Using a spatial hedonic analysis to evaluate the effect of sea view on hotel prices

Latinopoulos, Dionysis

doi:10.1016/j.tourman.2017.09.019

Cited by 93 publications

(111 citation statements)

References 32 publications

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“…It can bring consumers' mindsets closer to those of property developers by building a bridge between the purchasers and the developers, and this can be used for obtaining thoughtful feedback on pricing decisions and real estate investments [35,63]. The hedonic pricing model is an advanced technique of real estate valuation in Western housing and urban development markets [43,51,92]. Substantial needs of housing in the neighborhood of underdeveloped areas and slums, and the avoidance of unconcealed asymmetries within the local real estate market might provoke reliable and consistent estimations [18].…”

Section: Discussion Conclusion and Policy Implicationsmentioning

confidence: 99%

“…The travel cost and hedonic price model are included in the revealed preference method [42]. The travel cost method is used to examine the value of the resource attraction of landscapes inside and far from the city, as well as the convenience of access to resources [43]. The hedonic price model is the revealed preference method, used widely to evaluate the value of those attributes of goods that are not openly traded in the market.…”

Section: Hedonic Price Modelmentioning

confidence: 99%

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The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

et al. 2019

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This study is the first to perform a focalized analysis on city development, sustainable urban planning, and the negative impact of slum area disamenity on property valuation in suburban and posh areas of the Islamabad region, Pakistan. Slums exist in almost every country in the world. However, in the process of urbanization and city development, researchers have focused merely on the crumbled infrastructure, crimes, and other social problems associated with slums. Studies have covered the adverse effects of these factors on property value, although this unmatched study is the first to examine the negative impact of slum proximity on the valuation of properties in the surrounding areas and on the rental value of houses located in Islamabad. The survey method is applied to obtain feedback from inhabitants, and the study incorporated the hedonic price model to assess rental values within a range of one kilometer from selected slum areas. The findings revealed that slum neighborhoods negatively impact sustainable house rental values, as compared with the rental values of houses located far away. Rents became higher as the distance from the slums increased. The results showed that having slums in the vicinity caused a decline of almost 10% in rent. However, the rental value of a similar house unit, located 500 meters away, was found to be almost 10% higher. In the semi-log model, house rental values increased by approximately 12.40% at a distance of one kilometer from slums, and vice versa. This study will use residents’ feedback to help government officials and policymakers to resolve slum issues, which is essential for maintaining sustainable development and adequate city planning. This study sample’s findings are not generalizable to all slums, as the results are specific to this region.

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Section: Discussion Conclusion and Policy Implicationsmentioning

confidence: 99%

Section: Hedonic Price Modelmentioning

confidence: 99%

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

et al. 2019

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“…Selecting the Halkidiki region in Greece as the study area, Latinopoulos (2018) tried to examine the impact of the sea view on the room rates as well as other structural and spatial attributes in his study. As a result, the study revealed that the sea view has an important spatial variability in terms of its impact on the room rates (Latinopoulos, 2018). Wang et al (2018) noted that China's high-speed rail networks have effectively changed the spatial arrangements of the urban tourism in China.…”

Section: Literature Reviewmentioning

confidence: 99%

Determination of hedonic hotel room prices with spatial effect in Antalya

Yalçın

2018

EST

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El propósito de este estudio es identificar los factores que afectan el precio de la habitación hotelera en Antalya y crear un modelo de regresión hedónica. Para este propósito, se han seleccionado 1444 hoteles en Antalya. Puesto que estos hoteles están relacionados espacialmente, se ha propuesto un modelo de regresión espacial. Se aplicó la regresión paso a paso (stepwise) a las variables del análisis espacial. El modelo de regresión hedónica se ha construido según el modelo Lag o de retardo espacial (Spatial Lag Model), revelando que es posible utilizar dicho método en estudios similares.

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“…Thus, hedonic analysis statistically separates the effect of the intrinsic value of the properties from other factors in the surroundings [20][21][22][23]. This methodology can be used on the coasts to help provide an estimate of the willingness of tourists to pay for the aesthetics of the landscape and the potential for recreation [20,[27][28][29][30].…”

Section: Introductionmentioning

confidence: 99%

Towards a Sustainable Sun, Sea, and Sand Tourism: The Value of Ocean View and Proximity to the Coast

et al. 2018

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Coastal tourism is expanding worldwide, mostly owing to the attraction to relevant ecosystem services such as the scenic beauty and recreational activities. The aim of this study was to analyze the value of these, using hedonic analysis by assessing how prices of hotel rooms are related to the scenic view, location, non-ecosystem amenities, and size of the hotels in three touristic areas of Veracruz, México. We found that, besides the size of the hotel and the number of non-ecosystem amenities, room prices increased by 8% and 57%, depending on the ocean view and accessibility to the beach, respectively. These results help to understand why hotels are built very close to the coastline, despite the high risk of extreme and frequent meteorological events. The unorganized and intense development of the tourist industry may act in contrast to the necessity for conservation of the natural ecosystems, rendering this activity highly unsustainable. The question is how to deal with the dilemma of tourism growth and conservation. We suggest some alternatives that might help with the conservation of natural ecosystems, while maintaining the combined provision of simultaneous coastal ecosystem services such as an aesthetically pleasing view and recreation, as well as additional services such as storm protection.

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Using a spatial hedonic analysis to evaluate the effect of sea view on hotel prices

Cited by 93 publications

References 32 publications

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

Determination of hedonic hotel room prices with spatial effect in Antalya

Towards a Sustainable Sun, Sea, and Sand Tourism: The Value of Ocean View and Proximity to the Coast

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