IDEAS home Printed from https://ideas.repec.org/a/vrs/remava/v26y2018i3p51-59n4.html
   My bibliography  Save this article

Ruin Pubs in Budapest: Blessing or Curse?

Author

Listed:
  • Hajnal István

    (University of Technology, Department of Construction Technology & Management,Budapest Műegyetem, Hungary)

Abstract

One of the most prominent tourist attractions in Budapest is the ruin pub district. Here, in ruined, rundown buildings, clubs that are mainly aimed at young foreigners, participants in party tourism, have sprung up like mushrooms. In Inner Erzsébetváros, the housing prices have significantly risen, since investors see the short- or long-term renting of the apartments as a good opportunity. Those who live in the district, however, find the noise of parties to be too loud, while the crowd and the dirt reduces their quality of life. The apartments located near these pubs are so-called “stigmatized properties”, since their value is shaped by the - positive or negative - opinion of the community. Using the method of hedonic analysis, this article examines the question of whether ruin pubs are a blessing or a curse to surrounding apartments, whether their effect increases or, on the contrary, decreases the apartments’ values.

Suggested Citation

  • Hajnal István, 2018. "Ruin Pubs in Budapest: Blessing or Curse?," Real Estate Management and Valuation, Sciendo, vol. 26(3), pages 51-59, September.
    • Handle: RePEc:vrs:remava:v:26:y:2018:i:3:p:51-59:n:4
    DOI: 10.2478/remav-2018-0024
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/remav-2018-0024
    Download Restriction: no
    File URL: https://libkey.io/10.2478/remav-2018-0024?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Dávid Kutasi & Milán Csaba Badics, 2016. "Valuation Methods for the Housing Market: Evidence from Budapest," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(3), pages 527-546, September.
    2. Bruno S. Frey & Simon Luechinger & Alois Stutzer, 2010. "The Life Satisfaction Approach to Environmental Valuation," Annual Review of Resource Economics, Annual Reviews, vol. 2(1), pages 139-160, October.
    3. Stephen Gibbons & Susana Mourato & Guilherme Resende, 2014. "The Amenity Value of English Nature: A Hedonic Price Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 57(2), pages 175-196, February.
    Full references (including those not matched with items on IDEAS)

    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. Bertram, Christine & Rehdanz, Katrin, 2015. "The role of urban green space for human well-being," Ecological Economics, Elsevier, vol. 120(C), pages 139-152.
    2. Atkinson, Giles & Groom, Ben & Hanley, Nicholas & Mourato, Susana, 2018. "Environmental Valuation and Benefit-Cost Analysis in U.K. Policy," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 9(1), pages 97-119, April.
    3. Allan Beltrán & David Maddison & Robert J. R. Elliott, 2018. "Assessing the Economic Benefits of Flood Defenses: A Repeat‐Sales Approach," Risk Analysis, John Wiley & Sons, vol. 38(11), pages 2340-2367, November.
    4. Tapsuwan, Sorada & Polyakov, Maksym & Bark, Rosalind & Nolan, Martin, 2015. "Valuing the Barmah–Millewa Forest and in stream river flows: A spatial heteroskedasticity and autocorrelation consistent (SHAC) approach," Ecological Economics, Elsevier, vol. 110(C), pages 98-105.
    5. Emilio Colombo & Alessandra Michelangeli & Luca Stanca, 2014. "La Dolce Vita : Hedonic Estimates of Quality of Life in Italian Cities," Regional Studies, Taylor & Francis Journals, vol. 48(8), pages 1404-1418, August.
    6. Eleftherios Giovanis & Oznur Ozdamar, 2022. "Who is Left Behind? Altruism of Giving, Happiness and Mental Health during the Covid-19 Period in the UK," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(1), pages 251-276, February.
    7. Marc Fleurbaey & Rossi Abi-Rafeh, 2016. "The Use of Distributional Weights in Benefit–Cost Analysis: Insights from Welfare Economics," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 10(2), pages 286-307.
    8. Lee, Kye Woo & Yoo, Se Jong, 2018. "Measuring Nuclear Power Plant Negative Externalities through the Life Satisfaction Approach: The Case of Ulsan City," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 40(1), pages 67-83.
    9. Mutlu, Asli & Roy, Debraj & Filatova, Tatiana, 2023. "Capitalized value of evolving flood risks discount and nature-based solution premiums on property prices," Ecological Economics, Elsevier, vol. 205(C).
    10. Marko Ledić & Ivica Rubil, 2021. "Beyond Wage Gap, Towards Job Quality Gap: The Role of Inter-Group Differences in Wages, Non-Wage Job Dimensions, and Preferences," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(2), pages 523-561, June.
    11. Kant, Shashi & Vertinsky, Ilan & Zheng, Bin, 2016. "Valuation of First Nations peoples' social, cultural, and land use activities using life satisfaction approach," Forest Policy and Economics, Elsevier, vol. 72(C), pages 46-55.
    12. Binder, Martin, 2016. "“…Do it with joy!” – Subjective well-being outcomes of working in non-profit organizations," Journal of Economic Psychology, Elsevier, vol. 54(C), pages 64-84.
    13. Welsch, Heinz & Ferreira, Susana, 2014. "Environment, Well-Being, and Experienced Preference," International Review of Environmental and Resource Economics, now publishers, vol. 7(3-4), pages 205-239, December.
    14. Gibbons, Stephen & Overman, Henry G., 2011. "The future of rural policy: lessons from spatial economics," LSE Research Online Documents on Economics 59234, London School of Economics and Political Science, LSE Library.
    15. Ambrey, Christopher L. & Chan, Andrew Yiu-Chung & Fleming, Christopher M., 2013. "Estimating the cost of air pollution in South East Queensland: An application of the life satisfaction non-market valuation approach," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152133, Australian Agricultural and Resource Economics Society.
    16. Ambrey, Christopher L. & Fleming, Christopher M., 2011. "Valuing scenic amenity using life satisfaction data," Ecological Economics, Elsevier, vol. 72(C), pages 106-115.
    17. Dickerson, Andy & Hole, Arne Risa & Munford, Luke A., 2014. "The relationship between well-being and commuting revisited: Does the choice of methodology matter?," Regional Science and Urban Economics, Elsevier, vol. 49(C), pages 321-329.
    18. Edsel L. Beja, 2017. "The Asymmetric Effects of Macroeconomic Performance on Happiness: Evidence for the EU," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 52(3), pages 184-190, May.
    19. Barrington-Leigh, Christopher & Behzadnejad, Fatemeh, 2017. "The impact of daily weather conditions on life satisfaction: Evidence from cross-sectional and panel data," Journal of Economic Psychology, Elsevier, vol. 59(C), pages 145-163.
    20. O'Donnell, Gus & Oswald, Andrew J., 2015. "National well-being policy and a weighted approach to human feelings," Ecological Economics, Elsevier, vol. 120(C), pages 59-70.

    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:vrs:remava:v:26:y:2018:i:3:p:51-59:n:4. 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: Peter Golla (email available below). General contact details of provider: https://www.sciendo.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.