Abstract
The purpose of this article is to estimate a model of hedonic prices that is applied to apartments that are rented in the Spanish coastline, based on data that has been provided by Tecnitasa. The results confirm the relevance of the determinants that were previously identified by the literature and point to new determinants, such as tourism competitiveness and online reputation, as future drivers of prices in the new tourist environment.
Highlights
The analysis of the elements that determine the profitability and prices of tourist accommodation is not a novel subject
In the Spanish case, the most recent study on the subject is that of Raya Vilchez (2013), which analyzes the effects of location and seasonality on a set of eight Sun-and-Beach tourist destinations that are located in Catalonia (Lloret de Mar and Alt Maresme), the Balearic Islands (Calvià and Alcudia), Alicante (Calp and Dénia), and France (Argèles-sur-Mer and Colliure)
This study indicated that (1) higher quality apartments are associated with higher rental prices in almost all of the price ranges of the distribution; (2) the location matters, with higher prices in Lloret de Mar, Alcúdia, and Calvià than in other places, especially those in the low–mid range of the price distribution
Summary
The analysis of the elements that determine the profitability and prices of tourist accommodation is not a novel subject. In Spain, interest of researchers on the subject began at the turn of the century Authors, such as Coenders et al (2001), Uriel and Ferri (2004), Saló Mayolas (2005), Juaneda et al (2011), and Raya Vilchez (2013), among others, have studied the determinants of apartment rental and hotel prices through the hedonic price analysis technique, which was popularized by Rosen (1974). In the Spanish case, the most recent study on the subject is that of Raya Vilchez (2013), which analyzes the effects of location and seasonality on a set of eight Sun-and-Beach tourist destinations that are located in Catalonia (Lloret de Mar and Alt Maresme), the Balearic Islands (Calvià and Alcudia), Alicante (Calp and Dénia), and France (Argèles-sur-Mer and Colliure). The top quantiles are less affected by Economies 2018, 6, 23; doi:10.3390/economies6020023 www.mdpi.com/journal/economies
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