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Determining the Economic Value of Historic Urban Districts through the use of the Hedonic Pricing Model: Ankara Castle District

Historic districts, which are an essential source of a society’s historical and sociocultural values, have a semantic value for urban residents. However, the cultural identity of these areas and the semantic values they offer to people are often ignored nowadays in urban design and planning studies. This study aims to reveal the desire of many people to live closer to historic districts, and to encourage local governments to be more aware of the need to conserve these urban areas due to their value as part of a local identity. As historic districts are not normally on the market, determining their semantic value is a complex process, but one that can be achieved with the Hedonic Pricing model. In this study, the effect on house prices of being close to the historic district of Ankara Castle was examined with the help of this Model. In the study, a total of 422 houses was examined, all of which were located within a radius of 1500 meters from the district of Ankara Castle, and the effect of the distance to Ankara Castle on the price of the houses was evaluated. According to the results, the desire to live close to the district was reflected in higher house prices. Houses located within a 500 meter radius of Ankara Castle are sold at an average of 34.3% more than similar houses farther away. It was also found that the price of houses decreased by 5% with each additional 100m of distance away from the district of Ankara Castle.