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1 – 10 of over 3000This study aims to identify the transformations of the residential landscape and trends in the popular real estate market associated with tourist activity in a low-income…
Abstract
Purpose
This study aims to identify the transformations of the residential landscape and trends in the popular real estate market associated with tourist activity in a low-income neighborhood in Bogotá.
Design/methodology/approach
The methodology was mainly qualitative, although the author analyzed some quantitative data. The author conducted three guided tourist tours in the area and systematically compared photographs taken in 2022 with satellite images in 2019 before starting the tourist activity. To analyze the real estate market, the author uses data on housing offers for sale and rent. Finally, the author conducted semi-structured interviews with tour guides, residents and other key actors in the sector.
Findings
This study identified some dynamics of change in the real estate market, particularly associated with an increase in housing sales and rental prices, as well as a possible effect on the increase of new informal growth processes. The author found a growing transformation of the urban and residential landscape associated with the painting of facades by the local administration and mural painting processes by community organizations. There are evident housing investment processes, some associated with verticalization and other use changes for tourism activities. It is necessary to reflect on these processes’ effects on the city’s sociospatial dynamics.
Originality/value
This study makes an empirical contribution to the relationship between residential real estate markets in low-income sectors and tourism activity. Although analyses of community-based tourism in popular areas have been conducted, less is known about the effects on the real estate market and the associated sociospatial transformations.
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António Manuel Cunha and Júlio Lobão
This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical…
Abstract
Purpose
This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical Areas.
Design/methodology/approach
This study applies the difference-in-differences (DiD) methodology by using a feasible generalized least squares (FGLS) estimator in a seemingly unrelated regression (SUR) equation model.
Findings
The results show that the liberalization of STR had a significant impact on housing prices in municipalities where a higher percentage of housing was transferred to tourism. This transfer led to a leftward shift in the housing supply and a consequent increase in housing prices. These price increases are much higher than those found in previous studies on the same subject. The authors also found that municipalities with more STR had low housing elasticities, which indicates that adjustments to the transfer of real estate from housing to tourism were made by increasing house prices, and not by increasing supply quantities.
Practical implications
The study suggests that an unforeseen consequence of allowing property owners to transfer the use of real estate from housing to other services (namely, tourism) was extreme housing price increases due to inelastic housing supply.
Originality/value
This is the first time that the DiD methodology has been applied in real estate markets using FGLS in a SUR equation model and the authors show that it produces more precise estimates than the baseline OLS FE. The authors also find evidence of a supply shock provoked by STR.
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Antonio Aledo, Jens Kr. Steen Jacobsen and Leif Selstad
The Spanish region commercially branded as Costa Blanca has long been a popular destination for millions of holidaymakers from both northern Europe and Spain itself (Gaviria…
Abstract
The Spanish region commercially branded as Costa Blanca has long been a popular destination for millions of holidaymakers from both northern Europe and Spain itself (Gaviria Labarta, 1974; Moreno Garrido, 2007). However, from the 1960s onward, these Mediterranean shores have also attracted thousands of people from northern Europe for other purposes, some as more or less permanent residents, and others as seasonal peripatetic visitors, traveling back and forth between their first, second or third homes (Aledo, 2008). In many ways, the increase in second home visits and long-term stays in areas such as Mediterranean Spain parallels well-known developments of seasonal and full-time retirement and other migration in North America to what has been termed the Sunbelt states (Mings & McHugh, 1995). The situation in Europe, however, is more complex, due, for instance, to the crossing of national borders, a variety of spoken languages, and possibly also for greater cultural differences. Certain parts of such flows are related to perceptions of diminishing distances and to the progress of internationalization processes in societies in general, where tourism and other long-distance mobilities are not only an outcome, but also a crucial catalyst.
Being asked by the president of AIEST, Dr. Keller, to summarize the multitude of approaches and views being expressed in more than 30 papers by over 30 speakers represented both…
Abstract
Being asked by the president of AIEST, Dr. Keller, to summarize the multitude of approaches and views being expressed in more than 30 papers by over 30 speakers represented both an honour but more so a challenge. Hence the notion of only an attempted review, which cannot possibly do full justice to the contextual and intellectual diversity of both the subject matter and the papers within the confines of this short summary.
Salvador Antón i Clavé, Francisco López Palomeque, Manuel J. Marchena Gómez, Sevilla Vera Rebollo and J. Fernando Vera Rebollo
The Geography of Tourism in Spain is now at a par in terms of its scientific production with other European countries. Since the middle of the '80s the quality and volume of…
Abstract
The Geography of Tourism in Spain is now at a par in terms of its scientific production with other European countries. Since the middle of the '80s the quality and volume of contributions is analogous to the rest of the European Union, although as a part of University Geography in Spain it has not achieved the level of dedication reached by other subjects considering the importance of tourist activities to the economy, the society and the territory of Spain. It could be said that the Geography of Tourism in Spain is in the international vanguard in dealing with Mediterranean coastal tourism, with the relationships between the residential real estate and tourism sectors and with aspects related to tourism and leisure in rural and protected areas.
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This paper explores how racial neoliberalism is the latest evolution of race and global capitalism and is analyzed in the example of global tourism in Costa Rica. Racial…
Abstract
Purpose
This paper explores how racial neoliberalism is the latest evolution of race and global capitalism and is analyzed in the example of global tourism in Costa Rica. Racial neoliberalism represents two important features: colorblind ideology and new racial practices.
Methodology/approach
Two beach tourism localities in Costa Rica are investigated to identify the racial neoliberal practices that racialize tourism spaces and bodies and the ideological discourses deployed to justify racial hierarchical placement that perpetuates new forms of global and national inequality.
Findings
Three neoliberal racial practices in tourism globalization were found. First, “neoliberal networks” supported white transnational actors’ linkage to national and global tourism providers. Second, “neoliberal conservation” in beach land protection policies secured private tourism business development and impacted current and future racial community displacement. Third, “neoliberal activism” exposed how community fights to change local tourism development was demarcated along racial lines.
Practical implications
An inquiry into the mechanisms and logics of how racism contemporarily operates in the global economy exposes the importance of acknowledging that race has an impact on different actor’s global economic participation by organizing the distribution of material economic rewards unevenly.
Originality/value
As scholarship exposes how gender, ethnicity, and class are constituted through global economic arrangements it is imperative that research uncovers how race is a salient category also shaping current global inequality but experienced differently in diverse geographies and histories.
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Niharika Mehta, Seema Gupta and Shipra Maitra
Foreign direct investment in the real estate (FDIRE) sector is required to bridge the gap between investment needed and domestic funds. Further, foreign direct investment is…
Abstract
Purpose
Foreign direct investment in the real estate (FDIRE) sector is required to bridge the gap between investment needed and domestic funds. Further, foreign direct investment is gaining importance because other sources of raising finance such as External Commercial Borrowing and foreign currency convertible bonds have been banned in the Indian real estate sector. Therefore, the objective of the study is to explore the determinants attracting foreign direct investment in real estate and to assess the impact of those variables on foreign direct investments in real estate.
Design/methodology/approach
Johansen cointegration test, vector error correction model along with variance decomposition and impulse response function are employed to understand the nexus of the relationship between various macroeconomic variables and foreign direct investment in real estate.
Findings
The results indicate that infrastructure, GDP and tourism act as drivers of foreign direct investment in real estate. However, interest rates act as a barrier.
Originality/value
This article aimed at exploring factors attracting FDIRE along with estimating the impact of identified variables on FDI in real estate. Unlike other studies, this study considers FDI in real estate instead of foreign real estate investments.
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The significance of private equity as a form of financing and investing has led to growing interest in the real estate economy over the past few years. Anglo‐American investors in…
Abstract
The significance of private equity as a form of financing and investing has led to growing interest in the real estate economy over the past few years. Anglo‐American investors in particular are currently engaged in large‐scale real estate transactions and have now become the most important group of investors in the European hotel real estate market. However, for private equity funds, the high risk of investing in complex tourism and specialized real estate such as hotels is always coupled with an expectation of returns well above the market average. Yet actually achieving above market returns is not always accomplished. This paper therefore deals with the question of why some real estate private equity investors succeed in getting returns above the total market average even in the overall bear Western European market environment while others fail to do so. It shows that one formula for success includes deliberately exploiting market imperfections und overcoming inefficient information policies.
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Tourism accommodation is an affair for the real estate business. As a concept, tourism accommodation can only be defined and understood in terms of demand. When a tourist requires…
Abstract
Tourism accommodation is an affair for the real estate business. As a concept, tourism accommodation can only be defined and understood in terms of demand. When a tourist requires overnight accommodation, this product constitutes tourism accommodation. Looked at in this way a home for the aged, even when located in a tourism region, does not constitute tourism real estate. The World Trade Organisation (WTO) has classified different types of accommodation. This classification shows clearly what a great variety there is in types of tourism accommodation. The WTO list makes a particular distinction between collective types of accommodation and private accommodation. In the first category we find commercially operated hotels and para‐hotels. The second category concerns second homes which are either exclusively used by the owners or are at times made available to family and friends, at no charge.
Collins Osei and Ayantunji Gbadamosi
The purpose of this conceptual paper is to explore how Africa has been branded, and to suggest ways the continent could be re‐branded to attract both international and domestic…
Abstract
Purpose
The purpose of this conceptual paper is to explore how Africa has been branded, and to suggest ways the continent could be re‐branded to attract both international and domestic investments.
Design/methodology/approach
An extensive review of literature that encapsulates branding, nation branding, place/destination branding, foreign direct investment and issues associated with investment opportunities in Africa was conducted towards exploring how Africa has been branded and could be re‐branded.
Findings
This paper finds that the extant literature is replete with publications that essentially associate Africa, as a brand, to poverty, underdevelopment, corruption, doom, pestilence and several other inauspicious features. Nonetheless, the article also shows that there are several existing virtues especially in the form of business opportunities in several sectors that could be accorded extensive publicity to espouse the continents' brand equity. These range from agriculture, to tourism, to real estate, to sports and several existing foreign direct investments already thriving in several parts of the continent. Hence, the suggestion for re‐branding Africa as a viable continent for global business transactions is strongly emphasised in the article.
Practical implications
This paper has a significant implication for positioning Africa as a relevant business partner in the global marketplace by echoing the extensive business opportunities that await both the indigenous and foreign investors in the continent.
Originality/value
The article espouses the brand equity of Africa as a continent and suggests avenues for constantly communicating the inherent virtues of the content to the world towards maintaining her rightful position in the international business community.
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