Analysis of the Location Factors Affecting the Price of Tourist Houses: The Role of Accessibility to Public Transport Stations in Madrid

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Title: Analysis of the Location Factors Affecting the Price of Tourist Houses: The Role of Accessibility to Public Transport Stations in Madrid
Authors: Valenzuela Martín, Patricia | Ortuño Padilla, Armando | Flor García, María | Guirao, Begoña
Research Group/s: Ingeniería del Transporte, Territorio y Medio Litoral (AORTA) | Economía de la Vivienda y Sector Inmobiliario (ECOVISI)
Center, Department or Service: Universidad de Alicante. Departamento de Ingeniería Civil
Keywords: Tourism | Public transport | Price | Tourist housing | Cities | Collaborative economy | Location | Madrid | District | Hedonic pricing
Issue Date: 3-Jun-2024
Publisher: MDPI
Citation: Sustainability. 2024, 16(11): 4768. https://doi.org/10.3390/su16114768
Abstract: The location of tourist properties is a fundamental aspect in the determination of price, but in cities with dense and efficient public transport systems, the location being in the periphery can offer alternative advantages to central locations (such as better accessibility by private vehicles). This study analyses how the price of tourist housing is influenced by the characteristics of the accommodation itself and its location, using a hedonic pricing regression model estimated by ordinary least squares (OLS) in two periods of time: the high season (October 2022) and the low season (February 2023). The obtained results suggest that the characteristics of the properties, the local environment and the elements in the area influence the price of tourist accommodation. Similarly, the proximity to public transport stations and stops has a relevant influence on the choice of tourist properties. This latter factor is highly important for designing public policies that favour a denser public transport network in peripheral areas of the city. This would increase the number of tourist properties in these areas further away from the centre and, therefore, the number of reservations. In turn, the income of these more vulnerable areas would improve together with the social cohesion of the municipality.
Sponsor: The publication is part of the project PID2021-124428OB-I00, funded by “MCIN/AEI/10.13039/501100011033/ERDF, EU”, where PID2021-124428OB-I00 is the reference that appears in the award resolution; MCIN is the acronym of the Ministry of Science and Innovation; AEI is the acronym of the State Research Agency; 10.13039/501100011033 is the DOI (Digital Object Identifier) of the Agency; and ERDF is the acronym of the European Regional Development Fund.
URI: http://hdl.handle.net/10045/144864
ISSN: 2071-1050
DOI: 10.3390/su16114768
Language: eng
Type: info:eu-repo/semantics/article
Rights: © 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Peer Review: si
Publisher version: https://doi.org/10.3390/su16114768
Appears in Collections:INV - ECOVISI - Artículos de Revistas
INV - AORTA - Artículos de Revistas

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