IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i11p4768-d1408147.html
   My bibliography  Save this article

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

Author

Listed:
  • Patricia Valenzuela

    (Departamento de Ingeniería del Transporte, Territorio y Urbanismo ETSI Caminos, Canales y Puertos, Universidad Politécnica de Madrid, Profesor Aranguren s/n, 28040 Madrid, Spain)

  • Armando Ortuño

    (Department of Civil Engineering, University of Alicante, San Vicente del Raspeig, 03690 Alicante, Spain)

  • María Flor

    (Department of Civil Engineering, University of Alicante, San Vicente del Raspeig, 03690 Alicante, Spain)

  • Begoña Guirao

    (Departamento de Ingeniería del Transporte, Territorio y Urbanismo ETSI Caminos, Canales y Puertos, Universidad Politécnica de Madrid, Profesor Aranguren s/n, 28040 Madrid, Spain)

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.

Suggested Citation

  • Patricia Valenzuela & Armando Ortuño & María Flor & Begoña Guirao, 2024. "Analysis of the Location Factors Affecting the Price of Tourist Houses: The Role of Accessibility to Public Transport Stations in Madrid," Sustainability, MDPI, vol. 16(11), pages 1-15, June.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:11:p:4768-:d:1408147
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/11/4768/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/11/4768/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert Armstrong & Daniel Rodríguez, 2006. "An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions," Transportation, Springer, vol. 33(1), pages 21-43, January.
    2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    3. Ulrich Gunter & Irem Önder, 2018. "Determinants of Airbnb demand in Vienna and their implications for the traditional accommodation industry," Tourism Economics, , vol. 24(3), pages 270-293, May.
    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. Andersson, David Emanuel & Shyr, Oliver F. & Fu, Johnson, 2010. "Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan," Journal of Transport Geography, Elsevier, vol. 18(1), pages 166-174.
    2. Olaru, Doina & Mulley, Corinne & Smith, Brett & Ma, Liang, 2017. "Policy-led selection of the most appropriate empirical model to estimate hedonic prices in the residential market," Journal of Transport Geography, Elsevier, vol. 62(C), pages 213-228.
    3. El-Geneidy, Ahmed & van Lierop, Dea & Wasfi, Rania, 2016. "Do people value bicycle sharing? A multilevel longitudinal analysis capturing the impact of bicycle sharing on residential sales in Montreal, Canada," Transport Policy, Elsevier, vol. 51(C), pages 174-181.
    4. Oliver Shyr & David Emanuel Andersson & Jamie Wang & Taiwei Huang & Olivia Liu, 2013. "Where Do Home Buyers Pay Most for Relative Transit Accessibility? Hong Kong, Taipei and Kaohsiung Compared," Urban Studies, Urban Studies Journal Limited, vol. 50(12), pages 2553-2568, September.
    5. Kuethe, Todd H. & Foster, Kenneth A. & Florax, Raymond J.G.M., 2008. "A Spatial Hedonic Model with Time-Varying Parameters: A New Method Using Flexible Least Squares," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6306, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Welch, Timothy F. & Gehrke, Steven R. & Wang, Fangru, 2016. "Long-term impact of network access to bike facilities and public transit stations on housing sales prices in Portland, Oregon," Journal of Transport Geography, Elsevier, vol. 54(C), pages 264-272.
    7. David Andersson & Oliver Shyr & Angel Lee, 2012. "The successes and failures of a key transportation link: accessibility effects of Taiwan’s high-speed rail," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 48(1), pages 203-223, February.
    8. Ibeas, Ángel & Cordera, Ruben & dell’Olio, Luigi & Coppola, Pierluigi & Dominguez, Alberto, 2012. "Modelling transport and real-estate values interactions in urban systems," Journal of Transport Geography, Elsevier, vol. 24(C), pages 370-382.
    9. Juan L Eugenio-Martin & José M Cazorla-Artiles & Christian González-Martel, 2019. "On the determinants of Airbnb location and its spatial distribution," Tourism Economics, , vol. 25(8), pages 1224-1244, December.
    10. Gao, Qishuo & Shi, Vivien & Pettit, Christopher & Han, Hoon, 2022. "Property valuation using machine learning algorithms on statistical areas in Greater Sydney, Australia," Land Use Policy, Elsevier, vol. 123(C).
    11. Ward, Clement E. & Lusk, Jayson L. & Dutton, Jennifer M., 2008. "Implicit Value of Retail Beef Product Attributes," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(3), pages 1-18.
    12. Reynolds, Travis & Kolodinsky, Jane & Murray, Byron, 2012. "Consumer preferences and willingness to pay for compact fluorescent lighting: Policy implications for energy efficiency promotion in Saint Lucia," Energy Policy, Elsevier, vol. 41(C), pages 712-722.
    13. Czajkowski, Mikołaj & Zagórska, Katarzyna & Letki, Natalia & Tryjanowski, Piotr & Wąs, Adam, 2021. "Drivers of farmers’ willingness to adopt extensive farming practices in a globally important bird area," Land Use Policy, Elsevier, vol. 107(C).
    14. Canessa, Carolin & Venus, Terese E. & Wiesmeier, Miriam & Mennig, Philipp & Sauer, Johannes, 2023. "Incentives, Rewards or Both in Payments for Ecosystem Services: Drawing a Link Between Farmers' Preferences and Biodiversity Levels," Ecological Economics, Elsevier, vol. 213(C).
    15. Hyowon Kim & Dong Soo Kim & Greg M. Allenby, 2020. "Benefit Formation and Enhancement," Quantitative Marketing and Economics (QME), Springer, vol. 18(4), pages 419-468, December.
    16. Anderson, Simon P. & Foros, Øystein & Kind, Hans Jarle, 2012. "Product quality, competition, and multi-purchasing," Discussion Papers 2012/9, Norwegian School of Economics, Department of Business and Management Science.
    17. Mika Kortelainen & Timo Kuosmanen, 2007. "Eco-efficiency analysis of consumer durables using absolute shadow prices," Journal of Productivity Analysis, Springer, vol. 28(1), pages 57-69, October.
    18. Barnett, William A. & Serletis, Apostolos, 2008. "Consumer preferences and demand systems," Journal of Econometrics, Elsevier, vol. 147(2), pages 210-224, December.
    19. Mtimet, Nadhem & Ujiie, Kiyokazu & Kashiwagi, Kenichi & Zaibet, Lokman & Nagaki, Masakazu, 2011. "The effects of Information and Country of Origin on Japanese Olive Oil Consumer Selection," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114642, European Association of Agricultural Economists.
    20. Jitender Singh, 2016. "Quality of Public Goods, Public Policy and Human Development: A State-wise Analysis," Indian Journal of Human Development, , vol. 10(2), pages 215-235, August.

    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:jsusta:v:16:y:2024:i:11:p:4768-:d:1408147. 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.