IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v6y2018i2p23-d139310.html
   My bibliography  Save this article

The Rental Prices of the Apartments under the New Tourist Environment: A Hedonic Price Model Applied to the Spanish Sun-and-Beach Destinations

Author

Listed:
  • José Francisco Perles Ribes

    (Department of Applied Economic Analysis, University of Alicante, Campus San Vicente del Raspeig 03080, Spain)

  • Luis Moreno Izquierdo

    (Department of Applied Economic Analysis, University of Alicante, Campus San Vicente del Raspeig 03080, Spain)

  • Ana Ramón Rodríguez

    (Department of Applied Economic Analysis, University of Alicante, Campus San Vicente del Raspeig 03080, Spain)

  • María Jesús Such Devesa

    (Department of Economics, University of Alcalá, Alacalá de Henares 28801, Spain)

Abstract

The purpose of this article is to estimate a model of hedonic prices that is applied to apartments that are rented in the Spanish coastline, based on data that has been provided by Tecnitasa. The results confirm the relevance of the determinants that were previously identified by the literature and point to new determinants, such as tourism competitiveness and online reputation, as future drivers of prices in the new tourist environment.

Suggested Citation

  • José Francisco Perles Ribes & Luis Moreno Izquierdo & Ana Ramón Rodríguez & María Jesús Such Devesa, 2018. "The Rental Prices of the Apartments under the New Tourist Environment: A Hedonic Price Model Applied to the Spanish Sun-and-Beach Destinations," Economies, MDPI, vol. 6(2), pages 1-9, April.
    • Handle: RePEc:gam:jecomi:v:6:y:2018:i:2:p:23-:d:139310
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/6/2/23/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7099/6/2/23/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Josep Raya Vilchez, 2013. "Destination and Seasonality Valuations: A Quantile Approach," Tourism Economics, , vol. 19(4), pages 835-853, August.
    2. Gutiérrez, Javier & García-Palomares, Juan Carlos & Romanillos, Gustavo & Salas-Olmedo, María Henar, 2017. "The eruption of Airbnb in tourist cities: Comparing spatial patterns of hotels and peer-to-peer accommodation in Barcelona," Tourism Management, Elsevier, vol. 62(C), pages 278-291.
    3. Agustín Cócola Gant, 2016. "Holiday Rentals: The New Gentrification Battlefront," Sociological Research Online, , vol. 21(3), pages 112-120, August.
    4. Catalina Juaneda & Josep Maria Raya & Francesc Sastre, 2011. "Pricing the Time and Location of a Stay at a Hotel or Apartment," Tourism Economics, , vol. 17(2), pages 321-338, April.
    5. Hamilton, Jacqueline M., 2007. "Coastal landscape and the hedonic price of accommodation," Ecological Economics, Elsevier, vol. 62(3-4), pages 594-602, May.
    6. Coenders, Germà & Espinet, Josep Maria & Saez, Marc, 2001. "Predicting random level and seasonality of hotel prices. A structural equation growth curve approach," Working Papers of the Department of Economics, University of Girona 1, Department of Economics, University of Girona.
    7. Nelson, Jon P., 2010. "Valuing Rural Recreation Amenities: Hedonic Prices for Vacation Rental Houses at Deep Creek Lake, Maryland," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 39(3), pages 1-20, October.
    8. Marie-Louise Mangion & Ramesh Durbarry & M. Thea Sinclair, 2005. "Tourism Competitiveness: Price and Quality," Tourism Economics, , vol. 11(1), pages 45-68, March.
    9. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    10. Benjamin, John D & Jud, G Donald & Winkler, Daniel T, 2001. "The Value of Smoking Prohibitions in Vacation Rental Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 117-128, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rémy Le Boennec & Julie Bulteau & Thierry Feuillet, 2022. "The role of commuter rail accessibility in the formation of residential land values: exploring spatial heterogeneity in peri-urban and remote areas," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 69(1), pages 163-186, August.
    2. Carr-Harris, Andrew & Lang, Corey, 2019. "Sustainability and tourism: the effect of the United States’ first offshore wind farm on the vacation rental market," Resource and Energy Economics, Elsevier, vol. 57(C), pages 51-67.
    3. V. Raul Perez-Sanchez & Leticia Serrano-Estrada & Pablo Marti & Raul-Tomas Mora-Garcia, 2018. "The What, Where, and Why of Airbnb Price Determinants," Sustainability, MDPI, vol. 10(12), pages 1-31, December.
    4. Adalberto Santos-Júnior & Fernando Almeida-García & Paulo Morgado & Luiz Mendes-Filho, 2020. "Residents’ Quality of Life in Smart Tourism Destinations: A Theoretical Approach," Sustainability, MDPI, vol. 12(20), pages 1-24, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. de la Peña, Mario Raúl & Núñez-Serrano, Juan A. & Turrión, Jaime & Velázquez, Francisco J., 2016. "Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels," Tourism Management, Elsevier, vol. 55(C), pages 184-196.
    2. Alegre, Joaquín & Cladera, Magdalena & Sard, Maria, 2013. "Tourist areas: Examining the effects of location attributes on tour-operator package holiday prices," Tourism Management, Elsevier, vol. 38(C), pages 131-141.
    3. Gregmar I. Galinato & Pitchayaporn Tantihkarnchana, 2018. "The amenity value of climate change across different regions in the United States," Applied Economics, Taylor & Francis Journals, vol. 50(37), pages 4024-4039, August.
    4. Loïc Lévi & Jean Jacques Nowak & Sylvain Petit & Hakim Hammadou, 2022. "Industrial legacy and hotel pricing: An application of spatial hedonic pricing analysis in Nord-Pas-de-Calais, France," Tourism Economics, , vol. 28(4), pages 870-898, June.
    5. Luigino Baldassin & Massimo Gallo & Elena Mattevi, 2017. "Tourism in European cities," Tourism Economics, , vol. 23(1), pages 3-28, February.
    6. Fluvià, Modest & Rigall-I-Torrent, Ricard & Espinet, Josep Maria & Garriga, Anna & Saló, Albert, 2011. "Precios implícitos de los atributos de los productos turísticos: ¿Qué esconde el efecto de la localización?/Implicit Prices of the Attributes of Tourism Products: What is Hidden Behind Location?," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 29, pages 781-802, Diciembre.
    7. Hernández, Juan M. & Suárez-Vega, Rafael & Santana-Jiménez, Yolanda, 2016. "The inter-relationship between rural and mass tourism: The case of Catalonia, Spain," Tourism Management, Elsevier, vol. 54(C), pages 43-57.
    8. Carr-Harris, Andrew & Lang, Corey, 2019. "Sustainability and tourism: the effect of the United States’ first offshore wind farm on the vacation rental market," Resource and Energy Economics, Elsevier, vol. 57(C), pages 51-67.
    9. de Oliveira Santos, Glauber Eduardo, 2016. "Worldwide hedonic prices of subjective characteristics of hostels," Tourism Management, Elsevier, vol. 52(C), pages 451-454.
    10. Josep Mª Espinet Rius, 2018. "Global and local pricing strategies in the cruise industry," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 17(5), pages 329-340, October.
    11. Ante Mandić & Elza Jurun, 2018. "The Determinants of Small and Family Owned Hotel Room Rates," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 11(2), pages 17-22, September.
    12. Kim, Jinwon & Jang, Seongsoo & Kang, Sanghoon & Kim, SeungHyun (James), 2020. "Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes," Journal of Business Research, Elsevier, vol. 107(C), pages 118-129.
    13. Katsinas, Philipp, 2021. "Professionalisation of short-term rentals and emergent tourism gentrification in post-crisis Thessaloniki," LSE Research Online Documents on Economics 108590, London School of Economics and Political Science, LSE Library.
    14. Olivier JOALLAND & Tina RAMBONILAZA, 2017. "Assessing the impact of renewable energy infrastructure on the “tourist value” in rural landscapes: a spatial hedonic approach," Cahiers du GREThA (2007-2019) 2017-10, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    15. Josep Raya Vilchez, 2013. "Destination and Seasonality Valuations: A Quantile Approach," Tourism Economics, , vol. 19(4), pages 835-853, August.
    16. Liebelt, Veronika & Bartke, Stephan & Schwarz, Nina, 2018. "Revealing Preferences for Urban Green Spaces: A Scale-sensitive Hedonic Pricing Analysis for the City of Leipzig," Ecological Economics, Elsevier, vol. 146(C), pages 536-548.
    17. Shijie Sun & Shengyue Zhang & Xingjian Wang, 2021. "Characteristics and influencing factors of Airbnb spatial distribution in China’s rapid urbanization process: A case study of Nanjing," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-19, March.
    18. Jose Torres-Pruñonosa & Pablo García-Estévez & Camilo Prado-Román, 2021. "Artificial Neural Network, Quantile and Semi-Log Regression Modelling of Mass Appraisal in Housing," Mathematics, MDPI, vol. 9(7), pages 1-16, April.
    19. Agustín Álvarez-Herranz & Edith Macedo-Ruíz, 2021. "An Evaluation of the Three Pillars of Sustainability in Cities with High Airbnb Presence: A Case Study of the City of Madrid," Sustainability, MDPI, vol. 13(6), pages 1-35, March.
    20. Evangelinos, Christos & Obermeyer, Andy & Bartel, Aaron, 2020. "The individual monetary valuation of online hotel ratings," IU Discussion Papers - Hospitality, Tourism & Event 3/2020, IU International University of Applied Sciences.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:6:y:2018:i:2:p:23-:d:139310. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.