2022
DOI: 10.1111/anti.12881
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The Political Economy of Housing Investment in the Short‐Term Rental Market: Insights from Urban Portugal

Abstract: Short-term rentals (STRs) emerged as holiday accommodations, disrupting the hospitality industry in the decade before COVID-19. Mainstream explanations for their growth revolved around digital tourism platforms like Airbnb as market disruptors and the sharing economy rationale. At the same time, critical scholars explored the capitalisation of greater rent gaps in urban central locations. However, these explanations are insufficient to explain the growth of STRs. We supplement them by building bridges between … Show more

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Cited by 24 publications
(10 citation statements)
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“…Additionally, international demand was paralleled with a set of neoliberal policies to both attract financial capital into housing markets and to give more power to landlords and investors (Tulumello & Allegretti 2021; Estevens et al . 2023; Jover & Cocola‐Gant 2023). The consequences have been a rampant process of tourism‐driven gentrification and the arrival of real estate capital seeking refuge in the Lisbon's housing market (Barata‐Salgueiro et al .…”
Section: Context Of Studymentioning
confidence: 99%
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“…Additionally, international demand was paralleled with a set of neoliberal policies to both attract financial capital into housing markets and to give more power to landlords and investors (Tulumello & Allegretti 2021; Estevens et al . 2023; Jover & Cocola‐Gant 2023). The consequences have been a rampant process of tourism‐driven gentrification and the arrival of real estate capital seeking refuge in the Lisbon's housing market (Barata‐Salgueiro et al .…”
Section: Context Of Studymentioning
confidence: 99%
“…Between 2012 and 2019, the number of both hotels and airport arrivals doubled, while STRs increased from 900 to more than 19,000 in the same period (Ferreira et al 2020;Marques Pereira 2022). Additionally, international demand was paralleled with a set of neoliberal policies to both attract financial capital into housing markets and to give more power to landlords and investors (Tulumello & Allegretti 2021;Estevens et al 2023;Jover & Cocola-Gant 2023). The consequences have been a rampant process of tourism-driven gentrification and the arrival of real estate capital seeking refuge in the Lisbon's housing market (Barata-Salgueiro et al 2017;Malet Calvo & Ramos 2018;Cocola-Gant & Gago 2021).…”
Section: Context Of Studymentioning
confidence: 99%
“…It is also not fundamentally different from rentier capitalism itself, although it is a particular economic-and spatial-expression of it. Much like rent-seeking investment in residential property, commercial real estate, infrastructure, healthcare or nursing facilities (Aalbers et al 2020;Aveline-Dubach 2022;Pike et al 2019;Wijburg and Aalbers 2017), investment in tourism property drives local property prices, thereby enabling an increasingly exclusive group of heterogeneous investors to profit from potential ground rent without necessarily contributing to society (Jover and Cocola-Gant 2023).…”
Section: Introductionmentioning
confidence: 99%
“…By catering to shifting demands in tourism, rentier-based activity does not just encompass investment in hotels and other forms of accommodation but also in restaurants, boutiques, galleries, wellness centres, resorts, exclusive "foreign enclaves", and brothels (Aalbers and Deinema 2012;Cocola-Gant and Lopez-Gay 2020). see the emergence of this heterogenous complex as a new urban frontier or, in terms of Jover and Cocola-Gant (2023), as a new "accumulation frontier". Key is that the expansion of this socio-spatial complex is uneven and variegated and applies also to spaces like coastal areas or peripheral, rural locations that without specific tourism potential would not have encountered substantial property investments.…”
Section: Introductionmentioning
confidence: 99%
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