The inequality-housing price nexus in tourist resorts: theory and evidence

Gu, Xinhua; Li, Guoqiang; Lei, Chun Kwok; Li, Sheng; Zhao, Qingbin

doi:10.1080/16081625.2020.1686842

Cited by 6 publications

(5 citation statements)

References 17 publications

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“…Currently, the gambling industry in Macau continues to decline, in this background, the future development of the real estate industry will be greatly affected too. This result is consistent with the research papers of Gu et al (2017Gu et al ( , 2020. Unemployment rate has significant negative relationship with the residential housing value.…”

Section: Co-integration Test Resultssupporting

confidence: 92%

The Impact of Gambling Gross Income, Unemployment Rate, Money Supply and CPI on Residential Housing Value in Macau: Theory and Evidence

Lan¹

2021

TEL

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Section: Co-integration Test Resultssupporting

confidence: 92%

The Impact of Gambling Gross Income, Unemployment Rate, Money Supply and CPI on Residential Housing Value in Macau: Theory and Evidence

Lan¹

2021

TEL

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“…3SLS structural model Domestic airline capacity has a significant effect on regional house prices but not regional tourist demand (i.e. total guest arrivals), excepting the Queenstown as a major touristic center Gu et al (2020) 2005:2-2015:3 (Quarterly), Macao VARX, ARDL models Casino tourism expansion has a substantial influence on both rising inequality and housing price bubbles, and that soaring inequality also contributes significantly to housing bubbles Table A1.…”

Section: Discussionmentioning

confidence: 99%

Does tourism affect house prices in Turkey? Evidence from smooth structural break tests

Yıldırım

Karul

2021

IJHMA

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Purpose The purpose of this study is to examine the impact of tourism activities on house prices in Turkey from January 2010 to March 2020. Design/methodology/approach It is used newly developed cointegration and causality tests based on Fourier approximation. These methods consider smooth structural breaks and do not need to recognize a priori date number and/or form of breaks. Findings Empirical findings show that international tourism activities have a substantial role in the escalation of house prices in Turkey. Findings also indicate a rise in industrial production enhances house prices while the mortgage lending rate exhibits a negative influence on house prices. Additionally, the evidence from Fourier causality tests reveals the unilateral causal linkage from tourism to house prices. This situation also shows that the tourism sector has a substantial role in stabilizing house prices’ rapid rise as a policy implication. Originality/value Although a large number of papers have been analyzing the link between house prices and macroeconomic variables, this study eliminates the lack of papers examining the link between tourism and house prices in Turkey by using the new cointegration and causality methods that consider smooth structural changes.

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“…First, there are differences in the mechanism of tourism’s effect on housing prices. Gu et al (2020), for example, suggest that the huge savings generated by the rapid development of casino tourism in Macau can be invested in the local real estate market and thus increase housing prices. Zhang and Yang (2020) find that the rising demand for inbound tourism increases the consumption of tourist commodities and accommodations, thus pushing up rent.…”

Section: Literature Reviewmentioning

confidence: 99%

Tourism development and urban housing prices: Evidence from China

Song,

Liu,

et al. 2023

Tourism Economics

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Tourism as a nontradable sector affects regional price indexes. However, the effect of tourism on urban housing prices has not been sufficiently studied. This study uses panel data for prefecture-level cities in China to empirically examine the effect of tourism development on urban housing prices. The findings indicate that tourism development can increase urban housing prices, and the effect mainly comes from domestic tourism. This conclusion is not only derived from the instrumental variable method considering endogenous problems but also verified by multiple robust methods including quantile regression. Meanwhile, the study innovatively identifies the mediating role of investment effect, income effect, and public service effect in the impact of tourism on urban housing prices. It further shows the heterogeneity of cities, with more significant effect of tourism on urban housing price in small- and medium-sized cities, noncentral cities, central and western cities, and nontourist cities. This study reveals the commonality and particularity of the impact of tourism development on urban housing price. It not only enriches the research on tourism economics from the perspectives of the relationship between tourism and real estate but also further enriches the relevant conclusions and theoretical mechanism of the impact of tourism on housing prices.

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The inequality-housing price nexus in tourist resorts: theory and evidence

Cited by 6 publications

References 17 publications

The Impact of Gambling Gross Income, Unemployment Rate, Money Supply and CPI on Residential Housing Value in Macau: Theory and Evidence

The Impact of Gambling Gross Income, Unemployment Rate, Money Supply and CPI on Residential Housing Value in Macau: Theory and Evidence

Does tourism affect house prices in Turkey? Evidence from smooth structural break tests

Tourism development and urban housing prices: Evidence from China

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