomics, housing is a type of non-movable, heterogeneous, and location-dependent commodity. Compared to other goods, it is affected by various structural, spatial, and human variables in its valuation.ConclusionSeveral internal and external factors with direct or indirect relative effects have been associated with housing affordability. The findings show that residential satisfaction and household income have a significant effect on house prices in the Cherandab neighborhood. For this reason, residential satisfaction can be considered an important influencing factor on the price of houses in the Cherandab neighborhood of Tabriz City, that is, if the builders and sellers intend to have an excellent house structure, facilities, and environment for buyers in the Cherandab neighborhood. provide Tabriz, they should, first of all, consider the satisfaction of housing. In addition, household income also affects the price of houses in the Cherandab neighborhood through the commitment of the buyer to providing the money needed to buy a house. Despite the lack of direct influence of Housing Policy factors on determining the price of houses in the Cherandab neighborhood of Tabriz, it should still be given serious attention by the main actors of the construction industry. For example, the policymakers should make sure that the builders and sellers provide a suitable, safe, comfortable, and accessible housing environment for every family along with proper security, privacy, and health facilities. This study can be used as a home-buying guide.

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Scientific Information Database

ISSN: 2588-4824

Journal Paper

Factors Affecting Housing Prices from the Perspective of Residents in Charandab Neighborhood of Tabriz City